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Q. Explain about Nominal wage level?
In macroeconomics, we are usually not interested in the wage for a specific individual though in the average wage for all employed individuals. This average is known as the wage level however because we typically only care about the wage level, we will almost always use wage when we essentially mean the wage level. So a statement like 'wages increase'must not be interpreted as all wages increasing, though rather that average is increasing.
What are the Four different measures of GDP Using circular flow model we see that there are 4 equivalent techniques of measuring GDP: Using the definition: market value
working of static and dynamic multiplier in consumption function
1. Estimating Women's Labor Supply a. The following regression was run for an estimate of the current women's labor supply curve: Where h i = hours of labor suppl
Suppose that a particular large hotel has 790 rooms. Furthermore, suppose that the demand for the hotel's rooms are normally distributed with a mean demand of 733 rooms with a stan
Long Run Equilibrium:Graphical Analysis In the long run the natural rate of output is the level of output to which the economy will tend to adjust in the long run. This indicat
Overnight interest rate of Central banks When the central bank buys government securities, it purchases from many individuals, companies and institutions. Deposits and reserves
Inflation (RPI) - another imperative channel. Oil is a necessity for the UK, and is price inelastic therefore one can analyse the correlation between a price shock and inflation. I
A lobster catcher spends $12 500 per month to maintain a lobster boat. He plans to catch an average of 20 days per month during lobster season. For each day, he must allow approx
Gross Domestic Capital Formation Production requires services of fixed assets such as machinery, equipment and structures as well as working capital i.e. stocks of raw materia
c) Explain why perfectly competitive markets lead to an allocatively efficient allocation of resources in the long run
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