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Q. Explain about Real Wages?
Real Wages:Value of wages, adjusted for level of consumer prices. If nominal value of wages is growing faster than consumer prices, then real wages are growing and thus real consumption possibilities offered to workers are improving.
Explain the meaning of the statement "coffee and tea are close substitutes".
COST-OF-LIVING INDEXES * The CPI is computed each year as the ratio of cost of a typical group of consumer goods and services today in comparison to the cost during a base per
Selective in Exports: There are many industries where India has an advantage because of relatively lower costs of all forms of manpower whether it is professional or factory l
explain the theory of consumer behavior from the utility perspective
I purchase a used stove for $155 when I was willing to pay $185. If a new stove costs $375,what is my consumer surplus
State about the prices - Price level Prices are of great significance in macroeconomics as indeed they are in microeconomics. Though, in microeconomics we are more interested i
short run equilibrium of the industry
(a) Differentiate between a command economic system and a laissez-faire. (b) Assess to what extent it is advantageous for an economy when it moves from a controlled to a free-e
Consider an upstream firm in Russia that mines iron ore at a total cost of $15 q , where q is the number of tons of ore. This upstream firm then ships ore to Germany for processi
Which drug is likely to be the most profitable for its producer (in terms of average “per-drug” profit)?
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