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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.
Average Total Costs (ATC) This is total cost per unit of output, obtained by dividing total cost by total output i.e. ATC = Total Cost Total Outp
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The Historical development of money For the early forms of money, the intrinsic value of the commodities provided the basis for general acceptability : For instance, corn, s
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present a detailed discussion of the principles of managerial economics
Price rise in future must not be expected - law of demand If the buyers of a commodity expect that its price will increase in future they raise its demand in response to an in
what is cardinal and ordinal utility?.
NORMAL AND SUPERNORMAL PROFITS Normal profit refers to the payment necessary to keep an entrepreneur in a particular line of production. In economics, it is generally belie
a) The most well-organized combination of resources which can be used to make a given level of output is that which: b) The enactment of a guaranteed yearly income for al
definition of optimal use of veriable input
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