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belka [17]
2 years ago
6

1. Suppose the equilibrium wage for unskilled workers in New Jersey is $7 per hour. How will the wages and employment of unskill

ed workers in New Jersey change if the state legislature raises the minimum wage from $5.15 per hour to $6 per hour?
Business
1 answer:
Eva8 [605]2 years ago
8 0

Answer:

Consider the following explanation.

Explanation:

Marginal product MP is the increase in production of good because of unit increase in labor. Value of marginal product VMP is the increase in value of production of goods because of unit increase in labor.

The minimum wage is a regulation where the person who hired the labor needs to pay minimum wage and cannot pay below that. Here, the minimum wage is below the competitive market rate so it will not make any difference because the workers are already getting $7 as wage which is more than the minimum wage which is $6.

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Answer:

Order size= $57.61 per machine hour

Explanation:

Giving the following information:

Order size:

Estimated total overhead= $581,866

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<u>To calculate the predetermined manufacturing overhead rate we need to use the following formula:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Order size= 581,866 / 10,100

Order size= $57.61 per machine hour

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1 year ago
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Answer and Explanation:

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1 year ago
If the price of Product E decreasing by 2% causes its quantity demanded to increase by 14% and the quantity demanded for Product
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Answer:

B) complements

Explanation:

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In case of the substitute goods, the relation between the price and the quantity demanded is positive that means if the price of goods increased than the quantity demanded is also increased

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5 0
1 year ago
Your company experienced 20% percent turnover last year. This means 20 percent of people employed at the beginning of the year w
Stella [2.4K]

Answer:

48

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During the recession witnessed in early 2001, many firms laid off their employees and downsized. the reason for this decrease in
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<span>During the recession witnessed in early 2001, many firms laid off their employees and downsized. The reason for the downsizing of employees from these firms in 2001 was the incompetency and poor performance of the employees. It may sound mean but to the company, this is advantageous since they can reduce the costing while at the same time maintain or increase the final goods.</span>
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1 year ago
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