Explaining why wage rates for individuals vary

Reference no: EM131193655

Task- Answer the following:

Question 1 - In any market structure, an appropriate once-off expenditure on product differentiation will guarantee the firm's ability to maximise economic profit into the future. Discuss.

Question 2 - Economics has difficulty in explaining why wage rates for individuals vary across occupations and industries and within occupations and industries. Discuss.

Rationale - The questions address the following learning outcomes:

be able to apply demand and supply analysis to make a range of market related decisions.
be able to explain and defend why it is important to understand the structure of the market in which a firm operates.
be able to critically examine and demonstrate why it might be necessary for government to intervene in the production of goods and services and in the distribution of income.

2000 words.

Reference no: EM131193655

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