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In the labour market we have two components: the "demand of workers" by the firm and "the supply of workers" who are actually the workers themselves. How do frims demand for workers? T...
Demand is the amount a consumer is willing and able to purchase a good or services for at various prices at a given point in time. A rise in the incomes of households would mean they have more disposable ...
Total revenue is maximised where the downward sloping marginal revenue curve cuts the x-axis. This makes sense when we realise that 'marginal' means 'of an additional unit'. So, total revenue is maximised...
Labour mobility (Frictional)
Geographical immobility of labour
Certain areas are too expensive to live in thus pricing out workers from jobs in an ...
The law of supply and demand is one of the fundamental concepts of basic economics. It is the foundation on which several economic theories have been built. The law of demand states the higher the price o...
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