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A. Explain the role labor’s productivity plays in wage determination in the competitive labor market. If productivity increases,

Dima020 [189]

Answer:

(A)Wages decrease in the long term

Explanation:

(A) The principles of supply and demand applies here.

Higher worker productivity in a particular industry implies increased demand for workers in the industry (short term effect).

Increased supply of workers implies:

1. output per worker increases, resulting in increase in supply of products in the industry. But, the laws of supply and demand comes in, because when supply increases, prices decrease.

That is, the increase in worker productivity may cause a decrease in prices resulting in a decrease in wages since the firm's revenue declined (long term effect).

2. Increase in the supply of workers in the industry with increased in productivity over workers from other industry because of initial increase in wages. This would lead to a decrease in wages because the supply of workers would exceed demand.

(B) The compensation differential is the additional amount of money that a given worker must be offered in order to motivate him to accept a given undesirable job, relative to other jobs that the worker could perform.

(C) This is called a derived demand because it is often based on the demand for products.

For example, when consumers want more of a particular good or service eg clothing, more firms in the industry will want workers that make this product.

6 0

3 years ago

Is it wise for a firm to employ a worker at $20 per hour when another worker does the same job for $10 per hour? It would be a r

grandymaker [24]

The right answer for the question that is being asked and shown above is that: "The government will pay firms to give some workers extra pay to increase the total economy." Is it wise for a firm to employ a worker at $20 per hour when another worker does the same job for $10 per hour?

6 0

3 years ago

Cost of Producing Guitars Carlota Music Company estimates that the marginal cost of manufacturing its Professional Series guitar

diamong [38]

Answer:

The total monthly cost C(x) incurred by Carlota in manufacturing x guitars/month is C(x) = 0.004x^2 + 90x + 8,500.

Explanation:

Given,

C '(x) = 0.008x + 90 ................................... (1)

To obtain the the total monthly cost C(x) incurred by Carlota in manufacturing x guitars/month, we obtain the integral of equation (1) as follows:

$C(x)=\int\limits {C'(x)} \, dx = \int\limits {[0.008x + 90]} \, dx$

C(x) = (0.008 / 2) x^2 + 90x + F

C(x) = 0.004x^2 + 90x + F .......................... (2)

Where F is the constant.

Since total cost is the addition of the total cost and total variable cost, the F in equation (2) represents the total fixed cost per month.

Since the fixed costs incurred by Carlota are $8500/month, this implies that F = 8,500.

Substituting F = 8,500 into equation (2), we have:

C(x) = 0.004x^2 + 90x + 8,500 <-------------- Total cost per month

Therefore, the total monthly cost C(x) incurred by Carlota in manufacturing x guitars/month is C(x) = 0.004x^2 + 90x + 8,500.

7 0

3 years ago

Sheffield Corp. started the year with total assets of $220000 and total liabilities of $130000. During the year the business rec

Thepotemich [5.8K]

Answer:

Net Income for the year is $95,000.

Explanation:

The income which is calculated by deducting all the related expense from the revenue even after interest and taxes. Net Income is the amount which is available to distribute amount the stockholders, either preferred or common.

As we know

Net Income = Revenue - Expenses

Revenue = $164,000

Expenses = $69,000

Net Income = $164,000 - $69,000

Net Income = $95,000

6 0

3 years ago

Read 2 more answers

After all of the account balances have been extended to the Balance Sheet columns of the end-of-period spreadsheet, the totals o

SOVA2 [1]

Answer:

This indicates that

d.the company has a net loss of $9,575 for the period.

Explanation:

a) Data and Calculations:

Total debits of the balance sheet (assets) = $28,480

Total credits of the balance sheet (liabilities + equity) = $38,055

Difference (net loss) = $9,575 ($38,055 - $28,480)

b) With the determination of the net loss of $9,575, the two sides (debits and credits) of the balance sheet will equal. This is because the net loss of $9,575 will reduce the credits from $38,055 to $28,480.

5 0

3 years ago