Questions for Homework 7 1. | The value of marginal product A. | equals marginal product. | B. | describes the costs of hiring an extra worker. | C. | equals marginal product divided by price. | D. | equals average product times the wage rate. | E. | equals marginal product times price. | | 2. | The marginal product of the 14th worker is 8 and the firm sells its output for $4 per unit. The value of the 14th worker’s marginal product is A. | $2. | B. | $4. | C. | $12
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findings of the case were analyzed and various topics such as Employee Pay Programs‚ Employee Involvement Programs and Motivation Theories were studied to come up with the possible solutions to the problem. CONTENT: “House‚ Hearth & home‚” a large hardware‚ furniture and building centre‚ has not been able to earn sufficient profits due to the global downturn. As a result no wage hike has been given to the employees from the last two consecutive years and the employees are getting impatient for
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the following statistics: its consumption expenditure is $15 million‚ investment is $2 million‚ government expenditures on goods and services is $1 million‚ exports of goods and services to foreigners is $1 million‚ and imports of goods and services from foreigners is $1.5 million. Calculate this nation’s GDP. Problem # 6 The table above gives data on the production and prices in a small economy. Use 2006 as the base period. a.What does nominal GDP equal in 2006? b.What does real GDP equal
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Code Switching is the practice of alternating between two or more languages or varieties of language and tonal registers in different situations or settings. There are many different versions of code switching but African American Vernacular English also known as Ebonics. Tons of people can switch between languages‚ volumes and even change the way you speak to adults and friends. Every black American is bilingual‚ in a sense of being able to effectively use our “street slang” and “professional vernacular”
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accent comes out? Well that is code switching. Code switching is shifting your communication by changing your language use or the way you express yourself in a conversation. People often code switch when placed in different situations such as an argument‚ or a professional environment. Between chapter one of Code of the Street Decency‚ violence‚ and the Moral of the Inner City Life and a few videos‚ the readers will be able to understand the prevalence of code switching in the African American community
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Minimum wage is a common economic principle that influences and impacts social and individual are government policies. The term can be defined as‚ “the lowest level of earnings for employees set by a government. Many nations across the world have adopted a minimum wage policy to ensure can maintain a minimum quality of life. Over time many nations have seen both positive and negative effects from this policy. The minimum wage concept has been around for a very long time. The first signs of this
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Pros and Cons of Minimum Wage The vast majority of economists believe the minimum wage law costs the economy thousands of jobs. The most fundamental principle of economics is ’supply and demand’. In the case of labor‚ this means that the supply of workers goes up as wage goes up‚ and the demand for workers by employers goes down as the wage goes up. For example‚ imagine a janitorial job was advertised for hire. If the wage were $100 per hour‚ thousands of people would want the job. If the wage
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The Effect of Minimum Wage in Unemployment Rate By KING NING ALFRED LAM I. Introduction Minimum wage is the lowest hourly wage that employers can legally pay to workers. The policy makers claim that the purpose of the minimum wage law is to increase the standard of living of workers and reduces poverty. However‚ there are critics about minimum wage would increases poverty by increasing unemployment rate. This topic has been debated for over 6 decades‚ there are significant numbers of studies
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Minimum Wage Debate Business Ethics: The Minimum Wage Debate Minimum wage is defined as the lowest amount that employers can legally pay their workers per hour of labor. Most states have laws in place to enforce the minimum wage; those that do not are subject to the federal minimum wage of $7.25. There are both benefits and drawbacks of this type of policy. Many supporters of a minimum wage believe it increases the standard of living and reduced poverty. Those that oppose a minimum wage believe
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for teachers which is known as merit pay. There is now a current demand for higher standards and accountability‚ teacher involvement‚ and an increasing amount of diverse student population that requires teachers to have a greater amount of skill sets. When examining both salary schedules and merit pay it is evident that there are both positives and negatives for both methods of pay. There are a number of pros to the salary schedule. A possible strength of this pay method is that giving proportionally
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