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Lesechka [4]
3 years ago
14

Choose the only point on the graph that shows the equilibrium wage

Business
1 answer:
a_sh-v [17]3 years ago
4 0

We would need to see the graph, but the equilibrium point is where the wage paid is equal to the supply of workers. On a graph, this would be the point where the two lines intersect. That is the point where the supply of people willing to do the job at a certain rate, meets the company's demand for workers and the rate they are willing to pay.

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Consider the economies of Hermes and Tralfamadore, both of which produce gobs of goo using only tools and workers. Suppose that,
MAXImum [283]

1. The productivity (in terms of output per worker) in 2016 and 2026 for the economies of Hermes (<u>60 and 72</u>) and Tralfamadore (<u>30 and 54</u>).

2. The 5-unit change in capital per worker causes productivity in <u>Tralfamadore</u> to rise by <u>80%</u> than productivity in <u>Hermes</u> which rose by <u>20%</u>.

3. This illustrates the concept of the <u>catch-up effect</u>, which makes it <u>possible</u> for countries with low output to catch up to those with higher output.

<h3>What is the concept of the catch-up effect?</h3>

The economic concept of the catch-up effect states that developing countries usually develop faster than developed countries, eventually reach the same level of per capita productivity as developed economies.

<h3>Data and Calculations:</h3><h3>Hermes</h3>

Year      Physical Capital    Labor Force (Workers)   Output       Productivity

           (Tools per worker)                                  (Glops of gloop) (Glops per

                                                                                                         worker)

2016                 11                            30                         1,800       60 (1,800/30)

2026               16                            30                         2,160       72 (2,160/30)

<h3>Tralfamadore</h3>

Year      Physical Capital    Labor Force (Workers)   Output       Productivity

           (Tools per worker)                                  (Glops of gloop) (Glops per

                                                                                                         worker)

2016                 8                            30                         900       30 (900/30)

2026               13                            30                      1,620       54 (1,620/30)

<h3>Rise in productivity:</h3>

Hermes = 20% (72 - 60/60 x 100)

Tralfamadore = 80% (54 - 30)/30 x 100)

Thus, the productivity (in terms of output per worker) in 2016 and 2026 for the economies of Hermes (<u>60 and 72</u>) and Tralfamadore (<u>30 and 54</u>).

Learn more about the concept of catch-up effect at brainly.com/question/15061995

6 0
2 years ago
RedPin is a combination restaurant, bowling alley, and bar in Oklahoma City. It boasts 10 bowling lanes; a full-service bar; spa
igomit [66]

Answer:

The statement is true

Explanation:

The Marketing department of any firm has to analyze the external economic conditions (such as inflation rate, unemployment rate, GDP growth, economic sector growh), and also, social conditions such as consumer preferences. This is because the firm cannot market itself in ways that are not compatible with external conditions.

The Marketing professionals also have to take into account competitors, both existing and potential, because there is a limited percentage of market share that each competing firm can have, and the goal of marketing is to increase the firm's marketshire in respect to the other firms.

5 0
3 years ago
An election to choose among candidates nominated by parties is called a(n) ________.
tigry1 [53]
A Republican of which is a multiple person who elects
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LO 6.2What is the advantage of labeling activities as value added or nonvalue added?
Katena32 [7]

Answer:

Product Labeling

Explanation:

Product labeling serves as a form of education to existing and potential clients. Product labeling activities also helps improve the brand reputation of a product or service. Labeling also helps marketing professional to persuade prospective buyer of products, to make a buying decision.

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Describe how you will operate your business in terms of your involvement
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<span>Describe how you will operate your business in terms of your involvement. If I were to own and operate my own business, I would make sure to have a good management team in place that can handle business happenings incase I am not able to be there. I would want to be highly involved from training employees at lower levels, to making sure those who work in high positions all carry out the same ethics I would like the company to encompass. It would be important for me to be as involved and present in the business I own as possible. </span>
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3 years ago
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