QUESTION ONE a) Demonstrate your understanding of the relationship among Wages, Earnings, Compensation, and Income (Hint: you may either use an equation or a figure to demonstrate the relationship) b) It has been argued that the demand for labour is a derived demand. Explain what you understand by this argument and demonstrate your answer with the use of a demand curve for labour by assuming an increase in the demand for a product c) With a use of a well labelled diagram based on (b) above, show the new labour market equilibrium d) With the aid of a well labelled diagram, explain the following; i. Effects of an Above-Market Wage ii. Effects of a Below-Equilibrium Wage

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