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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.
Technically Efficient Method of Production Let's suppose that commodity X is produced by two methods by employing capital and labour: Factor inputs Met
Problem : (a) Describe inflation and discuss its origin using Classical and Keynesian theories. (b) Describe with diagram how can inflation occur in an economy with substant
Define the simple statistical concepts of average Simple statistical concepts of average (mean) and standard deviation are used. Estimating a relationship among variables need
theory
Measuring Point Elasticity on a Linear Demand Curve To explain the measurement of point elasticity of a linear demand curve, let's suppose that a linear demand curve is given b
STABEX The STABEX scheme was designed to stabilize earnings from exports of the African, Caribbean and Pacific (ACP) countries to the Community. It covered seventeen agricult
Q. Explain about Regression analysis? Regression analysis is the statistical technique which identifies the relationship between two or more quantitative variables: a dependent
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Organization for Economic Development (OECD) An international organization found in Paris France in 1961, to act as a worldwide forum to stimulate world trade and
Define theVariable factor of production The input level of a variable factor of production can be diverse in the short run. Raw material inputs are believed as variable fact
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