LABOR ECONOMICS
8th Edition
ISBN: 9781260004724
Author: BORJAS
Publisher: RENT MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter 5, Problem 7P
(a)
To determine
Determine the compensating differential between two firms.
(b)
To determine
Explain the given statement.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
A perfect competitor charges a price of $30. The first worker he would hire would have a marginal physical product of 20, the second worker he would hire would have a marginal physical product of 18, the third worker would have a marginal physical product of 16, and the fourth worker would have a marginal physical product of 14.
(a) How many workers would he hire if the wage rate were $540? worker(s) hired How much would his wage bill be? $ wage bill
(b) How many workers would he hire if the wage rate were $470? worker(s) hired How much would his wage bill come to? $ wage bill.
Lisa is a self-employed physical therapist who works from a rented space. Lisa charges $200 for a therapy session. She incurred the
following costs last month: space and equipment rental, $1200; wages, $3500; materials, $1800. If Lisa's profit last month was $2500,
how many clients did she see?
Instructions: Round your answer to the nearest whole number.
clients.
position about Salaries of uninformed personnel have to be the same with that of teachers and educational staffs
Knowledge Booster
Similar questions
- Health and safety regulations in the labor market Multiple Choice O O are always efficient because they improve working conditions. should be evaluated by comparing their costs to their benefits. can lead to an increase in frictional unemployment. Saved are necessarily inefficient if they impose additional costs on employers.arrow_forward(a) Assuming working at home gives you a wage of $100, what would your wage be working in thecubicle office? In the shared workspace?(b) What is the compensating wage differential between these jobs?(c) Explain why the wage is different in each situation, and give an example of another industry-/situation with a compensating wage differential.arrow_forwardWhat is the 3-year job impact of a dentist office in a typical downtown area?arrow_forward
- Q.1 Explain why effective time management is specially important for sales professionals? Give examplesarrow_forwardincludes the wages paid to workers, the cost of any benefits the worker receives, and other expenses related to employing a worker. A) The price of labor (B) Marginal revenue product (C) The wage Take-home payarrow_forwardExplain 5 employee attendance problems in an organizationarrow_forward
- 15) In a competitive labour market, firms will hire labour up to the point where themarginal revenue product of labour equals(a) total labour cost.(b) the wage rate.(c) the marginal product.(d) the price of the product.arrow_forwardWhat type of information is not required in a Work Breakdown Structure? who recorded the data O group roles, like leader and spokesperson who is responsible for submitting the assignment Owho lead the teamwork discussionsarrow_forwardWhat is task definition (as a situational variable)?Give an example of how it can influence theconsumption process.arrow_forward
- Number of Workers Hourly Wage Marginal Factor Cost Marginal Revenue Product 10 $5.00 5.10 $6.10/hr $8.70/hr 12 5.20 6.30/hr 7.60/hr 13 5.30 6.50/hr 6.50/hr 14 5.40 6.70/hr 5.40/hr 15 5.50 6.90/hr 4.30/hr According to the information in the table above, the twelfth worker would increase the hourly profit by $0.20 $1.10 $1.30 $2.40 E $5.20 B. C.arrow_forwardEmployees under non-fixed term contracts are not entitled to a wage or a salary. True Falsearrow_forwardAssignments 14.4(section 14-13) Consider the data from Assignment_14-2. The human resources department requires that non-dimensional scaling be applied to make your decision. For the attributes *Project Management Skills' and 'Leadership Skills', use a score of 0 for No and 1 for Yes. For General Attitude, use a rating of 0 for Poor, 1 for Good, and 2 for Excellent. Who should be selected? Job Attribute 1.Total years of experience 2.Project management skills 3.Leadership skills 4.Previous management experience (years) 5.General attitude Hint: Job Attribute experience (years) 5. General attitude Total Score Answer: A 10 Yes No 2 1. Total years experience 10 2. Project management skills 1 3. Leadership skills 0 4. Previous management 2 Show Transcribed Text A 0 B 8 Yes Yes 1 Poor Excellent Good Excellent Assignments 14.5 Solve assignment 14.4 by spreadsheet. Answer: Candidate C 6 No Yes 0 B Candidate C 8 6 12 1 0 1 1 1 I 1 0 2 D 2 1 2 D 12 Yes Yes 2 Worst Minimum Acceptable Performance 7…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning