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3 years ago

What is one explanation for why this labor supply curve is upward sloping over the range of wages from low wage to high wage?

Business

1 answer:

hjlf3 years ago

6 0

Answer:

Option 1 - the opportunity cost of leisure decreases as wages decrease.

Explanation:

The labour supply curve of any occupation will always be upward sloping because when wages, (the opportunity cost of leisure) rises, the more hours of leisure a staff will relinquish to do more work.

The opposite of this is true as seen in option 1 of the question.

Opportunity costs will reduce with a consequent reduction in average wages. When fewer people want to retain their employment due to decrease in wage rates, it would lead to a fall in demand for leisure.

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Joe decided to quit his computer-programming job (where he was earning $48,000 per year) to start his own software business. For

Mrrafil [7]

Answer:

b. −1,002.5

Explanation:

economic profit = accounting profit - opportunity costs

accounting profit = revenue - maintenance and insurance = $96,000 - $30,240 = $65,760
opportunity costs = the lost salary as a computer programmer + money he could earn by selling the land lot and investing = $48,000 + ($395,000 x 4.75%) = $66,762.50

economic annual profit = $65,760 - $66,762.50 = -$1,002.50

7 0

3 years ago

tatyana61 [14]

There aren't very many similarities in modern and ancient medicine, however one othe similarities would be acupuncture. We still use acupunture today" as the ancient Chinese did thousands of years ago.

8 0

3 years ago

ou need to give the customer something that they need." This statement best reflects the beliefs of marketers during the _____ E

kobusy [5.1K]

Answer: Marketing Era

Explanation:

The Marketing Era is one of the so-called eras of Marketing which defined how producers related to customers and hence try to show how marketing has changed over the years.

In the Marketing Era , the focus of producers was to give the customers items they actually needed and wanted so that instead of having to convince customers to buy goods that the company made which the customers may not have wanted, by making what the customer actually wanted, they would not have to spend so much on convincing them.

6 0

3 years ago

Beats Electronics has been able to outperform Audio-Technica, Bose, JBL, Skullcandy, Sennheiser, and Sony in the high-end, premi

Tju [1.3M]

The main reason for the success of the Beats Electronics is: <u>B. it created a perception that owning its products was cool.</u>

<u>Explanation</u>:

Beats Electronics was able to outperform in the premium headphone market. They were able to out-stand from their competitive companies like JBL, Bose, Audio-Technica, Skullcandy and Sennheiser.

Beats Electronics made their customers to believe that owning their product is cool. They created a perception to the customers which made them to lead in the market.

Perception refers to the way the information is conveyed to others. Beat Electronics followed this strategy and made their customers to feel that owning their product is cool.

5 0

3 years ago

Joshua borrowed $500 on January 1, 2017, and paid $25 in interest. The bank charged him a service charge of $15. He paid it all

Elena-2011 [213]

Answer: 8%

Explanation:

The Annual Percentage Rate or APR for short is calculated by dividing the finance cost by the total amount borrowed in the following manner,

APR = Finance Charge / Amount borrowed.

To calculate the Finance charge we add the interest and the service charge.

Finance charge = 25 + 15

= $40

Back to the APR formula we will have,

APR = Finance Charge / Amount borrowed

APR = 40/500

= 0.08

APR is 8%.

3 0

3 years ago