Suppose that the market for labor is initially in equilibrium. If the firm employs labor-saving technology, the equilibrium wage and the quantity of labor will both rise.
<h3>How do you calculate labor market equilibrium?</h3>
The labor market is in equilibrium when supply equals demand; E* workers are employed at a wage of w*.
In equilibrium, all persons who are looking for work at the going wage can find a job.
<h3>What is equilibrium wage rate?</h3>
The equilibrium market wage rate is at the intersection of the supply and demand for labor.
Employees are hired up to the point where the extra cost of hiring an employee is equal to the extra sales revenue from selling their output.
Learn more about equilibrium here:
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Answer:
The marginal cost of driving the car is $7.50 + the cost of gas.
Explanation:
Initial cost: $29.95
200 miles you drove- 150 miles free= 50 miles you have to pay for
50 miles * 15 cents per mile
50* 0.15= $7.5
<u><em>$7.50</em></u>
Answer: Total cost of the units made in January = $38,500
Explanation:
Given that,
At the beginning of the year, overhead costs = $59,000
Units produced at this cost = 5900 units
Direct material cost = $25 per unit
Direct labor cost = $35 per unit
Units produced during January = 550 units
Predetermined overhead rate = 
= 
= $10 per unit
Now,
Costs incurred in January:
Direct material cost = $25 per unit × 550 units = $13750
Direct labor cost = $35 per unit × 550 units = $19250
Overhead cost = $10 per unit × 550 units = $5500
∴ Total cost of the units made in January = Direct material cost + Direct labor cost + Overhead cost
= 13750 + 19250 + 5500
= $38,500
Answer:
We should select Project A as it has a higher expected value of 10,800 compared to Project B's expected value of 9,000.
Explanation:
We need to find the expected value of both the projects, using the formula
Expected value of project A= (probability of loss * value of loss)+(probability of gain* value of gain)
Expected value of project A= (0.40*-3,000)+(0.60*20,000)
=-1200+12,000=10,800
Expected value of project A= 10,800
Expected Value of project B= (probability of loss * value of loss)+(probability of gain* value of gain)
=(0.30*-5,000) +(0.70*15,000)=-1500+10,500=9,000
Answer:
Yes
Explanation:
Shareholders are the owner of a business (if it is a limited comapany) and managers and directors are appointed for key decision making. In this scenario managers are carrying out the function of entrepreneurs which is key decision making while shareholders are carrying out the function of investing capital.
A manager is involved in many decisions including:
plan - preparing for the future and create action points.
organise - having resources ready and putting plan into action.
command- ensuring employees are working.
co-ordinate - making sure all departments work together to achieve the end goal or objective.
