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Q. Describe the gift exchange model of reciprocity?
George Akerlof (1982) develops a gift exchange model of reciprocity in that employers offer wages unrelated to variations in output and above market level and workers develop concern for each other's welfare, such that all put in effort above the minimum required though the more able workers aren't rewarded for their additional productivity; again, size here depends not on rationality or efficiency but on social factors. Consequently the limit to firm's size is given where costs rise to the point where market can undertake some transactions more efficiently than the firm.
Q. What is Labour Requirements on the production capacity? Labour Requirements: Spending on labour is one of the most vital elements of cost of production. Dependable and cor
example problems for the types of pricing
Let consider the economy (above) again where the following set of stocks is traded: x 1 =(2,2,0) x 2 =(1,0,3) x 3 =(0,2,4) for the prices (p 1 , p 2 , p 3 )=(1,
An optimum Population Countries are often described as under populated or overpopulated. From the economist's viewpoint these terms do not refer to the population density (i.
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case.
Gross Domestic Product A measure of national economic activity, GDP is measured from two approaches. GDP can be viewed as the total value of all goods and services produced in
Firm and industry supply schedules The plan or table of possible quantities that will be offered for sale at different prices by individual firms for a commodity is called su
Question 1: (a) Describe how asymmetric information influences the price system and resource allocation. Provide examples to support your answer. (b) Managerial decision-ma
how to solve problems using derivatives ?
Actual income and Full employment income Full employment income (Also called Potential National) is the national income that could be produced when the country's factors of pr
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