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Help me with this question please (a) First, consider an imaginary industry in which workers' effort can be exactly monitored and measured, so that enforceable

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Help me with this question please

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(a) First, consider an imaginary industry in which workers' effort can be exactly monitored and measured, so that enforceable contracts can be written, that specify both the wage (w) and the level of effort (e). Anwser the following questions. 1. Will the employers in this industry be able to set any wage and effort level at their choice? If not, what would the employers be constrained by? 2. Would the employment contract in this industry be Pareto efficient? Why or why not? (b) Now assume that an enforceable complete contract cannot be written. A contract can specify the wage w but not the effort level e. What is the employer now constrained by? How will the outcome be different relative to the case in which effort can be regulated by the contract? Will the outcome be Pareto efficient? Explain

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