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When the Fair Labor Standards Act began to mandate paying 50 percent more for overtime work, many employers tried to avoid it by cutting hourly pay, so that total pay and hours remained the same.
a. Assuming that this 50 percent overtime-pay premium is newly required for all work beyond eight hours per day, draw a budget constraint that pictures a strategy of cutting hourly pay so that, at the original hours of work, total earnings remain the same.
b. Suppose that an employer initially paid $8 per hour and had a 10-hour workday. What hourly base wage will the employer offer so that the total pay for a 10-hour workday will stay the same?
c. Will employees who used to work 10 hours per day want to work more or fewer than 10 hours in the new environment (which includes the new wage rate and the mandated overtime premium)?
You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below. Workers Cost Output Revenue 1 $300 50 $350 2 600 140 675 3 900 ..
If the firm can only produce one product and seeks to maximize weekly profit, write a condition that indicates when the firm should choose to produce Product 2 (where this condition is a function of the number of units sold per week).
Many MBAs who ventured into the "dot.com" world of the late 1990s found themselves unemployed by 2001 as many firms in that industry ceased to exist. However, during their tenure with these companies, these managers gained valuable skills in how t..
A large wood products company is negotiating a contract to sell plywood overseas. The fixed cost that can be allocated to the production of plywood is $900,000 per month. The variable cost per thousand board feet is$131.50. The price charged will ..
The sales information for the Lonestar Sports Apparel Corporation for the last 12 years as follows:
Assume that an investor is risk-neutral (i.e. assume that the investor always chooses the investment with the higher expected rate of return even if it is riskier). If the yield on 1-year marketable CD's is 6% while the yield on 2-year marketable ..
Tom can produce 40 balls per hour or 4 bats per hour. Tessa can produce 80 balls per hour or 4 bats per hour. a. calculate Tom's opportunity cost of producing a ball. b. calculate Tessa's opportunity cost of producing a ball.
Hurricane delayed the cash inflows that the managers of firm Metro expected from a project that being built and increased the cash outflows over the next two years. the NPV of this project is now negative.
Compared to last year, more television sets are being bought while the selling price has fallen. This could have caused by:
the exchange rate between US-dollar and the euro is exactly 2 $/euro. At that time, a one-year US treasury bill yield an interest rate of 5%, while a similar German treasury bill yield 3%. Inflation during the year is expected to be 3% in the USA ..
Walt Disney World Theme Parks offer tourists a wide variety of ticket options. The one thing these ticket options have in common is that they entail a fixed entrance fees and permit consumers to take as several rides as they wish at no additional cha..
it also gives each economy's average annual growth rate over this period. for example, real GDP per persion in senegal was $1,776 in 1960 and actually declined to $1,571 by 2000. Senegal's average annual growth rate during this period was -0.31%
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