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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.
A complementary facility for commodity-related shortfalls in export earnings This is the most recent proposal of the Group of 77 at UNCTAD in June 1979. There they requested
gap between economic theory and business practice
Perfectly Elastic Supply Supply is said to be perfectly or infinitely elastic if the price is fixed at all levels of demand. The demand curve has been shown in the above diag
exaplain cournot''s duopoly model with graph?
Explain the Theory of Production Cost and Production analysis is central for the unhampered functioning of the production process and for project planning. Production is an e
Fall in Supply When the supply falls, the supply curve shifts to the left to position S 1 S 1 . At the initial equilibrium price P 1 , quantity supplied falls from q 1
The optimum output and price level is always determined with the concepts of revenue and costs-the difference in joint or independent production will show in the differences in cos
Q. Define the Natural Monopoly? Natural Monopoly: Natural monopoly is because of natural factors. For illustration, a particular raw material is concentrated at a specific pl
Discuss the determinants of price elasticity of demand
assignment help on demand forecasting
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