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How does the BLS classify people who are "not in the labor force," and what people are often in this category?
If an individual surveyed (that is, who is age 16 or over and not institutionalized) is neither employed or unemployed, that individual is measured "not in the labor force" according to the BLS. Often people in this category are in school, retired, disabled, or taking care of people in their households and communaities.
In an industry with two firms, represent the outputs for these single product firms as q 1 and q 2 . The two firms decide to form a cartel and set their levels of output to maxim
Difficulties in Measuring Cost 1) Output data may represent an aggregate of different type of products. 2) Cost data may not include opportunity cost. 3) Allocating c
williomson''s model of managerial discretion
Q. Market Income and Socialism? Market Income: A household's total pre-tax income obtained from its activities in formal economy, including salaries andwages, investment income
Choosing Inputs How to minimize cost for the given level of output. We can do so by combining Isocosts with Isoquants Producing a
1. Moving from an economically inefficient to efficient allocation of resources will necessarily increase benefits by more than costs. 2. There are two demand curves for a pri
d
describe the dominent firm model
Types of externalities
Increase in Productivity and Real Wage Earnings: Labour has been charged that whereas it presses for higher wages through trade unions, it has failed to raise productivity. Sh
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