Labor Output 0 1 10 4 5 6 100 250 350 Marginal Variable Product Cost $5 $5 $5 $5 $5 $5 $5 Use the table above. What is the salary payed to employees? 430 100 SO $5 $10 $15 $20 $25 $30 50 25 Fixed Cost
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- How the SINDH Rural Support Organization (SRSO) devoplop training design for there employees?. In detail plzQ51 A farmer named Chris Freeland who has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $5 per unit, and the wage rate is $13 per worker. How many workers should Chris Freeland the farmer hire? Multiple Choice 3 2 4 1 7.Fringe benefits:a. As you might have suspected, employee nonwage (fringe) benefits make up a muchlarger percentage of labor costs in the United States today than they did a few generationsago (refer to Table 3.1 in the textbook). Fringe benefits as a form of labor compensationis also very unique to the U.S. and other developed nations. Do you think that thegrowing fringe benefit share of labor costs has made the level of employment moreresponsive or less responsive to changes in labor demand over the ups and downs in theoverall economy? In other words, has it given the employers of labor more or lessflexibility as they try to adapt to continuously changing economic conditions?
- Question 1 You are the human resource manager at a large organization. Each worker in your organization produces output valued at $15 per hour (ie. VMP = $15). You want to deter shirking and turnover by paying a deferred wage profile where the hourly wage is W = 4/5T, where T is tenure, or length of time that the person remains with the firm. Draw the diagram of the deferred wage profile. Solve for the breakeven point, or length of time the person would have to stay with the firm so that her wage would just equal their productivity. Determine the length of time she would have to stay with the firm for her expected wage over that period to just equal her productivity (assume no discounting so that a dollar today is the same as a dollar in the future). If the vast majority of the people start working with the firm at age 35, what mandatory retirement age would you pick to provide a termination data to that contractual agreement?No written by hand solution 2. Fringe benefits: a. As you might have suspected, employee nonwage (fringe) benefits make up a much larger percentage of labor costs in the United States today than they did a few generations ago (refer to Table 3.1 in the textbook). Fringe benefits as a form of labor compensation is also very unique to the U.S. and other developed nations. Do you think that the growing fringe benefit share of labor costs has made the level of employment more responsive or less responsive to changes in labor demand over the ups and downs in the overall economy? In other words, has it given the employers of labor more or less flexibility as they try to adapt to continuously changing economic conditions?Define skill set. A. training provided by a job B. skills that have not yet developed in an employeeC. high-paying jobs that require a large number of skillsD. range of developed skills and abilities
- 17 The fraction of the variations in WAGE explained by EDUC is ________. a 0.1478 b 0.1848 c 0.2310 d 0.2888If MRP of labor < wage rate, a firm should hire more workers. TRUE OR FLASE.Otherthingsbeingconstant,howwillthefollowinginfluence the hourly earnings of employees? Explain your answer. The employee must work the midnight to 8:00 a.m. shift. The job involves split shifts (work three hours, off two hours, work three additional hours, and so on). Theemployerprovideslow-costchildcareservicesonthe premises. The job is widely viewed as prestigious. The job requires employees to move often from city to city. The job requires substantial amounts of out-of-town travel.
- A baseball team has signed a draft pick to a two year contract. The player's expectedmarginal revenue product in year 1 and year 2 are $1-million and $1.7-millionrespectively. The contracted wage is $1.3-million in the first year. The interest rate is7% each year. The competitive wage in year 2 is expected to be $1.8-million. If theteam is indifferent about the player resigning with it at the end of his contract, howmuch will they pay him in the second year? Use a$ and commas.Follow-up questions. d. Let D be the difference in marginal product between an experienced worker and a new worker (MPe − MPn). Suppose that robust, experienced workers would prefer not to pool with sickly workers at their firm, and so they seek out a new job with an employer who does not offer health insurance. What will be the wage of the robust worker at the new job during the first year there? Keep in mind, these workers will no longer be experienced because they will be adapting to a new firm. Under what conditions will it make financial sense for the robust worker to change jobs? Your answer should be an inequality that includes D, θ, Vr, and Vs. e. D is a measure of job-specific human capital; as workers learn the job, they become more productive so D > 0. However, not every job or industry has the same value for D. In some lines of work D is low, while in others D is high, simply because of the nature of the work. Given the results, you have seen in this problem, in which…Among full-time U.S. workers, white women earnabout _________ percent less than white men, andblack men earn about _________ percent less thanwhite men.a. 5; 20b. 5; 40c. 20; 20d. 20; 40
