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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.
Relevance of The Law of Diminishing Returns The law of diminishing returns is important in that it is seen to operate in practical situations where its conditions are fulfille
Search and Matching Model It should be clear to you fiom the earlier section that there are a variety of models under the rubric of search theory. In this sec
A. Write a detailed essay on the importance of economics to managers. OR What is the role of managerial economics in organizations ? B. What are the methods of measuring nation
Ajax has the following short run cost curve when tc=800000-5000Q+100Q2
Demand Schedule The law of demand can be explained through a demand schedule. A demand schedule is a series of quantities that consumers would like to buy per unit of time at d
define equi marginal principle
What is an effective need of demand 1. An Effective Need: Effective need demands that there must be a need supported by the capacity and readiness to shell out. Henceforth there
1. The price of a U. S. produced hammer is $5. The exchange rate with Malaysia is 3 Ringgit/1$. What is the current price of the hammer in Malaysia? (Assume no transportation cost.
Q. What is Production and Cost Function? Production functions and cost functions are the keystones of managerial and business economics. A production function is a mathematical
Explain important terms of marginal productivity and wage inequality Marginal Productivity and Wage Inequality: a. Market power • Compensating Differentials • Dang
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