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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 founda
why we study micro econmics?
discuss the implications of various market structure for price determination
What is the Adam smith view of "invisible Hand"? Invisible hand is an unknown power which is working for the interest of total economy. In any economy, everybody cares for his
value of marginal product
Households: The fundamental unit of individual economic behaviour. Households offer labour supply to labour market, make consumer purchases,earn income (from employment and other s
where does stage 1 end?
when average product is decreasing, marginal product is?
edge worth model
Joe is the owner-operator of Joe’s Haircuts Unlimited. Last year he earned $100,000 in total revenues and paid $65,000 to his employees and suppliers. During the course
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