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Suppose that Congress increases the minimum wage to $10 an hour. a. Use a supply and demand model for unskilled labor to show the effect on the number of unskilled workers employed
Consumer Surplus -Difference between maximum amounts a consumer is wishing to pay for a good and amount actually paid. The stepladder demand curve is converted into a
Measures used to restrict International Trade: These are taxes imposed on traded commodities as they cross national boarders. These are two main types of tariffs. An import ta
Consider the market for purple magic markers. The demand for purple magic markers is perfectly elastic and the supply is upward sloping. If sellers of purple magic markers are taxe
ENUMERATION OF WORKERS: Now, let us discuss about the sources of data in India on workers. In India, two main organisations which generate and compile data on workers are the
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What is the role of profits in a market economy? Profits act as an incentive to producers and potential entrepreneurs, and also as a signal to both that resources may be re-al
concept of supply and the factors that affect the supply
Labor Productivity - Labor Productivity and Standard of Living - Consumption can increase if productivity increases. - Determinants of Productivity Stock of capit
Determinants of Private Demand - Waiting-Time for Employment ‘Waiting time’ for employment is another important factor. The waiting time varies from course to course. For inst
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