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Agricultural workers are often paid piece rates. For example, pear pickers are paid a fixed amount for each box of pears they pick. Pear companies, however, pay tree thinners on an hourly basis. These thinners remove excess fruit from trees so that the remaining fruit can grow larger. (Each piece of fruit must be at least six inches apart on the tree.) Why do you think these companies pay thinners by the hour? Presumably, they would work harder if they were paid by the tree.
Evaluate the domestic and / or international factors that impact the issue, and the resulting impact to the U.S. economy and evaluate how the selected issue may impact a business' success within a global economy.
What is the difference between adaptive expectations and rational expectations?
What does it mean to specialize according to one's comparative advantage and trade internationally and Provide an example of a business efficiently using this economic principle.
The question requires complete understanding of interactions between production and profit maximization.
1.Why does the marginal revenue product differ betweenworkers in different jobs?
Given the Keynesian explanation for the persistence of high levels of unemployment after the recessions of the early 1980s and early 1990s, what policies would you advocate to reduce unemployment in the years following a recession?
1.What is meant by the principal agent problem? Give two examples of this problem that you havecome across in your own experience.
Find an article about a current event that discusses a change in the supply or demand of a product. For example, has there been a weather event that has affected certain food crops or the availablility of energy?
Assume that, prior to other company's entering the market, the maker of a new smartphone earns $100 million per year. By reducing its price by 50%,
American Linen is a company that has multiple salespersons. In 2008, it changed the compensation method for its sales force, moving from a system of fixed wages to one of base wage plus charge.
Discuss the pluses and minuses of each of the three alternative structures. What factors do you think are most important in making this choice?
Define demand-side and supply side policies. Sometimes it is said that Keynesian s advocate demand side policies and monetarists advocate supply side policies. Is there any accuracy in this statement?
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