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Elodia [21]
3 years ago
8

1. The increase in the amount of output from an additional unit of labor.

Business
1 answer:
yarga [219]3 years ago
3 0

Answer:

The correct answers are the following:

1 - C

2 - A

3 - B

4 - D

5 - C and D

Explanation:

1) The product of labor is a concept developed in economics in order to show the amount of output that a worker adds to a firm.

2) The demand curve of labor is the graphical representation of the relationship between the wage rate and the quantity of labor that the firms are willing to hire in the market where the workers go an offer their job.

3) The supply curce of labor is the graphical representation of the relationship between the wage rate and the quantity of labor that the workers are willing to offer in the market.

4) The marginal product of labor is the increase in the revenue that an additional worker will add to the amount of revenues already been made in the company when the worker is hire and puts himself to work.

5) An increase in the labor supply can happen be either an increase in the working population that increase the amount of supply of labor as well as an increase in the women's desire to work rather than stay at home with their kids.

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Suppose the world price of cotton falls substantially. The demand for labor among cotton-producing firms in Texas willdecrease .
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Read 2 more answers
Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston:
Furkat [3]

Answer

Price elasticiy of demand for business travelers: -0.16

Price elasticity of demand for vacationers: -0.29

Explanation:

To find the price elasticy of demand (PED) using the midpoint method, we use the following formula:

PED = \frac{(Q2-Q1)/[(Q2+Q1)/2]}{(P2-P1)/[(P2+P1/2]}

Where Q2 and P2 are the new quantity demanded and new price respectively, and Q1 and P1 are the old quantity demanded and price.

Plugging the amounts into the formula we obtain the results of the answer.

Because both results are in absolute value less than one (0.16 and 0.29), we can say that the PED of tickets, for both vacationers and Business traveleres, is relatively inelastic. (Demand falls less in proportion to the change in price).

4 0
3 years ago
. A manufacturer uses manages its inventory using fixed quantity system and wants to be able to fully supply its customers at le
Vsevolod [243]

Answer:

Lead time needed is approximately 1 day

Explanation:

In this question, we are asked to calculate the maximum number of lead days needed by a manufacturer to give a supplier

We proceed as follows;

They want to be able to fully supply the customer at least 50 out of the 52 weeks.

Mathematically; service probability = 50/52 = 0.96 or 96%

At 96% service level value of Z = 1.75

Standard deviation of daily demand (σd) = 50 units

Safety stock = 100 units

Suppose lead time = L

Safety stock = Z × σ d × √L

100 = 1.75 × 50 × √L

=100 = 87.5 × √L

√L = 100/87.5

√L = 1.142857142

L = 1.142857142^2

L = 1.306122448

6 0
3 years ago
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