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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.
Positive versus Normative Economics Positive Economics Positive economics considers with the predictions or observations of the particulars of economic life. For instance:
law of diminishing marginal utility its assumptions, limitation, and its practical importance
Increase in Productivity and Real Wage Earnings: Labour has been charged that whereas it presses for higher wages through trade unions, it has failed to raise productivity. Sh
Curvature of the Iso-quant: An iso-qunat is convex to the origin. This is so because as more and more units labour are employed, the producer would prefer to give up less and
prove that marginal utility of x=the price of commodity x.
given short run total cost curve :10q^2+4q=100 and short run marginal cost MC=20q+4 and market demand Q=100-p what''s the equation of the short run supply curve?
opportunity cost
What are the main causes of unemployment? Two main paths are available; demand-deficient unemployment and real wage unemployment. After explaining unemployment (percentage o
Diversification - Assume that a firm has a choice of selling air conditioners, heaters, or both of them. - The probability of it being hot or cold is 5%. - The firm woul
when price falls
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