<span>a sum of money sent or in payment for goods or services or as a gift.
</span>
Answer:
The answer to both a and b is in the explanation below
Explanation:
a) The increase in wage can either decrease or increase the hours worked. This is became an increase in wage has both substitution effect and income effect that work in different directions. Substitution effect An increase in wage increases the opportunity cost of leisure, thereby making the worker increase number of hours worked. Income effect The increase in wage also makers the worker richer, thereby making the worker decrease number of hours worked.
Since no information about worker's preferences is given, we do not Imow which effect will dominate the other effect and, therefore, we do not know what the net impact of the increase in wage will be.
b) The bonus will only have income effect. The bonus will make the workers richer, thereby making the worker decrease number of hours worked.
If in part a), the substitution effect and income effect are equal in magnitude, then there will be no change in the number of hours worked. The number of hours worked will remain the same at 2000 hours. Since the employer would be paying $5 extra on each hour worked, the cost to the employer of increase in wage would be $10,000 (=2000 x $5), which is the same as the bonus in part b).
Answer:
b.
Explanation:
Based on the scenario being described within the question it can be said that George is a creative salesperson, and is the main reason why he is so valued. This creativity allows George to come up with all the new ideas that others may not be able to come up with, and these ideas and tactics create value to the company.
Answer:
the initial principal balance is $100,000, but it will gain 2% simple monthly interest during 16 months = $100,000 + ($100,000 x 2% x 16) = $132,000
the mortgage loan's principal = $132,000
APR = 12%
n = 30 years or 360 monthly payments
1) using a loan calculator we can determine that the monthly mortgage payment (only principal + interest) = $1,357.77
2) since they will make 360 monthly payments, they will pay in total = $1,357.77 x 360 = $488,796.71
in total they will pay $$356,796.71 in interest
I would say wages expense should be placed under labour expenses and it is important to remember that though labour is an expense it is also the main source of revenue since it it the workers ie the ones who run the machines that really create wealth.
