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If per hour wage paid to her increases to Rs.660 for doing exactly the same work, draw figures to explain why she would increase her working hours or decrease her working hours.
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- What is the difference between a wage and a salary? A. A wage is generally a specific amount of money per hour paid to a worker. A salary is a flat rate an employer pays for an individual’s work over the course of a longer period of time. B. A wage is a flat rate an employer pays for an individual’s work over the course of a longer period of time. A salary is generally a specific amount of money per hour paid to a worker. C. A wage is time worked in excess of normal working hours. A salary is a flat rate an employer pays for an individual’s work over the course of a longer period of time. D. A wage is generally a specific amount of money per hour paid to a worker. A salary is time worked in excess of normal working hours.If a person's wage decreases: A) his marginal value product curve will shift to the left B) his marginal calue product curve will shift to the right C) there will be a movement to the northwest along the marginal value product curve D) the slope of the marginal value product curve will increaseIllustrate and examine how the individual supply of labor curve demonstrate the way an individual divides his/her time between work and leisure
- Kevin, a worker in Volcania, can produce 182 baskets of Peaches in a(n) 11-hour shift. Calculate Kevin's labor productivity. basket/hourQUESTION 19 When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: A. The firm should hire less labor to pay minimum wage B. The firm should use more capital to increase the labor productivit C. The firm should demand more labors in order to get maximum profit O D. The firm should use less capital and more labors to pay minimum cost4. At Tuxi's, tacos cost $2.50 (p=2.5) and the market wage for labor is $12.50. a. Calculate the marginal product of labor (MPE), average product of labor (APE), value of the marginal product of labor (MRPE), and value of the average product of labor (VAPE) in the chart below. Number of Tacos workers 1 15 2 28 3 38 4 47 5 54 6. 59 7 62 8 64 65 b. What's the optimal amount of labor to use? c. What would be the per-hour profits at Tuxi's if capital costs $50 per hour?
- ImagesIf any entrepreneur runs a business and takes out 100,000 naira per year as "salary" from the total receipts of the firm, what is the implicit cost of the firm?Charlie owns his own candy factory where he employs individuals to make his world-famous toffee. The graphs show the factory's production for one day. Charlie pays each worker $110 a day and sells his toffee for $0.50 each. Use the accompanying graph to answer the following 2080 1960 Total product questions. 1800 1600 a. Calculate the marginal product of labor (MPL) for the fifth and eighth workers. 1360 1080 760 MPL 5thworker units 400 6. 10 MPL units gth worker Ouantity of workers Quantity of toffee (units)
- Illustrate and examine how the individual supply of labor curve demonstrates the way an individual divides his/her time between work and leisure.The figure given below shows a backward-bending labor supply curve for an individual. Along which part of the labor supply curve in the figure below does the income effect of a wage change outweigh the substitution effect? Figure 12.1 Wage b Quantity of labor Between points a and b Between points a and c Between points b and c Between points c and d Between points b and d О ОConsider a company operating in a competitive market. The company sells units of output and receives a price of $20 per unit, and pays a daily market wage of $330 to each worker it employs. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor Output Marginal Product of Labor Value of the Marginal Product of Labor (Number of workers) (Units of output) (Units of output) (Dollars) 0 0 20 1 20 19 2 39 18 3 57 15 4 72 12 5 84 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the…
