What is Labour Economics? Labour Economics may be defined as a study of wages and employment in the labour market‚ and the distribution of income among individuals and households. Labour Economics looks at * Labour market processes * Size of the labour force * Trade Unionism * Labour Legislation * Factors affecting employment/ unemployment/underemployment * The demand and supply of labour 2. Law of Derived Demand. Explain Marshall’s law of derived demand states that
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TUTORIAL 1: DEMAND THEORY 1a) The demand curve for haircuts at Terry Bernard’s Hair Design is P = 15 – 0.15Q where Q is the number of cuts per week and P is the price of a haircut. Terry is considering raising her price above the current price of RM9. Terry is unwilling to raise price of the price hike will cause revenue to fall. Should Terry raise the price of haircuts above RM9? Why or why not? b) Terry is trying to decide on the number of people to employ based on the following
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Analysis of Forecasting on Supply Chain Background: A supply chain is a network that performs functions from supplier’s supplier to customer’s customer. It encompasses all the process involved in delivering the final product to the final consumer. Supply chain is filled with various uncertainties such as demand‚ process‚ and supply. Inventories are often used to protect the chain from these uncertainties. The higher the variations the more the losses and every company needs to minimize
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Prediction or forecasting is a common phenomenon for which all human beings are always eager to know. The pre-knowledge about unknown and uncertain future prepare them to cope up in an efficient way. Since the dawn of civilization‚ this desire has been satisfied by priests‚ astrologers‚ fortune tellers‚ etc. In the present scenario‚ the necessity of predicting future is fulfilled in ample ways. There are several forecasting methods available from simplest to some of the most complicated; from judgmental
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Economic Notes In a market economy ‚ actions by consumers‚ through their spending and buying‚ sends powerful messages to business firms about the types and the quantity of goods and services they should be producing. In a mixed market economy business firms reduce the power of consumer sovereignty by 1. Marketing and advertising 2. Misleading information 3. Designing products to wear out or out date quickly 4. Entering into secret agreements and to compete with each other Spend or save
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CHAPTER 2A DEMAND ANALYSIS 1. Introduction: • Demand for goods and services constitutes one side of the product market ; supply of goods and services forms the other. • If there is no demand for a good‚ there is no need to produce that good. • If the demand for a good exceeds its supply‚ there may be need to expand production. • Production generally takes time and so one has to know the likely demand for a relevant product at a future data to
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The labour market is where the demand and supply of labour interact to determine the wage rate and the allocation of labour resources between firms and industries in the economy. The stimulus emphasises the distinct trends in the labour market such as underemployment‚ low participation rate and high unemployment rate in Australia. The government has an active role in dealing with different employment issues by creating employment opportunities‚ altering wages to be equitable and other costs of hiring
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What is Forecasting? Meaning Forecasting is a process of predicting or estimating the future based on past and present data. Forecasting provides information about the potential future events and their consequences for the organisation. It may not reduce the complications and uncertainty of the future. However‚ it increases the confidence of the management to make important decisions. Forecasting is the basis of premising. Forecasting uses many statistical techniques. Therefore‚ it is also called
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Labor Unrest at Toyota India On January 08‚ 2006‚ Toyota Kirloskar Motor Private Limited (TKM) announced an indefinitelockout of its vehicle manufacturing plant at Bidadi located near Bangalore‚ Karnataka. Thedecision was taken following a strike‚ which had entered its third day‚ by the ToyotaKirloskar Motor Employees Union (Employee Union)‚ the only company recognized union.The lockout notice stated that the strike was illegal as the Employee Union did not give themandatory 14 day notice period
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Emp No : Mobile no : Reg. No.____________ E-mail Id : Employees’ Provident Funds Scheme‚ 1952 Form 19 (Refer to instruction) 1 Name of the member in BLOCK LETTERS 2 3 4 Father’s Name or (Husband’s Name in case of married woman) Name & Address of the Factory / Establishment in which the member was employed PF Account No. 5 6 __________________________________________________ ___________________________________________ Date of Leaving
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