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Explain important terms of marginal productivity and wage inequality
Marginal Productivity and Wage Inequality:
a. Market power
• Compensating Differentials
• Danger/Unattractiveness of Job
• Talent/Human Capital
b. Unions
Collective Bargaining
c. Efficiency-wage model
Nanny Example
d. Discrimination.
Q. Describe MRPL and profit maximisation? The common rule is that firm maximises profit by producing that quantity of output where marginal revenue equals marginal costs. Profi
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Infant Industry Argument Advocates of this maintain that if an industry is just developing, with a good chance of success once it is established and reaping economies of sale,
Find price for demand of 105000 exhaust fans, function is 462-5/7q for demand and p-6/7q for supply. find supply at 312, equilibrium qt and price
Advantages of Perfect Market It achieves, subject to certain conditions, an allocation of resources which is: socially optimal" or "economically efficient" or "pareto effi
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Explain the role scarcity of resources plays in economics decision making
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Why we need to distinguish between private cost and social cost?
Marris constraints of growth maximisation
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