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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."
Q. Explain the Game theory? Game theory: Game theory is a branch of applied mathematics which is used in the social sciences, most particularly in economics, as well as in b
d/f b/w MRTS and MRS
cvp analysis
The production function of the personal computers for DISK Company is given by Q = 10 KL where Q is the number of computers produced per day, K s the hours of machine time,
ELASTICITY OF DEMAND
Definition of Elasticity Is defined as the ratio of the relative change of one (dependent) variable to changes in another (independent) variable, or it's a percentage change o
Oligopoly can be characterized as follows: Small Number of Sellers: There are more than one sellers of a product though; the number isn't so huge in order to produce perfect
Electron Control, Inc., sells voltage regulators to other manufacturers, who then customize and distribute the products to quality assurance labs for their sensitive test equipment
Problem 1: a) Explain what is meant by ‘price discrimination' and what are the different types of price discrimination. b) Under what conditions is it possible and profitabl
How will you influence people to strive willingly for group objective in your organization (target based industry)? Apply your interpersonal influence through communication process
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