3. A vice president of a company argues that the president of the company should raise workers’ wages if the president wants less absenteeism.The president says that wages probably should be cut so that the workers could not afford to miss so much work.Evaluate the two views using the income and substitution effects in your analysis.
4. Describe the relationship between raising the marginal cost of crime and the quantity of crime committed.Explain the implications of this relationship as applied to property crimes.
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