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WAGE DETERMINATION, POLICY AND THEORIES
Wages and salaries are rewards to labour as a factor of production of goods and services. In ordinary speech a distinction is frequently made between wages and salaries. Some people might attempt to differentiate between them by saying that wages are payments for manual work; others may say that wages are paid weekly and salaries at longer intervals; yet others may say that wages are paid for a definite amount of work, as measured by time or price, so that if less than a full week is worked, a proportionate deduction from the weekly wage will be made whereas salaried workers suffer no such deductions. Only the last definition is of any economic importance. Wages are variable costs varying with output whereas salaries in the short run are a fixed cost since they do not vary with output.
Features of Monoploy in Monopolistic Competition Monopolistic competition has the following features from monopoly : As the products are differentiated substitutes, each b
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
Using the relationship among the price of a visit to a physiotherapist and the quantity of visits demanded, explain and distinguish between the direction, the slope, and the positi
Prices of other related goods i) Substitutes: If X and Y are substitutes, then if the price X increases, the quantity demanded of X falls. This will lead to inc
OBJECTIVES OF CREDIT CONTROL The old objective of controlling credit creation by the commercial banks in the country was dictated by considerations of maintaining stability of
What is the Permanent Income Hypothesis? What is the theory's potential relevance for assessing the effects of temporary tax cuts for the purpose of fiscal stimulus? If you were
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features of monopoly?
U.S. retail industry, Arc Elasticity is correctly used to assess the dollar magnitude of net benefits of a decision to raise price/output combinations by 5% in the short and medium
Q. Describe the Public Utility Monopoly? Public Utility Monopoly: Governmental authorities seize complete management and control of some utilities to protect social interest
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