Price takers in perfect competition
How to calculate the price of a good? Data and Evidence collection: 1) The number of people working in different organizations to produce a particular product. 2) The number of the particular product produced per day, months, year etc. 3) The time or working hours of employees. Time is money. Price is inverse of mean value obtained from the different organization for the number of units produced per unit time (days or months etc) per employee with collaboration and using time not more than 5 hours per day per employee + Raw material cost calculated by the same principle E = Number of people working in an organization to produce a particular product U/D = Number of the particular product or units produced per day U/DE = Number of particular units produced per pay per employee with collaboration O = Number of organization with same U/DE An example data [E] [U/D] [U/DE] [O] 50 30 0.6 6 60 40 0.666 9 8...