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Explain the term Fordism
Between approximately 1890 and 1930-or perhaps 1890 and 1950-a host of innovative technologies and business practices were adopted in the US. Europeans speak of 'Fordism': taking the part--Henry Ford's assembly lines in Detroit and his mass production of the Model-T Ford--for the whole. The fact that other industrial economies were unable to fully adopt American technologies of mass production and mass distribution in the first half of the 20th century gave the U.S. a unique level of industrial dominance and technological leadership in the years after 1950.
Suppose that the price of schooling is $20 per year of schooling and it suddenly rises to $40. Compute the point price elasticity of demand at the initial price level and at the fi
what is law of variable proportions?
Zac consumes only pizza and chianti. He consumes these goods in fixed proportions: 2 slices of pizza for one glass of chianti. His income is $100 per week. a. Derive demand func
What does economic theory contribute to managerial economics? Explain
give a detailed discussion on the term economics of scale as applied to economics, highting examples,limitation,and original of economics of scale.
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solution of central problem of an economy
Change in the population of consumers: Population changes may affect the demand for a commodity.Areas of high population may demand more of certain commodities than areas of low
what is general equilibruim?
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