Answer: Decrease in the short run aggregate supply. increase in long run aggregate supply
Explanation:
assuming the wage stays constant in the short run (price of labour), an increase inflation/general prices will lead to a decrease in the Supply of labour because the current wage is no longer enough to cover the same number of goods people used to buy which will then increase Unemployment. The Labor market will experience a situation where inflation and unemployment are increasing at the same time
The Supply of Labour will increase in the Long run because the wage price will have sufficient time to adjust and increase to a new equilibrium level. .an increase in wage price will increase the quantity of supplied.
Based on the information given the predetermined overhead rate is 31.89 per direct labor hour.
<h3>Predetermined overhead rate</h3>
Using this formula
Predetermined Overhead rate = Estimated manufacturing overhead / Estimated total labor hours
Let plug in the formula
Predetermined Overhead rate = [$1,026,260 + (46,000×6.25)] / 41,200
Predetermined Overhead rate =1,313,760/ 41,200
Predetermined Overhead rate = 31.89 per direct labor hour
Inconclusion the predetermined overhead rate is 31.89 per direct labor hour.
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Answer
A. MRP = Change in revenue / Change in Labor
For first worker = 60 + 59 + 58 + 57 + 56 = 290/1 = $290
Since he produces 5 units.
Second Worker = 55 + 54 + 53 + 52 = 216/1 = $174
Since he produces 4.
Similarly,
Third worker = 51 + 50 + 49 = $150
Fourth worker = 48 + 47 = $95
Fifth worker = $46
B. Now all units are charged at $50
First worker = 5*50 = $250
Second = 4*50 = $200
third = 3*50 = $150
and so on.
C. If the wage is $210 it will demand workers until the MRP decreases below 210 and that happens for worker 2 here.
Since he can produce only $200 for $210 wage, he should not be hired. Hence only one worker will be hired here
D. If the wage falls to $97 the demand for workers will increase, again for worker 4 MRP is $100 which is above $97 and worker 5 goes below.
