a. [6 marks] Define unions and briefly state their objectives and their legal framewo Canada. b. [7 marks] Use 2-diagrams, one for unionized and the other for non-unionized sector where both markets are initially in equilibrium. Show on the same set of diagrams the impact of an increase in wage in the unionized sector on both markets. c. [7 marks] Use the similar set of diagrams that you drew in part b). This time assume that despite an increase in wages in unionized sector, the employment level is fixed in the unionized sector at the initial competitive equilibrium level. What would be the impact of increase in wages on both sectors in this case? Explain Q. 8: Based on what you have learned in the topic of optima compensation systems, deferred compensation and mandatory retirement, answer the following questions: a. [6 marks] Briefly describe two theories related to optimal compensation systems. b. [7 marks] What is deferred compensation and what is the rationale for it? Do workers deferred wages? Why or why not? c. [7 marks] Explain the rationale for mandatory retirement (use diagram). Give argume and against mandatory retirement