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Real and nominal wages
Wages are wanted only for what they will buy, real wages being wages in terms of the goods and services that can be bought with them. Nominal wages are wages in terms of money, and the term money wages is perhaps to be preferred. In determining nominal wages of people in different occupations; account must be taken of payments in kind, such as free uniform for policemen, railway workers and may others, free travel to and from work for those engaged in the passenger transport undertakings, the use of the car by some business executives, free board and lodging for some hotel workers and nurses.
" The labourer", say Adam Smith, "is rich or poor, is well or ill rewarded, in proportion to the real, not to the nominal price of his labour."
The concept of isocost In the use of resources, firms are faced with opportunity cost. For every addition of say capital, they must forego a unit of say labour. Expositio
Development of Transportation and Marketing Facilitates: The expansion of an industry may expedite the development of transportation and marketing facilities that will decrease th
Thinking about modifications in the model again: Go back to the original model again, but add a marginal propensity to invest, this is, suppose that I = f ( i and Y). The MPI is d
what is cardinal and ordinal utility?.
Determine the Specific Place of demand The demand should relate to a specific market as well. For instance, every year in the town of Dehradun, demand for school bags is 4,000
Why Do Monopolies Exist? Monopolists have market power and as a consequence will charges higher prices and generate less output than a competitive industry. It produces profit
Model Specification We proceed with the model specification in the following steps. 1) The economy is composed of competitive firms (F in number) and identical workers
Q. Example on Relationship between marginal and average cost? This relationship between marginal and average cost can easily be recalled with the aid of Fig. below. It can be s
The emergence of managerial economics as a separate course of management studies can be attributed to at least three factors: 1. Growing complexity of business designs maki
Exceptional supply curves In have some situations the slope of the supply curve may be reversed. i) Regressive Supply. In this case, the higher the price within a ce
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