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ira [324]
3 years ago
13

If for a given individual, between a wage rate of $20 and $25 the ____________________ effect outweighs the ________________ eff

ect, the individual's supply curve of labor curve between those two wages will be _________________.
Business
1 answer:
lakkis [162]3 years ago
5 0

Answer:

Substitution Effect outweighs Income Effect ; Labour Supply Curve between wages will be upward sloping. OR :-

Income Effect outweighs Substitution Effect ; Labour Supply Curve between wages will be backward bending

Explanation:

Relationship between wage rate & labour supply can be explained by two effects :

  • Substitution Effect : Higher wage means more opportunity cost of leisure, so labourer would substitute leisure by working hours. This would imply increased labour supply.
  • Income Effect : Higher wage means more income. At higher income, consumer demands more of all goods, including leisure. So that would imply labourer preferring more leisure, decreased labour supply.

Wage rate change from $20 to $25 is a case of wage rate increase

If substitution effect > income effect, labour supply would increase as a result of wage rise ( from $20 to $25). So, the labour supply curve would be upward sloping

If income effect > substitution effect, labour supply would decrease as a result of wage rise ( from $20 to $25). So, the labour supply curve would be backward bending

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Independent auditing can best be described as:________. A. A regulatory function that prevents the issuance of improper financia
Elden [556K]

Answer:

C. A discipline that enhances the degree of confidence that users can place in financial statements.

Explanation:

Independent auditing includes the process of auditing by an independent auditor. It involves the process of analyzing and examining the financial transactions and records. The company's accounts, the business records, the transactions are all monitored and audited so as to avoid any unprecedented act. It do not indulge any means of profit in the whole process. Independent auditing is adopted by the shareholders in order to protect from any sort of frauds or unacceptable claims made in terms of financial records.  

8 0
3 years ago
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direc
grigory [225]

Answer:

Results are below.

Explanation:

<u>To calculate the direct material price and quantity variance, we need to use the following formulas:</u>

<u></u>

Direct material price variance= (standard price - actual price)*actual quantity

Direct material price variance= (3 - 2.95)*92,000

Direct material price variance= $4,600 favorable

Direct material quantity variance= (standard quantity - actual quantity)*standard price

Direct material quantity variance= (10*9,000 - 92,000)*3

Direct material quantity variance= $6,000 unfavorable

<u>To calculate the direct labor efficiency and rate variance, we need to use the following formulas:</u>

Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate

Direct labor time (efficiency) variance= (2*9,000 - 18,800)*12

Direct labor time (efficiency) variance= $9,600 unfavorable

Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity

Direct labor rate variance= (12 - 12.05)*18,800

Direct labor rate variance= $940 unfavorable

8 0
3 years ago
At which stage of the product life cycle are product sales always zero?
kirza4 [7]

Answer:

Explanation:

Answer:

Introduction

Explanation:

The Product Life Cycle is a term used to refer to the lifespan of a product. Beginning from the introduction of the product to the market, the product grows into maturity and ultimately leads to the death/decline of the product.

There are four stages of the Product Life Cycle:

  • Introduction
  • Growth
  • Maturity
  • Decline

The stage in which the product sales are always zero is the introduction of the product to the market. When a product is introduced to the market, the product sales are always zero. It is after consumers become familiar with the product that its sales increase.

Therefore, the introduction stage is the correct answer.

7 0
2 years ago
Suppose that as the output of mobile phones increases, the cost of touch screens and other component parts decreases. If the mob
Katena32 [7]

Answer:

Downward sloping

Explanation:

The demand curve illustrate what's known as the law of demand in economics. Consumers buy more of something when its price is lower and less when the price is higher. There is an inverse relationship between price and demand, meaning that when one rises, the other falls.

Economists give three basic reasons for the law of demand and thus for the downward slope. First is the "income effect" when prices drop (or rise), people can buy more(or less) of a good for the same amount of money. Second is the "substitution effect" if a consumer doesn't see a meaningful difference between products, they'll buy the one with the lowest price, so a price increase will drive them toward substitutes, while a reduction will draw them in.

Third is the concept of "diminishing marginal utility": if you already have plenty of something, you have less of a need to buy more of it.

4 0
3 years ago
Mann Corp.’s liability account balances at June 30, Year 2, included a 10% note payable in the amount of $3.6 million. The note
Soloha48 [4]

Answer:

D. $180,000

Explanation:

Accrued interest on the note payable at the balance sheet date is the carrying amount of the note multiplied by the interest rate on the note. Because the first payment was made 10/1/Year 2, the carrying amount of the note is $2,400,000 ($3,600,000 - $1,200,000). Also, interest has accrued for only 9 months since the first payment. As a result, accrued interest payable is $180,000 [$2,400,000 × 10% × (9 months ÷ 12 months)].

6 0
3 years ago
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