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Hatshy [7]
2 years ago
5

The real wages of workers will tend to be high when

Business
1 answer:
DIA [1.3K]2 years ago
6 0

Answer:

When labor productivity is high.

Explanation:

According to neoclassical economic theory, real wages are equal to the marginal product of labor (MLP). The marginal product of labor is the extra output produced by one extra unit of labor (one extra worker).

If the MPL is high, this means that workers are very productive, and therefore, are paid a high real wage accordingly.

This is why countries with high labor productivity like the U.S. or Switzerland also have very high real wages.

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Bob DeSlob is CEO of Westlake Inc. that manufactures and sells widgets. Bob has decided that a safety feature recommended by the
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3 years ago
A local car dealership's average customer comes in once every 10 years, and spends $30,000 on each purchase. An average customer
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The lifetime value of a local car dealership for an average customer is $120,000.

<h3>What is meant by a lifetime value?</h3>

A lifetime value is an average amount that is being earned by the customer over the time period till its being a customer of a particular service.

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Amount spent by customer: $30,000

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\rm\ LTV=\rm\ Average \rm\ number \rm\ of \rm\ years \times\ \rm\ Amount \rm\ spent \rm\ by \rm\ a \rm\ customer\\\rm\ LTV= 40 \times\ \$30,000\\\rm\ LTV=\$120,000

Therefore, when a customer spends $30,000 on a car dealership for 40 years of average time then its lifetime value would be $120,000.

Learn more about the lifetime value in the related link:

brainly.com/question/16926291

#SPJ1

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1 year ago
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