Video on demand

The classical competitive equilibrium theory assumes that there is centralized market where buyers and sellers of labor can meet and trade at a single price. In reality the supply-and-demand approach seems poorly suited for some questions that arise in the labor market. Particularly questions such as why identical workers in an identical job position are paid differently? How are wages determined? Is there bargaining between firms and workers? Equilibrium search theory provides a rigorous but…

assistance through the aid of the government, should workers revolt (I.8.13). Smith theorized that as long as there is a demand for wage workers, there is an “increase of revenue and stock of every country,” which leads to an increase of national wealth (I.8.21). Luckily for the wage workers, this results in the demand for their employment (I.8.21). Consequently, when there is a demand for wage workers, there is no need for action to be taken by laborers to have their wages increased because…

undocumented people willing to pay? To most of them it is a luxury to have health insurance not a necessity. Meaning that most of them earn less than minimum wage, and paying for coverage is not their first priority. This leads to supply and demand. The demand for private insurance is there, and also the supply is there as well; with more than one private insurance company out there. This fundamental economic equation results in price equilibrium. However to reach this price point where…

problem of detecting and deterring deviation from the agreement. Firms can only observe the market price, but do not know the actual production level of another firm. Unexpected fall in prices may account for deviation from the colussive output or bad demand shock. So firms can deter deviation only by threatening to set Cournout quantities, which are above monopoly quantities, during a period of a price below agreed one. The equilibrium of the model is that firms want to maximise their profits…

1.0 The Warehouse Layout and Design According to Thomas L.Freese, nowadays the strategic of warehousing is changing rapidly. It is because, the number of shipments is creasing while the number of inventory is decreasing. Therefore, now the warehouse layout and design is different if compare to the past, such as now we need bigger assembly areas for the shipment, picking ares and pick slot but smaller the storage areas. (Freese, 2000, p. 1) 1.1 The Important of Warehouse Layout and Design The…

4.2.4 Effect of Feed flow rate (Fgr) on Product Distribution An increase in the flow of gas oil means an increase in the velocity of the gas oil feed, also a decrease in the residence time of the gas oil in the riser; hence a rise in the conversion of gas oil and yields of the products is expected(Akpa et al. 2010). When the flow rate of gas oil is increased, there is an increase in the heat inflow into the reactor, rate of cracking reactions are high, feed also spends less time in the reactor…

1. Analyze Deo market and Dry Idea's Place in it. What drives the category from the consumer behaviour point of view? The US market for underarm products have grown to 506 million units, consisting over $1 billion in sales by the year 1983. The categories of the product were: • Deodorants – consisting of 25% sales and provided for only anti-odour protection • Antiperspirants– consisting of75% sales and provided effective deodorancy and protected against perspiration wetness There were four…

Both consider the rate of population growth to be geared to changes in demand, which in turn, are geared to the rate of capital accumulation. Both relate the rate of population growth to the position of money wages relative to subsistence wages. In contrast to Adam Smith Ricardo considers the size of the subsistence wage to…

3.0 Hypothesis I assume that as the solution is treated with higher amount of fertilizer, the Spirulina cells will reproduce better and survive for longer time as there will be higher amount of nutrients supplied. Therefore, it is assumed that the Spirulina-concentration of the trials treated with 1.0mL fertilizer will be higher than those treated with 0.5mL or 0.0mL. Although wastewaters contain elements which are vital for the Spirulina growth, as it contain other unknown substances as well,…

The neoclassical economic model gives an exceptionally fulfilling clarification of why parties are willing to join hands and enter into a contracts. Parties enter into contracts with their own free will without any coercion. Hence each party will enter into a contract only if its anticipated benefits are greater than the expected costs. For example assume that a house owner offers to pay a painter $5,000 to paint her home. The house owner must expect the value of the benefits she receives from…