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DIFFERENTIALS AND DISEQUILIBRIUM
In a free enterprise system, workers aim at maximizing their wages. Hence, it would be expected that workers would move form low-paying industries to high-paying industries and the low-paying industries would raise wages so as to retain labour until wage rates were uniform for all workers.
In practice, however, we observe differentials in wages both between occupations and even within the same occupations. Differentials arising from the characteristics of the occupations are called compensating or equalizing differentials, because they represent pay units made to equalize the net remuneration and compensate the workers for differences in their jobs.
The nature and function of money The development of money was necessitated by specialization and exchange. Money was needed to overcome the shortcomings and frustrations of t
Q. Explain about Regression analysis? Regression analysis is the statistical technique which identifies the relationship between two or more quantitative variables: a dependent
TC=100+0.15Q, Qu=1000-10Pu
how it is revalent?
a) The following would most likely shift a production possibilities curve to the right? b) Money should not be considered an economic resource ? c) Which of the following is
1. Prof. Marshall 'The more nearly perfect a market is, the stronger is the tendency for same price to be paid for same thing at the same time in all parts of the market". 2. Pr
A monopolist has two types of customers. There are 100 of Type A, who will every pay up to $10 for a single unit of the good, and 50 of Type B, who will every pay up to $8. Neithe
Disadvantages of Barter Trade It is impossible to barter unless A has what B wants, and A wants what B has. This is called double coincidence of wants and is difficult t
Q. Show the Long Term Goals - Demand forecast? Long Term Goals: If the demand forecast period is more than a year, in that scenario it's termed as long term forecast. Follow
Describe the Status goods of law of demand The law doesn't concern the commodities that function as a 'status symbol', add to the social status or exhibit prosperity and opulen
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