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a) Describe the factors that influence wage setting. Write down the equation that represents wage setting, describe the effect of each factor in the equation/function, and draw the corresponding diagram. Clearly state the assumptions behind your analysis.
b) Briefly describe the “efficiency wage” theory. Explain why a firm would want to pay a wage that is higher than the market wage rate. What theories can motivate such a practice?
c) The conventional (classical) labor market theory suggests that i) the wage rate adjusts smoothly so that labor supply equals labor demand; ii) wages are set competitively across markets; iii) there is no ‘involuntary’ unemployment (anyone who wishes to work can work). Does this reflect the reality in real economies? If not, explain why
A poor economic analysis technique for ranking alternatives is ______________.
Explain why the following statement is either true or false. An increase in the wage rate of labor (with no change in the rental rate of capital) shifts the long-run cost curve upward (at each level of output), no matter what the elasticity of substi..
The total cost incurred is the sum of the fixed costs and operating costs. The latter increases as more items of a product are manufactured hence the total cost is given by: For a given product, it is found that the number of item s sold correspondin..
Integration of E-commerce and ERP Systems with other ICT (information and communication technologies) to create value for customers and shareholders.
A tax that results in a larger fraction of income being paid in taxes as income rises is a ________ tax.Answer regressive head progressive proportional
If the price of apples rises and the quantity of apples exchanged decreases, then we know that there cannot have been a: decrease in supply with no change in demand.
You are a manager working with a multicultural and diverse workforce. Given the existence of the wide variance, how would you or an executive manage national cultures, political systems, economic systems, social systems, languages and corporate cultu..
Given the product structure tree and the inventory shown below, computer the net requirements for A, B, C, D, E to produce 50 units of X. Set up MRP schedules and show your calculations. Please assume that the lead times are one week for all items.
The main determinant of elasticity of supply is the: Based on the concept of price discrimination, which of the following is NOT likely to occur?
Gross Domestic Product (GDP) only measures the value of marketed goods and services for a country during a given period of time. Is the GDP measure underestimating or overestimating national production and total income in the economy? Why? What are t..
Demand Function: Q=1,000 - 40 P MR=25-0.05 Cost Function: 4,000 + 5Q How do you achieve the optimal price and quantity? How do you formulate the solution?
Which of the following terms describes a contract by which the value of the compensation depends on the measured performance of the employee?
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