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%.
The implications of discarding the profit maximization assumption for the effectiveness and efficiency of the market system relate to the imbalance of the economic laws of supply and demand, which is responsible for the sustainable functioning of the market.
<h3 /><h3>What are profit maximization assumptions?</h3>
It corresponds to the theory that the main purpose of a company is the maximization of profits, with decision making based on this purpose, identifying the best market opportunities and the strategy associated with this objective.
By developing a profit maximization strategy, companies become more competitive and aligned with demand and its characteristics, making the offer balanced, with the allocation of resources necessary for effective fulfillment of demand.
Therefore, the balance of supply and demand helps in sustainable production and pricing, developing the economy and the global market.
Find out more about profit maximization here:
brainly.com/question/13464288
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Answer:
World Trade Market
Explanation:
WTM means the world trade market. It is the market at which everyone trades their stocks.
Answer:
The correct answer is letter "B": less; perfect competition.
Explanation:
Typically, <em>more output is produced in perfect competition markets than in markets ruled by price discrimination</em>. Consumer surplus is greater at the same time. Group price discrimination transfers the company some of the competitive consumer surpluses as an additional profit and causes the loss of deadweight due to reduced production.
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