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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.
show how scarcity and opportunity cost are useful in decisionmaking
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
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Prices of other related goods i) Substitutes: If X and Y are substitutes, then if the price X increases, the quantity demanded of X falls. This will lead to inc
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