Answer:
Long run aggregate supply (LRAS) is a theoretical concept and refers to the output that an economy can produce when using all its factors of production, and hence when operating at full employment. Graphically, it is a vertical curve indicating that, in the long run, output is not affected by changes in the price level.
The business partnership of Richard Warren Sears and Alvah Curtis Roebuck in which it formed their company named "Sears" was one of the largest department store chain in the US. Their humble beginning had started when they began selling watches through the use of mail only.
Answer:
Explanation:
Labor productivity = Total output/ Total Input
Labor rate = $10. Labor hours = 1,000
So total labour input = 1,000*10= 10,000.
Materials and energy cost input = 2000+500
⇒ total input = 10,000+ 2000+500= 12500
Total output (units produced) = 10,000
Labor productivity= 10,000/12500= 0.80
Answer:
Explanation: A planning budget is prepared before the period begins and is valid for only the planned level of activity.
Answer:
(a) 3.9 units/hour; 3.5 units/hour
(b) 11.43%
Explanation:
(a) Current period productivity:
= Current output ÷ Current labor hours
= 156 units ÷ 40 hours
= 3.9 units per hour
Previous week's productivity:
= Previous week's output ÷ Previous week's labor hours
= 105 units ÷ 30 hours
= 3.5 units per hour
(b) Percentage change in worker's productivity:
= (Change in productivity ÷ Previous week's productivity) × 100
= [(3.9 - 3.5) ÷ 3.5] × 100
= 11.43%
Therefore, the worker's productivity increases by 11.43%.