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What is meant by labor force?
In economics the labor force is the group of people who have a potential for being employed. Normally, the labor force having of everyone above a certain age (around 14 to 16) who is participating workers, that is people actively employed or seeking employment. People not counted include students, retired people, stay-at-home parents, people in prisons or same institutions, as well as discouraged workers who simply do not require work.
Why narrowness of definition of a commodity may influence price elasticity of demand
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Discuss about the language and methods of mathematics in modern economics. Language and Methods of Mathematics: This section reviews some fundamental mathematics results
a. Determine Australia’s market equilibrium for TV sets. i. (1) What are the equilibrium price and quantity?
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a firm has fixed costs of $60 and variable costs as indicated at the bottom of this page. complete the table and check your calculations
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