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Micro Economic question 2
2b Show that a minimum wage set above the market clearing wage rate causes excess supply of labour. Why would a government impose minimum wage despite knowing its effect on unemployment? Answer The demand for labour will be negatively sloped in all types of production for two reasons. First, a rise in the wage rate increases the costs of firms producing the commodity, forcing them to raise their selling prices. As the price of the product rises consumers will buy less of it and less output will be produced and sold. This means that less labour will be used. Second, since a rise in wages makes labour more expensive relative to capital, firms will substitute capital for labour. This means that less labour will be used to produce whatever output the firms in the industry sell. If the wage is free to adjust in response to market forces it will move to We, where the demand for labour equals the supply. When the wage is above We, mor...
Business law 5
Question 5 : Define the term delivery. Is it necessary that delivery, ownership and payment of price take place simultaneously? Discuss the rules regarding Delivery of Wrong quantity. Define the term Designated Partners. Explain their eligibility as well as appointment. ANSWER : Performance of Contract of Sale Performance of contract of sale means delivery of goods by seller and acceptance of delivery of goods and payment for the same by buyer. • Seller’s main duty:- Γ Is to deliver the goods to the buyer • Buyer’s main duty:- Γ To accept the goods and pay the price to the seller as per the terms of the contract The parties are free to provide any terms in their contract regarding time, place, delivery, payment of goods and so on. But if the parties are silent and no terms are mentioned in the contract then rules contained in the sale of goods act will be applicable. Meaning of Delivery Voluntary transfer of possession from one person to ano...
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