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Define the term- Wages and income
Remember that by wage we mainly mean what you receive for working one hour, whereas income is the total revenue from all sources over a longer time period (like a month). Your income relies on the wage however also on number of hours you work. An individual may have a very high wage though a low income (say $1000 per hour but only working 1 hour per month) or a low wage however a high income (for instance by owning stocks or bonds). Do not confuse wage with income.
Income and Substitution Effects of a Price Change Indifference curve analysis can be used to separate the income effect (IE) from substitution effect (SE). This is shown in Fig
use a numerical example to illustrate how credit multiplier works
What is total surplus in net gain? Total surplus in net gain: The total surplus generated into a market is the total net gain to consumers and producers through trading into
what is difference b/w dynamic and static multiplier
Q. Show the components of GDP? The circular flow - simple version We have defined GDP, gross domestic product, as the market value of all finished service and goods produced
Balance of T rade A country's present account reflects a money drain when exports exceed imports. The net distinction in-between the dollar value of a world imports an
The United States is considered to be an industrialized nation because we have such a high standard of living. Countries with lower standards of living are considered to be emergin
A restaurant/bar is analyzing its pricing of beer. It has determined that the price elasticity of demand for beer is 0.8, the cross-price elasticity for wine with respect to the pr
how to calculate consumption from saving and tax
QXd = 14 - (1/2)PX and QXs = (1/4)PX - 1 Instructions: Round your answers to the nearest whole number. a. Determine the equilibrium price and quantity. Show the equilibrium g
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