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Q. Describe the gift exchange model of reciprocity?
George Akerlof (1982) develops a gift exchange model of reciprocity in that employers offer wages unrelated to variations in output and above market level and workers develop concern for each other's welfare, such that all put in effort above the minimum required though the more able workers aren't rewarded for their additional productivity; again, size here depends not on rationality or efficiency but on social factors. Consequently the limit to firm's size is given where costs rise to the point where market can undertake some transactions more efficiently than the firm.
What is economics of information
The neo-classical view The neo-classical view is that market forces are the best directors of the economy. Positive attempts by the government it is argued inevitably make th
Explain the importance of managerial economics.
Define Williamson''s Model of Managerial Discretion practice?
Advantages a. They are less costly to administer because the producers and sellers themselves deposit them with the government. b. If levied on goods with inelastic deman
Point elasticity The point elasticity of demand is described as the proportionate change in quantity demanded in response to a very small proportionate change in price. The con
The production function is Q= 20 K0.5 L0.5 Question: For the production function Q= 20 K0.5 L0.5 determine four combinations of capital and labor that will produce 100 and 200 unit
Theories of wage determination Early theories about wages The earliest theories about wage determination were those put forward by Thomas Malthus, David Ricardo and Karl
Functions or Purposes of Taxation The functions of taxation can be discussed from the activities of the government it is meant to achieve. These are: a. Raise reven
Importance of Cross Elasticity Knowledge of cross elasticity is necessary when the government wants to impose a tariff on an imported commodity to protect a domestic industry.
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