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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.
Explain the term- inventory investment We would have a negative inventory investment whenever inventories decrease. By net investments we mean gross investments minus depreciat
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HOW CAN A COUNTRY MAINTAIN EQUILIBRIUM GDP IN AFOREIGN TRADE?
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The following table have data for a hypothetical open economy. The amount of investment spending is unknown. Question: What is the level of private savings? Question: Wh
What is Inherent Limitation?
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