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3 years ago

If Jeff's wage rate rises, he decides to work more hours. From this, we can infer that____________.

Business

1 answer:

marshall27 [118]3 years ago

3 0

Answer:

If Jeff's wage rate rises, he decides to work more hours. From this, we can infer that for Jeff, the substitution effect is greater than the income effect - option C.

Explanation:

The substitution effect is stronger than the income effect in a case whereby the supply of labor increases as the wage rate increases .

On the other hand, when the supply of labor decreases as the wage rate increases, then the income effect is stronger than the substitution effect.

With regards to the scenario given in the question - with an increase in the wage rate, Jeff has decided to work more hours.

Thus, in the given case, it can be inferred that for Jeff, the substitution effect is greater than the income effect.

Therefore, the correct answer is option C.

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Which of the following from the institutional view is true about the two essential dimensions of organization? a. The technical

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Answer:

The institutional structure is that part of the organization most visible to the outside public

Explanation:

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3 years ago

Twenty percent of the employees of abc company use direct deposit and have their wages sent directly to the bank. assume we rand

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1 in 5 of the sample employees use direct deposit

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3 years ago

What is primary guide?

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2 years ago

Which of the following describe the purpose of money?

julsineya [31]

The purpose of money is that it is a store of value, unit of account and a medium of exchange.

Money is a store of value because it holds a value to pay for something else. Money is used to purchase items you want and depending on how much money you have it creates a value that is enough to purchase something else. Money is also a unit of account because it holds a numeric value that is important to the holder and the organizations so that people can spend their items on things they want/need. Money is also a medium of exchange because it is used as an exchange for a good or service that the consumer wants.

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4 years ago

Read 2 more answers

XminusIndustries manufactures 3minusD printers. For each unit, $ 2 comma 800 of direct material is used and there is $ 1 comma

Citrus2011 [14]

Answer:

the profit earned on 52 units is $110,500

Explanation:

Profit = Sales - Cost of Sales

First determine the cost of sales

Hint : Prepare a manufacturing cost schedule

Direct Materials ($ 2,800 × 52 units) = $145,600

Direct Labor ($ 1,900 × 52 units) = $98,800

Manufacturing Overheads ($25 × 95 hours × 52 units) = $123,500

Total Cost =$367,900

Then determine the Profit

Sales ($9,200 × 52 units) = $478,400

Less Cost of manufacture = ($367,900)

Net Income / (Loss) = $110,500

Conclusion :

Calculate the profit earned on 52 units is $110,500

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3 years ago