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Q. Evaluate Nominal wages?
Nominal wages
W = (W/P).P
The nominal wage is equal to the real wage times the price level.
Because the real wages W/P is determined in labor market and P is determined by quantity theory of money, we can also determine nominal wage in classical model: W = (W/P).P. From the labor market, Say's Law and quantity theory, now we have determined W, P, Y and L. We can also illustrate how all these four are determined concurrently:
Figure: Determination of W, P, Y and L
The city of Cabernet is very famous for its production of wine. The inhabitants of the city have an aggregate demand for wine that can be described as follows: D(p) = Q d =150-
Q. Explain the problem involved in consumer price Index? To explain the problems involved in calculating CPI we consider MP3 players. If you measure the average price of MP3 pl
mundell-Fleming Model
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