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Q. State the Marginal Productivity Theory. What are its features and assumption?
Marginal Productivity Theory of distribution states that in a capitalist economy the demand for a factor of production will depend upon its Marginal Product. Features- 1. The remuneration for the factor of production is determined by the supply and demand of that factor 2. Demand for the factor of production is derived from the demand for the things it helps to produce 3. Demand by a firm for a factor of production is the Marginal productivity schedule of the factor Assumptions- 1. There is perfect competition for both the commodity and factor markets 2. All factors of production are perfectly mobile 3. The technique of production is assumed to be constant 4. The law is based on the operation of the law of diminishing returns 5. The different units of a factor are assumed to be homogeneous 6. all units of the factors are employed and no factor will offer its services for any remuneration less than market price.
Using an aggregate demand and supply diagram, explain how each of the following scenarios affects the equilibrium price level and aggregate output a/Consumers expect a recession b/
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Q. Explain about IS-LM-model? The key difference between the IS-LM model and the cross model is that nominal interest rate is exogenous in cross model on the other handit is en
Please answer the question below relating it to BUSINESS in today's world. What are the major tenents of the ethical theory of Utilitarianism, and how would this theory be appli
Explain the apparent paradox that saving money is good for the individual but might be bad for the economy. Considering the circular flow diagram how is this relevant to public pol
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One problem in using exchange rate when comparing GDP per capital between countries is that is fluctuates a lot. A way of avoiding dependence on exchange rate is to use purchasing
Suppose that a household in a two-period model has income of $30,000 in period 1 and $25,000 in period 2, and the interest rate is 75 percent. Assume that the price of the good is
What are the general principles about marginal and average total cost curves? General principles which are always true concerning a firm’s marginal and average total cost curve
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