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Corporatism:A system for managing income distribution andwage determination, in that wage levels are determined centrally (across industries or even whole countries) on the foundation of productivity growth, profitability and several other parameters, following some process of consultation or negotiation including employers, unions and very often government. Variants of this system are used commonly in Scandinavia, parts of continental Europe, and parts of Asia.
Long Run Average Cost (or LAC) -Constant Returns to Scale If the input is doubled, the output will double and average cost is constant at all the levels of output.
WORLD TRADE ORGANISATION (WTO): The International Trade Organisation (ITO), originally, was proposed to be set up along with the World Bank and the IMF on the recommendations
Explain what economies of scale are and why they have become increasingly common in later years. Economies of scale - Enhance in fixed factors, but output enhances at a propo
A firm has a short-run production function defined by: Q = -. 02L 2 + 8L What is the short run demand curve for labour (L) in terms of the market wage rate (w), if
Interest: A lender charges interest as the price of lending money (or some other asset) to a borrower. Interest is mainly charged as a specified percentage of the loan's value, per
Ask question #Minintroduction to recent development in demand theory
M.Phil. Admission Test, 2017 Economics Model Question Group A Domain Knowledge in Economics Correct answer is as marked in black. Micro Economics 1. Consider a utility function U =
Lakshani has $5 to spend on pens and pencils. Each pen costs $0.50 and each pencil costs $0.10. She is thinking about buying 6 pens and 20 pencils. The last pen would add five time
chemistry assignments , Neutron diffraction supplements x-ray diffraction and is particularly helpful in locating hydrogen atoms. An x-ray beam is scattered primarily as a result
1. Why is a proprietary good necessary for a firm to choose to become a multinational? 2. In Ramondo, Rappoport, and Ruhl (2011), "Horizontal vs. Vertical FDI: Revisiting Evi
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