Answer:
The theory of efficiency wages why might some firms voluntarily pay workers a wage above the market equilibrium, even in the presence of surplus labor is due to these reasons:
Paying higher wages enhances workers to adopt healthier lifestyles, enhancing their productivity.
Paying higher wages can reduce a firm's training costs.
Paying higher wages encourages workers to be more productive.
Explanation:
Payment of higher wages increases the efficiency and productivity of the workers.
Also, payment of higher wages gives room for self-motivation among workers. Therefore, much training is not required leading to a reduction in training cost.
λ=3
, mu = 5
<u>Explanation</u>:
λ=3
mu = 5
states
0 - no customers
1- 1 customre
2 - 2 customers
Set up Equations
Rate of entry = Rate of exit
5P1 =3P0
5P2 + 3P0 = 5P1 + 3P1
3P1 = 5P2
P0 + P1 + P2 = 1
solve the above
1a) = 0 into P0 plus 1 into P1 plus 2 into P2
b) λ ( 1 minus P2) by λ = 1 - P2
c) change the paramater mu = 5 into 2 and solve a) again
<span>An effective team would never have only one person do the work.
An effective team would work together as one to strive for their goal.
</span>
<u>Explanation:</u>
Given
Consumption = (10 x 30) = 300
Investment = (100 x 2) = 200
Government Spending = (500 x 1) =500
13. Total GDP for this economy = Consumption + Investment+ Government spending
=(10 x 30) + (100 x 2) + (500 x 1)
=$1000
14. Consumption % on GDP
= Consumption/ Total GDP x 100
=(300/1000) x 100
= 30%
15. Investment % in GDP
= Investment / Total GDP x 100
=(200/ 1000) x 100
=20%
16. Government spending % on GDP
=Government spending/ Total GDP x 100
=(500/1000) x 100
=50%
