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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.
As is the case with the supply and demand function for a single business firm determining the equilibrium price and output for its product, the aggregate supply and aggregate deman
Aggregate demand with inflation In previous versions of Keynesian model, Components of aggregate demand did not depend on P. In IS-LM and in AS-AD models, investments depended
using the marginal utility theory explain the consumption patten of consumers
Use the model in the tax incidence application to determine the effect of a given change in the tax on widget, change in T, on the equilibrium quantity of widgets. How does your an
Firm effects are more important the industry effects. What does this mean? Can you think of situations where this might not be true?
Suppose you will receive $130 in six months and have access to an account that earns 1/2% per month. If you deposited the money into the account how much would you have 17 months f
comparison between neoclassical factor endowment theory of international trade and classical labor cost theory of comparative advantage
Firms such a Moody's and Standard &Poor's study corporations that issue bonds. They publish "ratings" for the bonds- evaluation of the likelihood of default. Suppose these rating c
The number of gallons of paint that Home Depot sells in a given day is normally distributed with a mean of 150 gallons and a standard deviation of 35 gallons (I realize that the di
Regional Trading Arrangements: You have seen in earlier Units that India has been playing an active role in WTO discussions. While Hong Kong WTO Ministerial has saved and kept
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