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Bumek [7]
2 years ago
14

A new public works project requires 20,000 hours of labor to complete. a. Suppose the labor market is perfectly competitive and

the market wage is $15.What is the opportunity cost of the labor employed? b. Suppose that there is currently unemployment among workers, and that there are some workers who would willingly work for $10 per hour. What is the opportunity cost of the labor employed? Does this vary depending on the fraction of would be unemployed workers hired for the project? c. If your answers to a and b differ, explain why.
Business
1 answer:
Bumek [7]2 years ago
6 0

Answer:

a. $300,000

b. $200,000

Explanation:

a. The opportunity cost for labor is calculated by multiplying the hours of labor needed to complete the project with the market wage rate.

20,000 hours * $15 per hour = $300,000

b. There are some labors that are unemployed and has agreed to work for $10 per hour. The opportunity cost will now be lower than the previously calculated

20,000 hours * $10 per hour = $200,000

c. The opportunity cost depends on the wage rate of the labor. When the labors are employed at market rate, the opportunity cost is high and when there is unemployment the labors are willing to work for lower wage rate. The opportunity cost is decreased.  

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Imagine that you have been a production operator manager for two years at a large gas distibution company. Recently, your direct
Novay_Z [31]

Answer:

d.

Explanation:

Based on the provided choices, the sentence that must be included would be "This restructure will involve partitioning units and redistributing our customers to new developers. OP and SG will have dotted line relations to PPR and SLG." This sentence clearly explains the entire restructuring process and the reason for doing so, while at the same time letting employees know that their departments (hence the employees) will still have a relationship to the new units and developers, therefore keeping their jobs.

6 0
2 years ago
In an economy where the money supply and aggregate demand have been decreased by the central bank, you know that the central ban
natima [27]

In an economy where the money supply and aggregate demand have been decreased by the central bank, you know that the central bank is using a contractionary monetary policy.

In an economy, changes in the money supply leads to changes in aggregate demand. An increase in the money supply increases aggregate demand and a decrease in the money supply decreases aggregate demand.

When a central bank takes action in order to decrease the money supply and increase the interest rate, it is following a contractionary monetary policy. Thus, the central bank requires Southern to hold 10% of deposits as reserves.

Hence, the decrease in the money supply reduces income and raises the interest rate.

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4 0
1 year ago
You are earning $40,000 per year as a branch manager at Dunkin Donuts. You are planning on leaving your job and going back to co
sergij07 [2.7K]

Answer:

It increases the opportunity cost because you are foregoing more money for college.

Explanation:

Opportunity cost is the benefit profit, or value of something that is missed or given up when an individual chooses one alternative over another.  

The 10% rise in salary offered by the branch manager increases the opportunity cost of going to college. This is because the higher cost (money) you could have earned by not going to college is foregone.

3 0
3 years ago
ABC Corporation has E & P of $240,000. It distributes land with a fair market value of $70,000 (adjusted basis of $25,000) t
stealth61 [152]

Answer: Paul has a taxable dividend of $15,000.

Explanation:

From the question, we are informed that ABC Corporation has E & P of $240,000 and distributes land with a fair market value of $70,000 (adjusted basis of $25,000) to its sole shareholder, Paul. We are further informed that the land is subject to a liability of $55,000.

The taxable dividend will be the difference between the fair market value of land and the liability on the land. This will be:

= $70,000 - $55,000

= $15,000

Therefore, Paul has a taxable dividend of $15,000.

5 0
2 years ago
Sapphire sells two products: ordinary laptops and premium laptops. Ordinary laptops are priced at $650 each and premium laptops
stira [4]

Answer:

The break-even point in units for ordinary laptops is 2,100 units.

Explanation:

Contribution Margin per unit (ordinary) = Selling Price - Variable cost

                                                                 = $650 -$605

                                                                 = $45

Contribution Margin per unit (premium) = Selling Price - Variable cost                                        = $1,150 -$1,090

= $60

$45* 4x + $60x = Fixed Costs = $126,000

= 180x +60x = $126,000

=240x =$126,000 = 525 units

Ordinary computers = 4x

                                  = 4*525

                                  = 2,100 units

Therefore, The break-even point in units for ordinary laptops is 2,100 units.

6 0
3 years ago
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