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Demand: Utility and Marginality - Essay Example

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Demand: Utility and Marginality Question 1 The term derived demand is used to define cases where demand for one good occurs as a result of rise in demand of another good. The term is used in economic investigation to describe the demand placed for one good when the price of some other good changed…
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Download file to see previous pages The tastes and preferences of the consumers 2. The income of the consumers 3. The prices of substitutes 4. The number of consumers in the market 5. The expectations of the consumers on the future The tastes and preferences of the consumers will induce the demand conditions coupled by income. If income rises, it can be anticipated that demand for the good will rise as well. If the prices of substitutes are close or low than that of the good considered, the demand for that good can be under serious threat. The presence of many consumers for a single good will quite obviously induce demand for that good. If the consumers expects the prices of the good to take the declining curve in the near future, the demand for the good will fall; if they expect the price to rise, they will opt for more good at the present condition. If the consumers expect their income to rise in the near future they may increase the demand for some goods presently. Question 2 It is difficult to measure the labor productivity for an economy. For an underdeveloped economy, the job opportunities are limited. Therefore, there is huge surplus labor and a major proportion of the workers are unskilled. As an economic advisor, it is advisable for the concerned authorities to boost the morale of the employees. It is not an easy task but various skill development programs will drive the purpose. The development of new skills will accrue to the workers and they can look out for better paid or more technical jobs. The small business ventures can be encouraged. If the small businesses take the adequate initiatives to motivate the employees and provide them the proper work conditions, there is no reason why productivity would not increase. The employees should not be burdened with excessive work pressure as that might lead to loss of productivity. The projects should be assigned once the ongoing projects are completed. Reevaluation of the workers is necessary. The management needs to hire the right people for the right job and provide them the appropriate incentives for that they feel motivated. The incentives may not be in monetary terms. It can be with higher responsibilities or with good designation. The management should not overburden the workers right from the process of recruitment and should provide as much time as possible for the labor to get accustomed with the work. Praise and recognition is another step which will contribute in increasing the productivity. The employees with great attitude and dedication should have recognition which will induce them to work better. Bonuses and incentives will act as the catalyst in the process. Question 3 Changes in technology can affect the demand for labor either negatively or positively. If a change in technology requires the use of less man power, the demand for labor will fall as the new technology may have the capability to replace human labor; therefore, it would have negative effects on the economy in terms of job opportunities. Again a technology may also induce more demand for labor to operate the machineries, and in such cases, the demand for labor will raise and the economy is affected in positive fashion. A technology can lead to loss of demand for labor for one industry while the same technology when introduced into another industry it may lead to rise in demand for labor. It can be accounted that information technology that resulted in increase of demand for labo ...Download file to see next pagesRead More
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