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
Vorticella can first be seen by the naked eye, b.ut to study it place a prepared slide under the microscope. Focus it under low power, and observe it. You can see a large number of

Accounts Payable or sundry creditors are generally unsecured debts owed through the firm. These are also considered to as payables on open accounts. They may not be evidenced throu

Occurrence of Overhead Variances Overhead variances arise mainly because of the conventions of the overheads absorption process. The overhead absorption rates employed in this

traditional budgeting systems are incremental in nature and tend to focus on cost centres..explain the weakness of the incremental budgeting system and explain ways of adressing th

the formula of culculating product cost per unit

Describe the ways in which the needs of internal and external users of accounting information are the same and different.

Freshly Ground Investments have just made an investment of $550 000 in a new Toyota Hilux (with trailer) delivery vehicle. This vehicle will be used for deliveries and generate rev

Listed below are some balances of XYZ, Inc as of and for the year ended December 31, 2012 and 2013 Year ending 12/31/13   Reven

Build-Rite construction has received favorable publicity from guest appearances on a public TV home improvement program. Public TV programming decisions seem to be unpredictable, s

Flexible budgets provide different information than static budgets. Discuss some of these differences. Is a flexible budget always better? Are there times when you’d recom