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Explain about the equilibrium in the labor market.
Equilibrium into the Labor Market:
All of firm will hire labor up to the point at that the value of the marginal product of labor is equivalent to the equilibrium wage rate.
VMPL = Wage or MRP = Wage (AP)
Into equilibrium, the marginal product of labor will be similar for all employers.
Therefore the equilibrium or market wage rate is equivalent to the equilibrium value of the marginal product.
The demand for good X is estimated to be: where p x price of X in dollars M = personal disposable income in trillions of dollars per year P y = price of a competitive in do
Illustrate the concept of present value. The Concept of Present Value: While someone borrows money for a year, there the interest rate is the price, computed as a percent
outline of this assignment
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