Labor economics A tied stayer is a spouse whomoves to a different location when he or she would not move if single.stays at the current location when he or she would move if single.stays at the current location regardless of what is best for the family.is likely married to someone with terrific career opportunities elsewhere.is unemployed in his or her home town.

A subfield of economics called labor economics seeks to comprehend the operation and dynamics of the…

Answered: A tied stayer is a spouse who O moves…

A tied stayer is a spouse who O moves to a different location when he or she would not move if singl O stays at the current location when he or she would move if single.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter4: Extent (how Much) Decisions

Section: Chapter Questions

Problem 2MC

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Plan production for a four-month period (February through May). Given information: For February and March, you should produce to exact demand forecast. For April and May, you should use overtime and inventory with a stable workforce; stable means that the number of workersneeded for March will be held constant through May. However, government constraints put a maximum of 5,000 hours of overtime labor per month in April and May (zero overtime in February and March). If demand exceeds supply, then backorders occur. There are 100 workers on January 31. You are given the following demand forecast: February, 80,000; March, 64,000; April, 100,000; May, 40,000. Productivity is four units per worker hour, eight hours per day, 20 days per month. Assume zero inventory on February 1. Costs are hiring, $50 per new worker; layoff, $70 per worker laid off; inventory holding, $10 per unit-month; straight-time labor, $10 per hour; overtime, $15 per hour; backorder, $20 per unit.
Multiple choice answers A) shift to schedule A and remain at $500 B) rise from $440 to $500 C) rise from $500 to $620 D) fall from $500 to $440
Plan production for a four-month period: February through May. For February and March, you should produce to exact demand forecast. For April and May, you should use overtime and inventory with a stable workforce; stable means that the number of workers needed for March will be held constant through May. However, government constraints put a maximum of 5,000 hours of overtime labor per month in April and May (zero overtime in February and March). If demand exceeds supply, then backorders occur. There are 100 workers on January 31. You are given the following demand forecast: February, 80,000; March, 64,000; April, 100,000; May, 40,000. Productivity is four units per worker hour, eight hours per day, 20 days per month. Assume zero inventory on February 1. Costs are:hiring, $50 per new worker; layoff, $70 per worker laid off; inventory holding, $10 per unit-month; straight-time labor, $10 per hour; over time, $15 per hour; backorder, $20 per unit. Find the total cost of this plan.
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Ben Bates graduated from college six years ago with a finance undergraduate degree. Although he is satisfied with his current job, his goal is to become an investment banker. He feels that an MBA degree would allow him to achieve this goal. After examining schools, he has narrowed his choice to either Wilton University or Mount Perry College. Although internships are encouraged by both schools, to get class credit for the internship, no salary can be paid. Other than internships, neither school will allow its students to work while enrolled in its MBA program. Ben currently works at the money management firm of Dewey and Louis. His annual salary at the firm is $65,000 per year, and his salary is expected to increase at 3 percent per year until retirement. He is currently 28 years old and expects to work for 40 more years. His current job includes a fully paid health insurance plan, and his current average tax rate is 26 percent. Ben has a savings account with enough money to cover the…
Kristi, a pharmacist, is planning on opening her own pharmacy. Kristi Pharmacy is expected to generate yearly revenue of $500,000. Kristi is planning to run the pharmacy herself on full-time basis. Kristi’s alternative employment options are as follows: - Continue to work as a senior medical representative for $50,000 per year. - Accepts a research position in another company for $70,000 per year. Kristi expects to spend $350,000 per year on purchasing drugs and cosmetics for resale to her customers. She will also need to hire three employees: an assistant, an accountant and a custodian, for whom the total salaries to be paid are expected to be $48,000 per year. Kristi owns the building in which her pharmacy is supposed to be; however, she could rent out the pharmacy-store space for $42,000 per year. Calculate Kristi’s accounting profit and economic profit. In your opinion, should Kristi proceed with opening her own pharmacy? Justify your answer.
Kristi, a pharmacist, is planning on opening her own pharmacy. Kristi Pharmacy is expected to generate yearly revenue of $500,000. Kristi is planning to run the pharmacy herself on full-time basis. Kristi’s alternative employment options are as follows: - Continue to work as a senior medical representative for $50,000 per year. - Accepts a research position in another company for $70,000 per year. Kristi expects to spend $350,000 per year on purchasing drugs and cosmetics for resale to her customers. She will also need to hire three employees: an assistant, an accountant and a custodian, for whom the total salaries to be paid are expected to be $48,000 per year. Kristi owns the building in which her pharmacy is supposed to be; however, she could rent out the pharmacy-store space for $42,000 per year. Calculate Kristi’s accounting profit and economic profit. In your opinion, should Kristi proceed with opening her own pharmacy? Justify your answe
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