Questions for Homework 7 1. | The value of marginal product A. | equals marginal product. | B. | describes the costs of hiring an extra worker. | C. | equals marginal product divided by price. | D. | equals average product times the wage rate. | E. | equals marginal product times price. | | 2. | The marginal product of the 14th worker is 8 and the firm sells its output for $4 per unit. The value of the 14th worker’s marginal product is A. | $2. | B. | $4. | C. | $12
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cannot be abused or treated unfairly due to their race‚ age‚ gender‚ sexual orientation‚ or any other protected characteristic. Employment law covers other mechanisms which exist to protect the rights of employees‚ including rights to a minimum wage and reasonable working hours‚ and health and safety regulations to ensure that employees do not come to any harm. The law also entitles some employees to redundancy payments when they are made redundant‚ and allows them to take their employer to an
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Wages of Sport Athletes How would you like to be paid twenty-three million dollars a year ? It is obvious to say that everyone would more than love it. This figure is only one of the many outrageous wages athletes are being paid today. True‚ not all twenty-three million dollars goes directly to the athlete because of Uncle Sam. Still these figures are too extreme regardless of the sport‚ baseball‚ football or basketball. The athletes here in the United States are without a doubt the greatest on
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explains how the wages had been increasing since 1973. The wage in the early 2000s did not meet the amount earned back in 1973. The workers chose not to quit their jobs because they would run into transportation issues. Even if they had a car to drive to and from work‚ they still had to pay for gas which took away from their salary. Employees count on the money taboo to keep their ways of income a secret. Low wage workers benefit from this because they do not want to reveal their wage compared to others
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Soccer Players Wages Soccer is the most popular sport in the world with billions of people in all countries following their team. But despite soccer’s popularity‚ it does not seen right that soccer players should get paid the amounts they do when their job is not as worthwhile and life threatening as other jobs like soldiers and doctors. Currently the top ten players in the world earn between $15million to $50million a year‚ compare this with normal jobs where people earn $32‚000 a year. The highest
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Minimum wage can be a very picky subject due to many different opinions on the topic. Minimum wage can only be understood by people who have been paid nothing but minimum wage. To say that everyone that is making minimum wage is struggling is an overstatement. Although there are some negatives with the minimum wage. A person who makes minimum wage still endures the same amount of labor as a person who do not get paid minimum wage. Coming from me‚ a person who made minimum wage working in fast food
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The Economic Effect of a Minimum Wage Increase in the Fast Food Industry A question plaguing economists in the news the last couple of years is what would the effect of a minimum wage increase be for the workforce in the fast food industry. Better yet‚ how would it affect the fast food industry itself. There have been certain areas of the country that have already increased the minimum wage for fast food workers‚ but the debate is would it work elsewhere. With the increase in the demand from the
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Abolishing the Minimum Wage Many Americans think of the minimum wage as a means of raising the income of the working people. However‚ the minimum wage is not the best way to combat poverty. In fact‚ the minimum wage does more harm than good. The list of its negative effects is a long one: it causes unemployment; it prevents unskilled workers from getting the on-the-job training they need; it encourages teenagers to drop out of school; it promotes the hiring of illegal aliens; and it increases welfare
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the social benefits to the minimum wage increase is valuable for families‚ and it will profit this province as a whole. Economic aspects that further exhibit the advantage of increasing the minimum wage include assisting many who have buried themselves in debt a chance to escape with freedom‚ and persuades lower income workers to be less reliant on public services. Lastly‚ the political factors which reveal continued advantages to increasing the minimum wage in Ontario are justice for hard employees
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that employers were legally required to pay their employees overtime for certain jobs. When the law was first passed the country’s minimum wage was $0.25 per hour. The federal minimum wage applies to every state under Washington’s Constitutional authority to regulate “interstate commerce‚” but several states have passed their own laws to raise the minimum wage above the federal $7.25 level. Nineteen states have requirements higher than the federal level‚ eight states are higher than $8 per hour‚ five
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