Draw the union indifference curves for the following situations. a. Wages and employment are perfect one-for-two...
Draw the union indifference curves for the following situations.
a. Wages and employment are perfect one-for-two substitutes (the union is willing to give up one unit of wage for two units of employment).
b. Wages and employment are perfect one-for-two complements (the union strongly demands one unit of wage and two units of employment together).
c. As their wealth increases, union prefers more job security to real income gains.
d. There is a minimum wage below which union will not reduce its wages in order to increase employment.
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Draw the union indifference curves for the following
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