Welfare definition of economics
Explain the welfare definition of economics? Why is it criticized?
Adam Smith’s theory of wage differentials is least consistent along with a case wherein a: (i) chef in a five-star restaurant earns a higher wage than a cook into a fast food restaurant. (ii) security guard for a U.S. firm into Baghdad is paid m
Illustrates the area of decision making in Managerial / Business Economics?
When a firm gives substantial general training to specific workers: (i) it is probable to pay them a premium wage to cut labor turnover. (ii) the workers are likely to receive less pay than their VMPs after such training. (iii) the workers are most pr
Occupational licensing often requires qualifications with small relevance for performance in a specific position before an individual can legally be hired. Artificial and inefficient barriers to the practice of specific occupations, such as dog groome
Explain the cost concepts briefly.
How is the Demand forecasting important?
Refer to figure as in above. What occurs when the firm produces more than Q4 units: w) Its profit raises. x) this makes a loss. y) Its total revenue is increasing quicker than its whole cost. z) this could make a profit or a loss depending upon what occurs
Illustrates the term Law of Demand? Answer: The law of Demand is termed as the “first law in market”. It shows the relation in between quantity and price
When the demand for labor is wage elastic, raises in wage rates cause total labor income to: (w) increase. (x) decrease. (y) remain the same. (z) fluctuate erratically. I need a go
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