What standard should the firm use in setting wage rates (industry or geographic)?
What standard should the firm use in setting wage rates (industry or geographic)?
Homework Answers
Firms should set their wages, compensation and benefit plans
according to their industry and not the geographical location as a
means of creation of the plan. This can be said due to the fact
that businesses need to recognize the aspect of competition and
understand its underlying values which would mean that their wages
need to be set on the basis of the average values in the industry
as the lower limit and therefore, creation of their process should
take into account their own outlook as well. Saying that
geographical requirements can serve as the basis of wage planning
isn’t wrong, but the industry presents the values that need to be
understood better for a company to operate in, creating the
necessary values of understanding for us.
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What standard should the firm use in setting wage rates
(industry or geographic)?
3. Use the Wage-Setting (WS) and Price-Setting (PS) relations to examine the effects of the following...
3. Use the Wage-Setting (WS) and Price-Setting (PS) relations to examine the effects of the following events on the natural rate of unemployment, real wage, level of employment, and output. a. reduction in employment insurance. b. less stringent competition law. c. increase in the minimum wage.
1.what factors should perkins balkin consider when setting the wage for the purchasing agent position ?...
1.what factors should perkins balkin consider when setting the wage for the purchasing agent position ? what resources are available them to consult when establishing this wage? 2.suggest advantages and disadvantages of a pay-for preformance policy for prefor-manc sports ? 3.suggest a new payment plan for the customer service representatives ?
7. Explain what effect a reduction in productivity has on wage setting behavior, price setting behavior,...
7. Explain what effect a reduction in productivity has on wage setting behavior, price setting behavior, the equilibrium real wage, the natural rate of unemployment, and the natural level of output. 8. When (exact time and date) is the final for this class? Where will it be held?
Consider an industry for a homogeneous product with a single firm (firm 1) that can produce...
Consider an industry for a homogeneous product with a single firm (firm 1) that can produce at zero cost. The demand function in the industry is given by Q-20-P. Now suppose that a second firm (firm 2) considers entry into the industry. Firm 2 can also produce at zero cost. If firm 2 enters, firm 1 and 2 compete by setting quantities. Answer the following four questions. Qi Suppose that Firm 2 enters the market. What are the Stackelberg equilibrium...
Suppose a firm is considering locating a manufacturing facility in a poorer country where wage rates...
Suppose a firm is considering locating a manufacturing facility in a poorer country where wage rates are much lower than in the United States. Why would social/structural capital be an important factor in their decision to relocate? Would this impact the firm's marginal revenue product of capital (MRPk) = (ROI for next $ invested)? Explain.
Å firm in the consolidation stage of its industry life cycle will likely have low rates...
Å firm in the consolidation stage of its industry life cycle will likely have low rates of investment high R&D spending low dividend payout rates high profit margins Question 54 (Mandatory) (1 point) Which of the following are barriers to entry? I. Large economies of scale required to be profitable II. Established brand loyalty III. Patent protection for the firm's product IV. Rapid industry growth
19. How many days of labor should the firm hire if the wage is $30/day of...
19. How many days of labor should the firm hire if the wage is $30/day of labor? 0 1 2 3 4 5 6 7 Can't tell 20. How many days of labor should the firm hire if the wage is $10/day of labor? 0 1 2 3 4 5 6 7 Can't tell 21. How many days of labor should the firm hire if the wage is $0/day of labor? 0 1 2 3 4 5 6 7 Can't...
An insurance company is reviewing its current policy rates. When originally setting the rates they believed...
An insurance company is reviewing its current policy rates. When originally setting the rates they believed that the average claim amount was $1,800. They are concerned that the true mean is actually higher than this because they could potentially lose a lot of money. They randomly select 40 claims and calculate a sample mean of $1,950. Assuming that the standard deviation of claims is $500, and set ® = :05, test to see if the insurance company should be concerned....
Setting standards for a product may involve many employees of the company. Identify some of the...
Setting standards for a product may involve many employees of
the company. Identify some of the employees who may be involved in
setting the standard costs, and describe what their role might be
in setting those standards.
A list of employees who are involved in setting the standard costs is given below. Select the role each employee most likely plays in setting the standard costs. The following employee Human resources manager Production manager Purchasing manager Production manager and engineers provides...
Should society ban monopolies? If so, provide an example of a monopoly firm or an industry...
Should society ban monopolies? If so, provide an example of a monopoly firm or an industry in which monopoly conditions exist and whether this monopoly should be allowed to continue.
7. Explain what effect a reduction in productivity has on wage setting behavior, price setting behavior, the equilibrium real wage, the natural rate of unemployment, and the natural level of output. 8. When (exact time and date) is the final for this class? Where will it be held?
Consider an industry for a homogeneous product with a single firm (firm 1) that can produce at zero cost. The demand function in the industry is given by Q-20-P. Now suppose that a second firm (firm 2) considers entry into the industry. Firm 2 can also produce at zero cost. If firm 2 enters, firm 1 and 2 compete by setting quantities. Answer the following four questions. Qi Suppose that Firm 2 enters the market. What are the Stackelberg equilibrium...
Å firm in the consolidation stage of its industry life cycle will likely have low rates of investment high R&D spending low dividend payout rates high profit margins Question 54 (Mandatory) (1 point) Which of the following are barriers to entry? I. Large economies of scale required to be profitable II. Established brand loyalty III. Patent protection for the firm's product IV. Rapid industry growth
19. How many days of labor should the firm hire if the wage is $30/day of labor? 0 1 2 3 4 5 6 7 Can't tell 20. How many days of labor should the firm hire if the wage is $10/day of labor? 0 1 2 3 4 5 6 7 Can't tell 21. How many days of labor should the firm hire if the wage is $0/day of labor? 0 1 2 3 4 5 6 7 Can't...
Setting standards for a product may involve many employees of
the company. Identify some of the employees who may be involved in
setting the standard costs, and describe what their role might be
in setting those standards.
A list of employees who are involved in setting the standard costs is given below. Select the role each employee most likely plays in setting the standard costs. The following employee Human resources manager Production manager Purchasing manager Production manager and engineers provides...
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