In the McCall partial equilibrium search model, if unemployed individual can receive $400 per period, while the offered wage is uniformly distributed in the range of .

1. What will the reservation wage be if the discount rate, , is 0.6. (4 points)
2. What will the reservation wage be if the discount rate, , is 0.8. (4 points)
3. What will the reservation wage be if the discount rate, , is 0.6, and the individual can now receive $400 whether or not he/she is unemployed. (4 points)