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Q. What is Unit Labour Cost?
Unit Labour Cost: How much an employer pays for labour needed to produce each unit of a good or service. Unit labour cost can be computed by dividing a worker's hourly (or annual) labour cost, by amount (in physical units or value terms) that they produce during that hour (or year). It is hence the ratio of labour costs to productivity. Companies try to decrease their unit labour cost, either by increasing productivity (denominator) orby reducing labour costs (numerator).
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about the price determination with the held of diagramatic explanation numerical explanation related to the concept
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Paradox of Thrift: An individual household, governmentor business may attempt to save money by reducing their current expenditures. Though those attempts to save, once amalgamated
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