Answer:
A. 4; 3.83 units per hour
B. Increases by 4.44%.
Explanation:
Given that,
Current period:
Output = 160 units
Input = 40 hours
Previous period:
Output = 138 units
Input = 36 hours
A. Current period productivity:
= Current period output ÷ Current period input
= 160 units ÷ 40 hours
= 4 units per hour
Previous period productivity:
= Previous period output ÷ Previous period input
= 138 units ÷ 36 hours
= 3.83 units per hour
B. Percentage change in worker's productivity:
= [(change in productivity) ÷ Previous period productivity] × 100
= [(4 - 3.83) ÷ 3.83] × 100
= (0.17 ÷ 3.83) × 100
= 0.0444 × 100
= 4.44%
Therefore, the worker's productivity increases by 4.44%.
Answer:
The marginal revenue product of labor is equal to the marginal product of labor multiplied by the product price. The formula is:
The marginal product of labor is the additional output that can be achieved by adding an additional unit of labor. The marginal revenue product of labor measures the same thing but in money, not units.
Answer:
equity:
-He cuts the pie into eight equal slices.
-He cuts the pie into many slices so that everyone gets a piece.
Efficiency:
-He lets one person eat the whole pie.
-He makes sure that the whole pie is eaten.
Explanation:
Equity deals with distribution i.e to ensure things are equally distributed
While
Efficiency is trying to make sure things are completely used up i.e act of preventing waste
