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3 years ago

True or false: a minimum wage below $10 per hour is a binding minimum wage in this market.

2 answers:

7 0

It's FALSE.

To be able to make the minimum wage be binding, an expert in economics calls it a minimum gross to prevent the industry market from accomplishing equilibrium a binding smallest amount wage.
It must be set above the equilibrium gross. However, below or at least $10 per hour would not be binding.

BigorU [14]3 years ago

3 0

<u>The statement is False. </u>

Further Explanation:

Minimum wage: The government implements a price floor to ensure that the employers should pay their employees a minimum wage rate. If the wages are paid at a rate that is lower than the rate fixed by the government, it is considered as illegal. A minimum wage is binding when it is set more than the equilibrium wage. When a minimum wage is binding, wage-fixing is blocked. The market is also prevented from apportioning labor resources. If it is below the equilibrium wage, then the employees will be underpaid. When the minimum wage is more than the equilibrium wage then some companies are not able to hire the employees, and this will lead to an increase in unemployment. It will lead to a new minimum wage rate.

<u>Therefore, a minimum wage that is binding minimum wage is set above the equilibrium wage. Thus minimum wage below $10 is not a minimum wage that is bidding in the market. </u>

Learn more:

1. Minimum wage rate

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2. Learn more about choosing the purchase of the car

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3. Learn more about renting and owning

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Answer details:

Grade: High School

Subject: Economics

Chapter: Demand and Supply

Keywords: a minimum wage below $10 per hour is a binding minimum wage in this market, true or false, prevents the labor, market from reaching, equilibrium, a binding minimum wage, labor resources.

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An increase in interest rates affects aggregate demand by

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Answer:

A - shifting the aggregate demand curve to the left, reducing real GDP and lowering the price level

D - consumption, investment, and net exports decrease; aggregate demand decreases.

Explanation:

If interest rates increase, it becomes more expensive to borrow money (since there is a larger amount to be paid back on top of the value of the loan) and more beneficial to save money (since banks will pay more for saving). This means that consumers are less likely to take out loans and more likely to store their money in the bank, leading to a reduction in consumption—less consumer spending, more saving. Likewise with firms, which will be less likely to invest in new capital (because borrowing funds to buy it costs more) and more likely to save profits. This reduction in consumption and investment means that aggregate demand falls, represented in a diagram by a shift to the left.

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3 years ago

Differentiate between Cloud computing<br> and Grid computing.

Sladkaya [172]

<h3>Answer:</h3>

Cloud computing is based on a Client-Server model. Cloud computing is a highly accessible service that utilizes centralized resources. Cloud computing is a pay-as-you-go model, which implies that customers pay for the service they get.

The second one, is a distributed computer model known as Grid Computing. Users in grid computing do not have to pay for the usage of resources in a collaborative manner.

<h3>Examples of differences between the two:</h3>

Cloud computing is a client-server computing architecture, while Cloud Computing is a distributed computing architecture.
Cloud computing is a centralized executive, while Grid Computing is a decentralized executive.
In Cloud Computing, resources are used in centralized pattern. While in Grid Computing, resources are used in collaborative, shared pattern.
Cloud Computing is more flexible than Grid Computing
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3 years ago

Which term refers to the target toward which the open management system is directed?

ipn [44]

<span>The correct answer is organizational objectives</span>

<span>Organizational objectives are the targets toward which the open management system is directed. </span>
Organizational objectives are derived from the organization’s Mission and Vision. An organization that is
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4 years ago

In market A, a 4% increase in price reduces quantity demanded by 2%. In market B, a 3% increase in price reduces quantity demand

olganol [36]

Answer:

Price elasticity of market A = Inelastic

Price elasticity of market B = Elastic

Explanation:

Elasticity in the case of market A.

Given the percentage change in demand = 2%

Percentage change in price = 4%

Elasticty of demand = %Change in demand / %change in price

= 2 / 4

= 0.5 (Inelastic)

Elasticity in the case of market B.

Given the percentage change in demand = 4%

Percentage change in price = 3%

Elasticty of demand = %Change in demand / %change in price

= 4 / 3

= 1.33 (elastic)

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4 years ago

During June, Danby Company’s material purchases amounted to 6,800 pounds at a price of $8.10 per pound. Actual costs incurred in

kvasek [131]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

During June, Danby Company’s material purchases amounted to 6,800 pounds for $8.10 per pound. Costs incurred in the production of 2,400 units.

The standards for one unit of Danby Company’s product are as follows: 2 pounds per unit, $7.80 per pound.

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

Direct material price variance= (7.8 - 8.1)*6,800= $2,040 unfavorable

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

Standard quantity= 2,400 units*2 pounds= 4,800 punds

Actual quantity= 40,500/8.10= 5000 pounds

Direct material quantity variance= (4,800 - 5,000)*7.8= $1,560 unfavorable

Purchase variance= 7.80 - 8.10= $0.30 unfavorable

Standard labor costs:

Direct labor: $ 137,025 ($18.90 per hour); 2,400 units.

Actual:

3 hours per unit; $18.80 per hour.

Direct labor efficiency variance= (SQ - AQ)*standard rate

Direct labor efficiency variance= (7,200 - 7,250)*18.80= $940 unfavorable

Direct labor price variance= (SR - AR)*AQ

Direct labor price variance= (18.80 - 18.90)*7,250= $725 unfavorable

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3 years ago