25Nov 2018 by Reese Bannister

Price Determination under Monopolistic Competition – Explained!

Industry
Each firm under imperfect competition or monopolistic competition produces different commodities which are close substitutes.This makes the output and price policies of an individual firm’s product partially dependent on the output and price policies of its rivals.In other words, the average revenue curve and the average cost curve of each firm will be partially affected by the price and output policies of its rivals. ADVERTISEMENTS: Since each firm can also increase or decrease the price of its commodity by its own action, the average revenue curve of each firm slopes downwards.It should be remembered that under perfect competition the average revenue curve of each firm is a horizontal straight line. It is so because no firm by its individual action increases or decreases the price of its commodity.Further in the…
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25Nov 2018 by Reese Bannister

How to Determine Price under Oligopoly Market? – Explained!

Industry
There is no definite theory of price-output determination under oligopoly. The reason being that there is interdependence in the decision-behaviour of oligopolistic firms and the uncertainty about the reaction patterns of rival firms.The demand curve of each firm is uncertain. Due to interdependence in the behaviour of firms and uncertain reaction patterns, there can be a variety of behaviour patterns.Different economists have made different assumptions about the aims of oligopolist firms and they assumed different behaviour patterns of firms accordingly. ADVERTISEMENTS: Different behaviour patterns may be-(i) rivals may decide to co-operate in the pursuit of their objectives, (ii) they may fight each other to increase their market shares, and (iii) agreements may be of wide variety.Therefore, a large variety of models about price-output determination under oligopoly have been developed by…
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25Nov 2018 by Reese Bannister

1636 words essay on Drought and Flood in India (Free to read)

Management
Free sample essay on Drought and Flood in India. The rainfall in India varies from place to place and year to year. The north-eastern states of Assam, Arunachal Pradesh, Meghalaya, and Nagaland, etc. receive very heavy rainfall.The Indian sub-continent has a distinct geographical and historical identity. Its territories extend 3,214 kilometers between the extremes of the north and the south, and 2,933 kilometers between those of the east and the west. This vast landmass called India has been a playground of the monsoon from times immemorial. Monsoon is the seasonal wind of the Indian Ocean. By the end of the month of May, a low pressure is formed in the coastal plains in the west of India which attracts the monsoon winds and then there are occasional rains. In early…
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25Nov 2018 by Reese Bannister

1429 words essay on the importance of Human Rights

Strategy
Free sample essay on the importance of Human Rights. Human right to live and exist, the right to equality, including equality before law, non-discrimination on grounds of religion, race, caste, sex or place of birth, and equality of opportunity in matters of employment, the right to freedom of speech and expression, assembly, association, movement, residence, the right to practice any profession or occupation, the right against exploitation, prohibiting all forms of forced labour, child labour and trafficking in human beings, the right to freedom of conscience, practice and propagation of religion and the right to legal remedies for enforcement of the above are basic human rights. These rights and freedoms are the very foundations of democracy.Obviously, in a democracy the maximum number of the freedoms and the rights are enjoyed…
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25Nov 2018 by Reese Bannister

Top 5 Important Theories of Wages – Explained!

Management
Important theories of wages in compensation management are mentioned below: Theories of Wages 1. Subsistence Theory: This theory was propounded by David Ricardo. Ricardo states that “The labourers are paid to enable them to subsist and perpetuate the race without increase or diminution”.This theory is also known as “Iron Law of Wages”. According to this theory, if the wages fall below the subsistence level, the number of workers would decrease as many of them would die of hunger, disease, malnutrition. Image Source: ecx.images-amazon.com ADVERTISEMENTS: This would make the wage rates go up as labour will become scarce. However, if the workers are paid more than the subsistence wages, they would marry and procreate. This would increase their number and bring down the rate of wages. 2. Wage Fund Theory: This…
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25Nov 2018 by Reese Bannister

1358 words essay Energy Crisis in India

Industry
Free sample essay Energy Crisis in India. Energy is the motive power that keeps the wheels moving and other things live and dynamic. Energy forms the foundation of all our industrial, agricultural and developmental activities. Life itself is energy based.Energy is crucial for all our growth and development. There are a number of sources of energy, such as fossil fuel, wind, water and the sun. Fossil fuel has been the conventional source of our energy needs and under it come coal, lignite, petroleum and natural gas. Another source of traditional energy is fuel wood, animal waste and agricultural residues but these are known as non-commercial fuels. Unfortunately, the sources of conventional energy are depleting quite quickly. These conventional and natural sources of energy are not sufficient to meet our ever-increasing…
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25Nov 2018 by Reese Bannister

Essay on Scientific and Technological Development in India (Free to read)

Management
Free sample essay on Scientific and Technological Development in India (Free to read). The modern age is the age of science, technology, knowledge and information. All these are the interrelated and different aspects of the same thing.Explosion of knowledge and information, based on breathtaking advancement in the field of science and technology, has bestowed on man powers enviable even for gods. It has helped man conquer space and time. Now he has unraveled many mysteries of nature and life and is ready to face new challenges and move forward in the realm of the unknown and the undiscovered.In India there has been a long and distinct tradition of scientific research and technological advancement since ancient times. Since independence, we have accelerated our speed and efforts in this field and have…
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25Nov 2018 by Reese Bannister

1127 words essay on the importance of Self-Reliance

Industry
Free sample essay on the importance of Self-Reliance. Self-Reliance or self-help is a must to achieve success, happiness and progress. It is of no use to wait for others to help, assist and guide. The saying, “God helps those who help themselves,” very beautifully and aptly underlines the truth.Only the week and helpless call on gods for help instead of putting their own shoulders to the wheel. One must learn to trust one’s own hands, power and strength instead of depending on good luck and the grace of the gods. Man is his own friend or foe. It is he himself who can make or mar his fortune. One is what one chooses to be. Lord Buddha taught man to be one’s own lamp and light and not to depend…
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24Nov 2018 by Reese Bannister

3 Main Wage Legislations for Protecting the Rights of Wage Earners – Explained!

Accounting
Main wage legislations for protecting the rights of wage earners are given below:The government has enacted legislative measures to protect the wage earners’ rights and to emphasise managerial obligations in this regard. The basic foundation of industrial legislation is to ensure social justice. ADVERTISEMENTS: According to V.V. Giri, the basic foundation of industrial legislation is to ensure – “equitable distribution of profits and benefits accruing from industry between industrialists and workers and affording protection to the workers against harmful effects to their health, safety and morality”.Thus, the protection of labour in industry is the motive force behind labour legislation. Legislation only sets the minimum rates and obligations on the part of the employer. Image Source: mediad.publicbroadcasting.netNothing prevents more liberal terms being negotiated through collective bargaining processes.1. The Payment of Wages…
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24Nov 2018 by Reese Bannister

12 Main Objectives of National Wage Policy in India – Explained!

Management
Main objectives of national wage policy in India are discussed below:One of the objectives of economic planning is the raising of the standard of living of the people. This means that the benefits of planned economic development should be distributed among the different sections of the society. ADVERTISEMENTS: Therefore, in achieving a socialistic pattern of society, the needs for proper rewards to the working class of the countryman never is over emphasised.A national wage policy, thus aims at establishing wages at the highest possible level, which the economic conditions of the country permit and ensuring that the wage earner gets a fair share of the increased prosperity of the country as a whole resulting from the economic development. Image Source: image.slidesharecdn.comThe term “wage policy” here refers to legislation or government…
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