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3 years ago

What is the purpose of minimum wage laws

Business

1 answer:

cestrela7 [59]3 years ago

3 0

Answer:

b. to enable workers to support themselves and their families

Explanation:

Minimum wages are the set minimum amount that employers are expected to pay employees. Minimum wage laws make it illegal for employers to pay employees below the set minimum. The purpose or objective of minimum wage laws is to ensure that the compensation employees receive can afford them a decent life.

In deciding the minimum wage, authorities consider the cost of living, inflation rate, among other factors. Opponents of minimum wage argue that minimum wages may bring about wage inflexibility, where a worker may be paid more than the value of their output.

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ABC Company’s budgeted sales for June, July, and August are 14,800, 18,800, and 16,800 units, respectively. ABC requires 30% of

aleksandr82 [10.1K]

Answer:

The number of units to be produced in June and July is 16,000 units and $18,200 respectively

Explanation:

The computations are shown below:

Number of units produced in June

= Sale units + ending inventory units - beginning inventory units

where,

Sale units is 14,800 units

Ending inventory units = 18,800 units × 30% = 5,640 units

Beginning inventory units = 4,440 units

Now put these units to the above formula

So, the units would equal to

= 14,800 units + 5,640 units - 4,440 units

= 16,000 units

Number of units produced in June

= Sale units + ending inventory units - beginning inventory units

where,

Sale units is 18,800

Ending inventory units = 16,800 units × 30% = 5,040 units

Beginning inventory units = 18,800 units × 30% = 5,640 units

Now put these units to the above formula

So, the units would equal to

= 18,800 units + 5,040 units - 5,640 units

= 18,200 units

5 0

4 years ago

Blake eats two bags of generic potato chips each day. Blake's hourly wage increases from $ 9 to $ 15 , and he decides to stop ea

Tasya [4]

Answer:

The income elasticity of demand for generic potato chips=-4.00

Explanation:

Elasticity of demand can be defined as a measure of how responsive the demand for a certain good is when the price of that good or service changes. The elasticity of demand is usually negative. A negative elasticity of demand implies that the demand of a good or service reduces with an increase in price. The elasticity of demand can be measured using different methods. The mid-point method will be used in this case. The mid-point method of calculating elasticity of demand is as shown;

E=%Q/%P

where;

E=elasticity of demand

%Q=percentage change in quantity demanded

%P=percentage change in the price

And;

%Q=[(Final quantity-Initial quantity)/{(Final quantity+Initial quantity)÷2}]×100

Final quantity=0

Initial quantity=2

replacing;

[(0-2)/{(0+2)÷2}]×100=(-2/1)×100=-200%

%P=[(Final price-Initial price)/{(Final price+initial price)÷2}]×100

%P=[(15-9)/{(15+9)÷2}]×100=(6/12)×100=50%

E=%Q/%P

replace for %Q and %P

E=-200%/50%

E=-4

The income elasticity of demand for generic potato chips=-4.00

5 0

4 years ago

A small business has determined that the machinery they currently use will wear out in 16 years. To replace the new machine when

Vlad [161]

Answer:

The initial deposit should be of: $97,439.62

Explanation:

Giving the following information:

To replace the new machine when it wears out, the company wants to establish a savings account today. The interest rate on the account is 1.9 percent per quarter and the cost of the machinery is $325,000.

To calculate the initial investment required, we need to use a variation on the simple interest future value formula:

FV= PV*(1+i)^n

PV= present value

Isolating PV:

PV= FV/(1+i)^n

i= 0.019

n= 4*16= 64

FV= 325,000

PV= 325,000/ (1.019^64)= $97,439.62

8 0

3 years ago

The goal of __________ is to maximize sales, gain widespread market acceptance, and capture a large market share quickly by sett

Yuri [45]

Answer:

D. Penetration pricing

Explanation:

The goal of <u>penetration pricing</u> is to maximize sales, gain widespread market acceptance, and capture a large market share quickly by setting a relatively low initial price.

Penetration pricing: It is a pricing technique of fixing the low initial price of a product to establish the product in the market due to the low price. This pricing strategy help in attracting more customer and gain a bigger market share. The price of the product is relatively low in the market compare to competitive products. This strategy could surprise competitors as they could lose profit at the lower price of the product, which can create a competitor´s advantage for the organization. This pricing technique is used in the introductory stage of the life cycle of the product.

3 0

3 years ago

Lester, a hardware engineer, sells his old hatchback to buy a luxury sedan. As he starts driving the new car, he realizes that i

AlekseyPX

Answer:

Cognitive dissonance

Explanation:

Cognitive dissonance refers to conflicting ideas or beliefs that cause discomfort to an individual. Individuals tend to seek consonance between their expectations and reality.

In this case Lester expected to feel good about his purchase of a luxury since it should be a much better car than his old hatchback, butt he actually doesn't like to drive the larger and more luxurious sedan.

7 0

3 years ago