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    Labour Economics

    Should We Purchase That New Copier?

    Campus Print Shop is thinking of purchasing a new, modern copier that automatically collates pages. The machine would cost $22,000 cash. A service contract on the machine, considered a must because of its complexity, would be an additional $200 per month. The machine is expected to last eight years and have a resale value of $4

    Management Compensation Labor Economics

    An open-ended discussion question concerning managers' compensations in corporate headquarters and in geographic locations. There are no right or wrong answers. I simply want to see the question discussed from different points of view. Please give me your point of view with supporting arguments/explanations. See the attached

    Marginal Product of Labour notes

    A firm identifies the following relationship between the real wage it pays and the effort exerted by its workers: Real Wage Effort 8 7 9 10 12 15 13 17 16 19 17 20 The marginal product of labor for this firm is MP

    Labour Variances & Labour Efficiency

    Standard labor hours per unit of output: 2.8 standard labor rate per hour: 11.50 operations for the last month: actual hours worked: 6900 actual total labor cost: 80,385 actual output: 2300 units What is the labor variance for the month? What is the labor efficiency rate for the month?

    Economics Output Maximization and Profit Maximization

    What you are solving for in these problems is the optimal input combination based either on what I call Solution #1 and Solution #2; Solution #1 guarantees output maximization and Solution #2 guarantees profit maximization. Use them where appropriate. Use the optimization procedure to get answers not an Excel result. 1. T

    Corporate diversity

    How has the introduction of females and minorities in the corporate structure impacted the supply of labor and the economy?

    Data analysis of a Listed Company

    Maher Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $129 Units in beginning inventory 0 Units produced 3,700 Units sold 3,600 Units in ending inventory

    Real wage overview

    I need some assistance to the questions below. Please help. Thank you. During the economic expansion of the late 1990's, wages increased significantly for all types of workers. One possible explanation for this (other than favorable economic conditions which have increased the demand for labor) is that the productivity of la

    Problem Set

    2. Prime costs of a company are $3,000,000, manufacturing overhead is $1,500,000 and direct labor is $750,000. What is the amount of direct materials? a. $1,500,000. b. $750,000. c. $2,250,000. d. Cannot be determined from the information provided. 9. Which of the following is not typical of tradit

    Overhead costs using traditional costing and ABC

    Overhead costs using traditional costing and ABC. (See attached file for full problem description) (a) Predetermined... $xxx ÷ xxx hrs. = $xx.xx per machine hour (b) Manufacturing cost per stair under traditional costing: Direct materials $xxx,000 Direct labor  xxx,000 Overhead (xxx X $xxx) &#8194

    VMPs of 10 workers in a hypothetical labor market

    The following table describes the VMPs of 10 workers in a hypothetical labor market. Worker VMP/hour 1 $10 2 $20 .. 9 $90 10 $100 Further assume that Firm 1 pays a worker a piece rate and Firm 2 pays a time rate equal to $40/hour. (a) How do workers sort themselves across fir

    Labor econ

    Suppose that it is more difficult to monitor workers at larger firms than at smaller firms. According to the delayed payment compensation model, would workers at smaller firms have flatter or steeper age-earnings? Explain how an empirical test of this argument would be problematic.

    Labor economics immigration

    Assume that the demand curve for labor in country Y is w = 100 - 4E, where E is measured as millions of workers. Prior to immigration, there are 20 million workers in the country. Suppose that there is an influx of 1 million immigrants into country Y. Assuming that labor accounts for 80% of country Y's gross domestic product, ca

    Marginal Revenue and Marginal Cost of Job Search

    Suppose that that marginal revenue and marginal cost of job search are MR=50 - 1.5w and MC = 5 + w. (i) What is the worker's asking wage? (ii) Would the worker accept a $15 wage offer? (iii) Would anything change if unemployment benefits were reduced such that the y-intercept of the MC curve increased four-fold. Show graphi

    Labor economics

    4. Suppose that a worker's skills can be summarized by the number of efficiency units she owns and the distribution of efficiency units in the population such that worker 1 has one efficiency unit, worker 2 has 2 efficiency units, and so on. There are 100 workers in the population of the country of Vin. In deciding whether to mo

    Labor economics

    3. Fleeing political tyranny in country X, assume that 100,000 residents of X leave the nation en masse to a nearby city (City A) in a bordering country (call it country Y) that is democratic. Researchers in Y are interested in how the influx of new labor into Y has affected the local labor market of city A. They have collected

    Minimum Earnings Labor Economics

    Suppose that an engineer is deciding whether or not to move to northern Virginia or remain at his current job in Milwaukee. It costs $10,000 for this person to move from Milwaukee, which includes both actual and "psychic" costs. If she plans on working 2 more periods and will make $110,000 in each in Milwaukee, what is the minim

    Labor economics

    Marlene will live for four more time periods. In the current period, she has the option of attending college. If she does, she pays 40,000 in direct costs for the period and gives up 50,000 in earnings (what she earns for each period if she does not attend college). She knows that after college she will work get paid 70,000 in p

    Suppose labor costs increases

    8C only: Suppose labor costs increase in Factory 1 but not in Factory 2. How should the firm adjust the following(i.e., raise, lower, or leave unchanged): Output in Factory 1? Output in Factory 2? Total output? Price? (Question is also included in attachment)

    Labor Economics

    One argument for the decreased labor force participation of older men (especially in the 55-64 age group) is the high generosity of post-retirement health benefits. Assume that the cost of health insurance is fixed during one's retirement years and this is completely covered by a retiree's former employer. Show how this might i

    Labor Economics: To Work or Not to Work

    A child of a wealthy family is deciding whether to work or not work and mooch off her parents. Imagine that she is offered a job that pays her $50/hour. a) Assume she receives a weekly stipend from her parents worth $1000. Use an indifference map and budget line to depict a situation where she does not work. Show the reservat

    Economics Production Schedule

    The owner of a car wash is trying to decide on the number of people to employ based on the following short-run production function: Q = 6L - 0.5L2, with the corresponding marginal product of labor equation, MPL = 6 - L. a. Generate a schedule showing total product, average product of labor, and marginal product of labor using

    Average cost problems

    The president of a small firm has been complaining to his controller about rising labor and material costs. However, the controller notes that average costs have not increased during the past year. Is this possible? Explain.

    Minimum Wage

    Should Congress increase the minimum wage? A. By how much? B. If increased will it help or hurt small businesses? C. Is your employer affected by increases in the minimum wage? D. In what way is your employer affected by minimum wage increases?

    Labor Economics

    CEO pay appears to be on the rise again. Additionally, executive pay in the U.S. is about 20 times higher than it is in European countries. Explain three theories about CEO pay and evaluate, whether they can explain why 1) executive pay is so much higher than the pay of an average worker, 2) it does not vary much with the value

    economic impact analysis for a new business

    I need to do an economic impact analysis for a new business that I would like to open in my community that will generate revenue. I have thought of several businesses, but I am not sure that they would actually create ADDITIONAL revenue in the community. The businesses I have considered may be situations of just shifting the sp