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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.
Average Revenue (AR) This is the revenue per unit of the commodity sold. It is obtained by dividing Total Revenue by total quantity sold. For a firm in a perfectly competiti
examples
Movements along the supply curve Movements along the supply curve are brought about by changes in the price of the commodity. When price increases from P1 to P2, quant
A mother is torn among choosing her son Leonardo and her daughter Meryl to have the last bar of chocolate in her cupboard. As both her children's needs the chocolate and she needs
Real Rigidities in the Goods Market The most important factor associated with real rigidity in the goods market is the existence of imperfect competition. Imperfect comp
Market Structures This refers to the nature and degree of competition within a particular market. Capitalist economies are characterised by a large range of different market
electron control,inc.,cells 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
agency problems between shareholders and government
Planned Economy Is a system where all major economic decisions are made by a government ministry or planning organisation. Here all questions about the allocation of resources
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