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What is the equilibrium in the labor market? Explain briefly.
Equilibrium in the Labor Market
a. The market labor of demand curve is the horizontal total of the individual labor demand curves of all makers.
b. Labor is paid equilibrium value of this at the marginal product, and the value of the marginal product of the previous worker hired into the labor market as an entire.
Explain the role scarcity of resources plays in economics decision making
Neoclassical Theory The neoclassical theory of economic growth began its career in the fifties and since the mid fifties a sizeable literature has developed. The theory largely
(a) Describe how commercial banks determine their output, interest rates and profit levels assuming they act as oligopolies. (b) To what extent is the above statement a reality
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is the sales maximization applicable
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in the context of an environment of business,state briefly the implication of (1) Ee>1.....(2)Ee=1......(3)Ee=0.......(4)Ee
Illustrate the application of economic theory to some business problems
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