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Real Rigidities in the Labour Market
New Keynesian theories of the labour market help in explaining the existence of involuntary unemployment. The theories also attempt to explain why changes in aggregate demand lead to larger changes in employment and relatively smaller changes in the real wage in the labour market. One of the reasons postulated for the existence of unemployment in the labour market is that firms voluntarily pay higher real wages, as compared to the market-clearing wage, to the workers on their rolls with a view to increasing their efficiency and1 or with a view to providing them the incentives not to shirk work in a situation where the effort level of the workers cannot be perfectly monitored. The imperfections caused thereby in the labour market lead to unemployment. We will qonsider efficiency wage model postulated in New Keynesian theories of unemployment in greater details.
Objective of Fiscal Policy As an instrument of macroeconomic policy, the goals of fiscal policy are likely to be different in different countries and in the same country in dif
Peanut butter monopolist Calvé supplies peanut butter to Albert Heijn in an isolated village. The supermarket is a monopolist in the village. Demand for peanut butter is given by:
the demand for widgets(x) is given by: px=160 -4x the production of widget has the following average variable cost: Avc=2x-20 fixed cost are 162 calculate the output level of widg
According to J.B. Clark's profits arises in a dynamic economy, not in a static one. A static economy is one in which there is absolute freedom of competition population and capital
Suppose that the price elasticity of demand for cereal is -0.75 and the cross-price elasticity of demand between cereal and the price of milk is -0.9. If the price of milk rises by
Explain the concept of externality in economics? Give one example of a positive and a negative externality in Australia.
MONEY MARKETS The expression "money markets" is used to refer to the set of institutions and individuals who are engaged in the borrowing and lending of large sums of money
The Barcelona Football Club is considering the signing of a player of international fame. The problem is that the player has a reputation for having a weak knee. The probability th
Ask questiHow does economic theory contribute to managerial decisions? on #Minimum 100 words accepted#
THE MONETARY ACCOUNT Also called official financing, this comprises the financial transactions of the government (handled by the central bank) needed to offset any net outflow
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