What is wage rate, Cost Accounting

The employees at Warren Manufacturing Company are unionized. As minimum requirements, the union members insist on keeping a work force of at least 300 workers, and accepting an hourly wage rate of no less than $8. Beyond those minimum requirements, however, they are considering some different economic goals. Calculated on an hourly basis, the employees' marginal revenue product schedule is:

                                                        Employees          MRP

                                                         100                  $20

                                                         200                    18

                                                         300                    16

                                                         400                    14

                                                         450                    13

                                                         500                    12

                                                         550                    11

                                                         600                    10

                                                         650                      9

                                                         700                      8

                                                         800                      6

                                                         900                      4

 a) If the union attempts to maximize the wage rate of its employees, subject to the above constraints, what wage rate and employment level can it expect to achieve?

 b) If the union attempts to maximize the employment of its members at Warren, what wage rate and employment level can it expect to achieve?

Posted Date: 3/30/2013 3:40:00 AM | Location : United States







Related Discussions:- What is wage rate, Assignment Help, Ask Question on What is wage rate, Get Answer, Expert's Help, What is wage rate Discussions

Write discussion on What is wage rate
Your posts are moderated
Related Questions
Limitations of abc analysis

When implementing ABC, once a company has identified business activities and their costs, the company will probably: A) determine a simplified single cost allocation rate B)

what is Taylor''s differential piece rate plan

mojor elements of cost sheet

how to treat an increase in output on marginal costing

SALES REVENUE VARIANCE (SRV) The word 'Sales Variance' is indicated by the expression 'operating profit variance due to sales' by ICMA.  It is described as 'the difference betw

given the following : Constant $21,800 Std.error of Y Est. 4,500 R squared 0.7832 Observations # 22 X coefficient 11.75 Std.error of Coef.

Early in 2014, Dobbs Corporation engaged Kiner, Inc. to design and construct a complete modernization of Dobbs's manufacturing facility. Construction was begun on June 1, 2014 and

Cost Flow Relationships The following information is available for the first month of operations of Url Inc., a manufacturer of art and craft items: Sales $886,900 Gross profit

for financial accounting purposes, what is the total amount of product costs incurred to make 10,000 units?