companies to employ very low wage labor? On the subject of low wage‚ Companies employ its staff on low salary for specific reasons. A low wage is sometime misinterpreted as minimum wage‚ but a low wage means a salary that stands just above minimum. Low wage labor is role played in many firms today but why‚ the assignment will talk about why companies pay some staff a low or minimum wage. Low salary’s is what most companies prefer because by implementing minimal wage into the business the company
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rate of 3%? Answer: P = $40/(0.05 - 0.03) = $40/0.02 = $2‚000 Topic 2: Supply and Demand 1) Suppose that the demand for oranges increase. Explain the long -run effects of the guiding function of price in this scenario. Answer: In the long run‚ the higher price of oranges will signal more firms to enter the orange market‚ as it will seem more profitable than some other markets. As firms enter‚ supply increases‚ causing the price to fall relative to the short-run price and quantity
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The Demand for Resources Multiple Choice Questions Derived dema1 1. Resource pricing is important because: A) resource prices are a major determinant of money incomes. B) resource prices allocate scarce resources among alternative uses. C) resource prices‚ along with resource productivity‚ are important to firms in minimizing their costs. D) of all of the above reasons. Answer: D 2. Which of the following statements best illustrates the concept of derived demand? A)
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1. Suppose there are 100 consumers with identical individual demand curves. When the price of a movie ticket is $8‚ the quantity demanded for each person is 5. When the price is $4‚ the quantity demanded for each person is 9. Assuming the law of demand holds‚ which of the following choices is the most likely quantity demanded in the market when the price is $6? Explain and show calculations‚ While the question asks of the choices given what the quantity demanded will be‚ there are no choices
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As well known to all Americans Wal-Mart pays low wages. They often hire people for 30 hours a week rather than 40 hours a week and provide minimal health care benefits. For the past few years‚ issues concerning the company have become important as well and have begun dominating the news. In particular‚ Wal-Mart treatment of its employees has raised many issues in public and business discussions. Wal-Mart refers to its employees as associates a term intended to bestow a more lofty status than the
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CheckPoint: Historical Example of Labor Supply and Demand Submit a 300-word response addressing one of the following historical events in terms of labor supply and demand: the Great Depression‚ the Luddite Revolt‚ the Black Death‚ or the technology boom of the 1990s. Include the following: What was the impact on the supply and demand of labor on one sector of the labor market? Explain the factors that affected labor demand and labor supply in the chosen historical example.
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and is populated by low-income residents. The people who live in the area tend to stay in that area because (1) they cannot afford to live in other areas of the city‚ (2) they prefer to live with people of their own ethnic group‚ or (3) there is discrimination against them in other areas of the city. Rents paid are a very high percent of peoples’ incomes. (a) Would the demand for apartments in this area be relatively inelastic or relatively elastic? State why. (b) Would the supply of apartments in this
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Kay Lynn Ruth Hurst English Comp 1 08 October 2012 The Cause and Effect of Low Income Jobs on Family Life While researching the cause and effect of the economy on low wage workers‚ the discovery of how the families struggle on a daily basis to juggle work‚ child care‚ transportation and family well-being was astounding. While some families are two parent homes‚ only one is able to work due to the cost of child care. Other families consist of one parent‚ who works two jobs to take care of
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how A. prices and quantities of goods and services are determined in markets B. private firms and households respond to taxes and subsidies C. people make choices in the presence of scarcity and the results of those choices. D. interest rates and exchange rates are determined 2. The scarcity principle implies that A. people will never be satisfied with what they have B. as wealth increases‚ making choices becomes less necessary C. the prices of scarce goods must rise
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profits. Opportunities for capital investment and expansion are discovered daily. Unfortunately‚ many times these massive corporations can be linked to unjust labor practices occurring in developing countries. Companies such as Nike‚ Microsoft‚ and Apple have all had to handle claims that their factories or subsidiaries violate various labor laws. Situations such as these exist across the globe. Basic human rights are violated and vulnerable individuals are thrust into a life style that no person
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