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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.
circular flow of national income?
Individual A has UA(XA,YA)=lnXA+2YA and has $500. PX=5 and PY =10. (a) Find the optimum. Show that it is indeed the maximum. (b) PX=10. Find the new optimum. (c) Calculate
In 1999 Mercedes-Benz USA adopted a new pricing policy, which it called NFP (negotiation-free process), that sought to eliminate price negotiations between customers and new-car de
Explain the elasticity concept as it applies to necessities and luxuries. Calculate the price elasticity of demand when P= 160 - Q= 480: and when P=240 - Q=320. Calculate and inter
A firm with two factories, one in Michigan and one in Texas, has decided that it should produce a total of 500 units to maximize profit. The firm is currently producing 200 units i
The structural deficit: A. falls as the economy expands and rises when it contracts. B. changes as actual income changes regardless of potential income. C. does not change when inc
Suppose that you decide to leave your current job(with a salary of $60,000) to start your own business in a building (with a market value of $400,000) you already own. You pay $45,
what is credit multiplier?
is/lm curve
Consumer Equilibrium: According to our assumption for 'x' units consumption of the commodity, gross utility obtained by the consumer is U(x).But for this, the consumer must sp
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