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Explain important terms of marginal productivity and wage inequality
Marginal Productivity and Wage Inequality:
a. Market power
• Compensating Differentials
• Danger/Unattractiveness of Job
• Talent/Human Capital
b. Unions
Collective Bargaining
c. Efficiency-wage model
Nanny Example
d. Discrimination.
Paper Money Due to the risk of theft, members of the public who owned such metal money would deposit them for safe keeping with goldsmiths and other reliable merchants who
the benefits of exchange in the light of the law of association, the introduction of money in direct exchange and way income gets distributed among market participants
Income elasticity of demand The income elasticity of demand measures the degree of responsiveness of the quantity demanded of a product to changes in income. Its co-efficient
Legal Sanction: A monopoly as stated above may be the result of a government sanction. The government of a country may legally permit a private monopoly or monopoly in the public s
define derivatives
1. Explain the industry and describe the general pattern of change of the particular market model. 2. Hypothesize the basic short-run and long-run behaviours of the model in the
What are the limitations of managerial economics
Arc Elasticity Is the average elasticity between two given points on the curve, i.e. Because of the negative relationship between price and quantity demanded, pr
For all regular goods, income elasticity is positive though the degree of elasticity fluctuates as per the nature of commodities. Consumer goods are generally categorised under thr
Q. Show Normal profit equilibrium? Normal Profits: With the condition of MC = MR and MC cuts the MR from below, if E is the point of stable equilibrium, output of firm is OM
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