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EleoNora [17]
3 years ago
6

When a firm is operating in a perfectly competitive labor market the wage the firm increases with the number of workers hired. t

he firm can buy as much or as little labor as it wants at a fixed, going wage rate. the firm’s marginal expense of labor (MEL) equals the cost of all workers hired.
Business
1 answer:
djverab [1.8K]3 years ago
7 0

Answer: When a firm is operating in a perfectly competitive labor market: <u>"the firm can buy as much or as little labor as it wants at a fixed, going wage rate."</u>

Explanation:

1-  "the wage the firm increases with the number of workers hired" - Is incorrect because The salary paid by the company is treated as a constant salary.

2- Correct.

3- "the firm’s marginal expense of labor (MEL) equals the cost of all workers hired." is  incorrect because the firm’s marginal expense of labor (MEL) is equal to the salary (wage) rate.

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Larry Ellison starts a company that manufactures high-end custom leather bags. He hires two employees. Each employee only begins
Degger [83]

Answer:

12.55 days

Explanation:

<em><u>Provided information </u></em>

Number of employees 2

Average production time=1.8 days

Standard deviation=2.7 days

Inter-arrival time= 1 day

Coefficient of variation= 1 day

Standard deviation of inter-arrival time= 1 day

The coefficient of variations

<u>Inter-arrival coefficient of variation </u>

C_{vi}=\frac {\sigma}{T} where \sigma is standard deviation of inter-arrival time, T is inter-arrival time and C_v is coefficient of variation of inter-arrival time

C_{vi}=\frac {1 day}{1 day}=1

<u>Production time coefficient of variation </u>

C_{vp}=\frac {2.7}{1.8}=1.5

<u><em>Total utilization time </em></u>

U=\frac {T}{n*T_i} where T is the time of production, n is number of employees, U is utilization, T_i is inter-arrival time

U=\frac {1.8}{2*1}=0.9

Therefore, utilization time by 2 employees is 0.9

<u>Expected average waiting time </u>

T_e=(\frac {T}{n*T_i})*0.5(C_{vi}^{2}+C_{vp}^{2})*(\frac{U^{\sqrt{2(n+1)}-1}}{1-U})

Where T_e is expected average waiting time and the other symbols as already defined

Substituting 1.5 for C_{vp}, 1 for C_{vi}, 0.9 for U, 2 for n, 1 for T_iand 1.8 for T

T_e=(\frac {1.8}{2*1})*0.5(1^{2}+1.5^{2})*(\frac{0.9^{\sqrt{2(2+1)}-1}}{1-0.9})

T_e=0.9*1.625*8.583709=12.55367 days  and rounding off to 2 decimal places we obtain 12.55 days

Therefore, expected duration between order received and beginning of production is approximately 12.55 days

7 0
3 years ago
If a firm's average total cost decreases as the firm increases its output, the firm's marginal cost must be
Arlecino [84]

Answer:

Less than average total Cost

Explanation:

Average total cost can be estimated as

(total fixed cost as well as variable costs )/ ( total units produced). It has a great impact on how a business is going to set up the price of their products. Marginal cost is can be regarded as alteration in total cost as a result of increase in unit of quantity produced. It should be noted that If a firm's average total cost decreases as the firm increases its output, the firm's marginal cost must be Less than the average total cost

8 0
3 years ago
How do individuals benefit from having health insurance? Why is health insurance likely to become a bigger and more complex issu
SVEN [57.7K]

Answer: Individuals benefit from health insurance because it's helps them pay off health debt when they may not have the funds at the moment to do so, especially in cases where the bills can be very expensive.

Explanation:

Health insurance could be described as insurance that covers the health bills of individuals when they are sick or have an accident.

Individuals benefit from health insurance because it's helps them pay off health debt when they may not have the funds at the moment to do so, especially in cases where the bills can be very expensive.

Health insurance would likely be a problem in the future due to the cost. Health bills can be very expensive, especially when it involves illness that require lots of operations or much bills to pay. This has made organizations begin to withdraw the benefits of health insurance for their staff.

5 0
3 years ago
The DHSMV _________________________ is an enforcement sector that patrols state highways and ensures the safety of drivers and c
Nadusha1986 [10]
The DHSMV Division of the Florida Highway Patrol is an enforcement sector that patrols state highways and ensures the safety of drivers and citizens while on the road.
5 0
3 years ago
A group of workers normally consists of 60 men, 30 women and 20 boys. They are paid at standard hourly rates as under:
dexar [7]
  1. Labour cost variance =  R.s 33,000 (F)
  2. Labour rate variance = R.s 33000 (F)
  3. Labour efficiency variance = 0

Given:

Standard Number of men = 60

Standard Number of women = 30

Standard Number of boys = 20

Standard hour rate for men = R.s 280

Standard hour rate for women = R.s 160

Standard hour rate for boys = R.s 140

Weekly working hour = 40 hours

Expected unit = 5,000 units

Number of men in march week = 70

Number of women in march week = 25

Number of boy in march week = 25

Actual wage for men = R.s 270

Actual wage for women = R.s 165

Actual wage for boys = R.s 130

Actual units = 4,500 units

Find:

  1. Labour cost variance
  2. Labour rate variance
  3. Labour efficiency variance

Computation:

Labour cost variance = [SC for AO] - AC

Labour cost variance =  [( 70 × 280) + (25 × 160) + (25 × 140)] - [(70 × 270) + (25 × 165) + (25 × 130)] × 40  

Labour cost variance = (27,100 - 26,275 ) × 40

Labour cost variance =  R.s 33,000 (F)  

Labour rate variance = (SR - AR) × AH worked

Labour rate variance = [(280 - 270)70 + (160 - 165)25 + (140 - 130)25]40

Labour rate variance = [700 - 125 + 250]40

Labour rate variance = [825]40

Labour rate variance = R.s 33000 (F)

Labour efficiency variance = (SH allowed - AH worked)SR

Labour efficiency variance = (0 - 0)SR

Labour efficiency variance = 0

Learn more;

brainly.com/question/22856853?referrer=searchResults

5 0
2 years ago
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