Week 2 Eco 365
FOR WEEK 2 ECO 365
What is the relationship between productivity and the cost of production?
The relationship between productivity and the cost of production is your cost per day or per hour compared to your productivity. By examine these two things together. The productivity which is your output for the amount of hours worked compared to the total cost of a certain item – you will be able to reach a “break even analysis” showing you how much you need to a make minus the total coast to make a certain amount of money.
Why is the demand of labor a derived demand?
The request for labor is derivative from the production and demand for the item that is being demanded. If the demand for a particular item increases two things usually take place - Most likely the cost of the item will increase and the demand for manufacture labor will increase soon the equilibrium price and production numbers will meet What is the relationship between productivity and the wages earned by employees where you work or at an organization with which you are familiar? Usually but not in all cases, the more an employee produces the more valuable they are because they are adding value to the company but this is not always true and example would be a sweat shop .
What are some factors that determine the level of your income? Explain your answer. A person’s level of education an example will be; someone with a Master’s degree with is valued more than someone with a high school diploma. A person’s special skill set will be in high demand due to the scarcity of being able to replace them and how long it took to gain the knowledge they have, an example would be a highly skilled brain surgeon. Also the amount of danger involved in doing a certain job, there are certain jobs that are extremely dangerous and not many people are willing to do them so the demand for the person who will do it would be high, example would be cleaning the windows of the Burj Khalifa building in Dubai.
What is the relationship between productivity and the cost of production?
The relationship between productivity and the cost of production is your cost per day or per hour compared to your productivity. By examine these two things together. The productivity which is your output for the amount of hours worked compared to the total cost of a certain item – you will be able to reach a “break even analysis” showing you how much you need to a make minus the total coast to make a certain amount of money.
Why is the demand of labor a derived demand?
The request for labor is derivative from the production and demand for the item that is being demanded. If the demand for a particular item increases two things usually take place - Most likely the cost of the item will increase and the demand for manufacture labor will increase soon the equilibrium price and production numbers will meet What is the relationship between productivity and the wages earned by employees where you work or at an organization with which you are familiar? Usually but not in all cases, the more an employee produces the more valuable they are because they are adding value to the company but this is not always true and example would be a sweat shop .
What are some factors that determine the level of your income? Explain your answer. A person’s level of education an example will be; someone with a Master’s degree with is valued more than someone with a high school diploma. A person’s special skill set will be in high demand due to the scarcity of being able to replace them and how long it took to gain the knowledge they have, an example would be a highly skilled brain surgeon. Also the amount of danger involved in doing a certain job, there are certain jobs that are extremely dangerous and not many people are willing to do them so the demand for the person who will do it would be high, example would be cleaning the windows of the Burj Khalifa building in Dubai.