<span>High paid workers are reluctant to shrink because the unemployment rate is very high so if you leave your position you may not find another that is equally as good or better. That is why high paid workers do not shrink.</span>
Answer:
c. shift the supply curve of professors to the left ceteris paribus
Explanation:
Labour Supply curve shows the labour hours, employees or workers are willing & able to supply, at given wage rates during a period of time.
The curve is upward sloping due to positive relationship between wage rates & labour. As more labour is supplied at higher wage rate, less labour is supplied at lower wage rates.
Change in any other factor other than wages, changes (shifts) the supply curve. Factor increasing labour supply shifts the supply curve rightwards. Factor decreasing labour supply shifts the supply curve leftwards.
The case given : as increase in the minimum qualifying eligibility for the job, decreases the number of people who are 'able' to supply labour as per the criteria. So, it decreases labour supply & shifts the curve leftwards.
Answer:
The answer is: A) Mary Jane has a comparative advantage in law so she should specialize in law and hire a carpenter to make her cabinets.
Explanation:
Mary Jane has a comparative advantage by working as a lawyer over working as a carpenter. As a lawyer she can earn $150 an hour.
Considering that Mary Jane is 3 times as fast as a good carpenter, her work as a carpenter could be valued as the combined work of three carpenters. But even three carpenters earn less than a lawyer; $60 an hour ($20 an hour per carpenter times 3 carpenters).
So Mary Jane definitely should work as a lawyer and hire a carpenter or even three carpenters to build her cabinets.
Answer:
Net pay is $383,750
Explanation:
Hermandez builders net pay can be computed by deducting the following from the gross payroll amount:
Federal income taxes
social security
medicare
charitable contributions
union dues
The net pay is computed thus:
Gross payroll pay $500,000
Federal income taxes $63,000
Social security $31,000
medicare $7,250
charitable contributions(1%*$500000) $5,000
union dues (2%*$500000) $10,000
($116,250)
Net pay $383,750
