ECO 162 MICROECONOMICS ASSIGNMENT 2 Prepared for : Miss Shaliza Azreen Bt. Mohd Zulkifli Prepared by : Amirul Iskandar stack away Amran(2011642138) Mohd Azwan Bin Md Arop(2011432002) Group : BMD2Bh curriculum : Investment Analysis irresolution 1 According to hypothesis of distri justion,explain how does lease is determined reinforcement The Theory of distribution marginal receipts growthivity or in opposite intelligence expediency marginal revenue productionivity mess deal as theory of distribution.theory of distribution seek to explain how the allowance or prices to production factors are determined. Factor market Households or individuals nascence the production factor or resources that pixilated uses to services and instigate goods. Basic kinds of productitive factors is land,capital,labor and lastly entrepreneur are sold and bougtht in the factor market. The payment or in other invent the price that household receives for th e service of these resources gestate several names. The spring of four factor prices: * honorarium *rent *interest * gelt Wages Every factor of production is rewarded for its services. Wages consent two type.The type is: *real contend * titulary earnings Real allowance Real wages refer to the pay or wage in terms of money or careful in terms of money.
*example -if a officer earns 1200 per month,this refers to his nominal wage or in other expression nominal wages are also called money wages Real wages Real wages refer to the acquire power of money. *example The wages of a policeman is rm 1200 permonth but real means how much ! the policeman can barter for withthis income Determination of wages To determine the wage rate,firstly we must to have both the market supply of labour and market lease.futhermore,analyse the take for and the supply of labour. Demand of labour Comes from the firm which hires workers for production.marginal revenue product (mrp) determines the firms demand curve for labour.the marginal revenue product is defined as the addition to total revenue...If you wish to raise up a full essay, order it on our website:
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