1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
Prompt<br> What should you do after writing something?
finlep [7]

Answer:

revise, edit, cite sources.

Explanation:

8 0
3 years ago
Read 2 more answers
As a revenue cycle auditor, explain how you will monitor compliance, denials, resubmitted claims, appeals for denied claims, and
goldfiish [28.3K]

Answer:

Ashley should review medical records for documentation compliance for CPT, Level II HCPCS, and diagnosis codes determining that regulations are being complied with as evidenced in medical record documentation; and evaluating appropriateness of billing and coding procedures.

Explanation:

7 0
2 years ago
An employee earns $24 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee wo
ANTONII [103]

Answer:

Gross pay for the week is $1,500

Net pay for the week is $1,043

Explanation:

The gross pay is computed thus:

Normal rate pay  40 hrs*$24               =$960

Above normal pay(55-40)*$24*1.5     =$540

Gross pay                                               $1,500

Deductions:

Social security(6.0%*$1,500)                 ($90)

Medicare(1.5%*$1,500)                          ($22.5)

Federal income tax                                ($345)

Net pay for the week                              $1,043

The net pay for the week is gross pay less social security tax,medicare as well as the federal income tax,$1043 is the employee net pay for the week

4 0
3 years ago
1. Which of the following sequences of events most accurately portrays a real-life scenario? (1 point)
Lyrx [107]
1. Choice (a) is correct. In a real-life labor union strikes, it usually begins with a notice of strike to be sent to an employer within 60 days known as the cooling-off period. Then, labor unions' strikes begin. If they feel that they are ignored by the employer, then picketing happens. Labor unions carry signs and other rally paraphernalia in the premises of the employer informing the public about their sentiments towards the employer. In this case, the employer will ask the labor union to reach an agreement through collective bargaining agreement. 

2. Choice (a) is correct. The management has three tools to use in case of disagreement. These are an injunction, lockout, and hiring replacement workers. An injunction is a judicial order telling the person from doing so. A lockout is a temporary work stoppage or denial of employment. Hiring replacement workers simply mean looking for another competent worker that can do the job of the vacated position.

4 0
3 years ago
One method of setting price using the cost-plus method is to add
Amiraneli [1.4K]
Cost-plus pricing<span>, also known as mark-up </span>price<span>, takes place when a firm calculates its unit costs and then adds a percentage profit to determine </span>price<span>.</span>
6 0
3 years ago
Other questions:
  • Chang, Inc.'s balance sheet shows a​ stockholders' equity-book value​ (total common​ equity) of ​$750 comma 500. The​ firm's ear
    8·1 answer
  • Company C is identical to Company D in every respect except that Company C uses LIFO and Company D uses average costs. In an ext
    12·1 answer
  • Jacob applied for the position of a correspondent at The News Curator, a news agency in New Orleans, after he graduated. The new
    10·1 answer
  • All but one of the following is a mechanism intended to provide reassurance against imperfect information. Which is it?
    9·1 answer
  • Jan. 5 Declared a $0.50 per share cash dividend, date of record January 10. Mar. 20 Purchased treasury stock for cash. Apr. 5 De
    7·1 answer
  • 1. Alexander lives in an apartment building and gets a $250 benefit from playing his stereo. Mary, who lives next door to Alexan
    7·1 answer
  • How do long-term goals differ from short-term goals?
    13·1 answer
  • "Firms in the monopolistically competitive movie industry face excess capacity. This means that there are ________ movies than t
    9·1 answer
  • Assume that there are four consumers A, B, C, and D, and the prices that each of them is willing to pay for a glass of lemonade
    6·1 answer
  • Why must we worship God?​
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!