The price paid to each factor adjusts to balance the supply and demand for that factor. Because factor demand reflects the value of the marginal product of that factor, in equilibrium, each factor is compensated according to its marginal contribution to the production of goods and services.
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Explanation:</u></h3>
The incremental profit that is being earned for an additional single unit by subtracting the price of the product and all the variable cost that is associated with that product is the marginal contribution. It is the earnings that is obtained in total for paying all fixed expense and also for the profit generation.
The price that is spent for the every factor in order to adjust balancing the supply and demand of that particular factor. This is because of the reason that, the value of the marginal product of any factor is controlled by the demand factor. Thus in an equilibrium state there will be a compensation of each factor based on the marginal contribution to the production of goods and services.
The percentage change in the quantity demanded of film divided by the percentage change in the price of cameras indicates:
The price elasticity of demand for film
Association of employees: A trade union is essentially an association of employees belonging to a particular class of employment, profession, trade or industry. For example, there are unions for teachers, doctors, film, artistes, weavers, mine workers and so on.
Voluntary Association: An employee joins the trade union out of his free will. A person cannot be compelled to join a union.
Permanent Body: A trade union is usually a permanent body. Members may come and go but the trade union remains.
Common Interest: The member of a trade union have certain matters of common interest-job security, better pay and working conditions and so on, which bring them together.
Collective Action: Even when an individual employee has any grievance over certain management decisions, the matter is sorted out by the intervention of the trade union Employees are able to initiate collective action to solve any problem concerning any particular employee or all the employees.
Rapport with the Management: The trade union seeks to improve relations between the employees and employers. The officials of the trade union hold talks with the members of the management concerning the problems of the employees in order to find an amicable solution. It is thus possible for the employees to have better rapport with the management.
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Answer:
In the performing stage, the role of the mentor shifts from managing group dynamics to focusing on helping members grow and develop in positive ways. Mentors can turn their attention to identifying individuals' strengths and weaknesses, and helping mentees step out of their comfort zones.
Explanation:
Answer:
<u>Mixed economy</u>
Explanation:
Note that the command forces here represents socialism implying Governmental control of land resources, labor, capital and control of some industries.
The factors of production (land, labour, capital) in a mixed economy would indeed depend on the relative distribution of market forces versus command forces.
