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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“We should raise the minimum wage so that no one who works full time has to live in poverty.” For those who do not know what minimum wage is‚ it is the lowest wage sanctioned by law or by a special arrangement. In the United States‚ the minimum wage is $7.25 per hour. According to BLS Reports‚ in 2014 77.2 million people at the ages of 16 and older were paid at hourly rates. Out of those 77.2 million‚ 1.3 million received the minimum wage‚ while 1.7 of them had wages below the minimum. Through years
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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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qualities of leadership are portrayed in many of the subjects brought up in Dr. Jesus de la Teja’s article‚ “The Saltillo Fair and its San Antonio Connections”. Not only is it seen many times and in multiple ways‚ but it helps the reader to understand the relationships between the people who participated in the fair‚ the people who organized the fair‚ and those who sometimes avoided the fair for personal reasons. The article gives a clear picture of how Mexican territories and the growing areas of the American
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Vanity Fair Vanity Fair: a novel without a Hero is a novel by English author William Makepeace Thackeray ‚ satirizing society in early 19th century Britain. The book’s title come from John Bunyan’s allegorical story The Pilgrim’s Progress published in 1678 and held in a town called Vanity Fair. Vanity Fair is the most famous novel of realism in English literature of the 19th century‚ which was written under the pseudonym William Makepeace Thackeray and published in 1847. The story begins with
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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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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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room. “What I feel‚" she says‚ "is anxiety. I felt it just this morning. It’s constantly in the back of my mind: ’Am I going to have enough to pay the bills?’” She grows what food she can and buys items that can be stretched out to multiple meals. To live with the concern of whether or not she will be able to keep her home and feed herself shouldn’t be an issue for anyone. They are programs to help starving children in foreign countries then maybe the government should stop and look at whats happening
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To what extent is the YCJA fair and equitable to youth? Established on April 1‚ 2003‚ the Young Criminal Justice Act (YCJA) was created to replace the Young Offenders Act (YOA). Along with replacing the YOA‚ the YCJA was created to be fair and equitable to youth. Fair and equitable means for everyone to receive the same punishment if the same crime was committed‚ regardless of gender‚ race or‚ to a certain extent‚ age. If two people are near the same age and have committed the same crime‚ they should
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Minimum wage in Malaysia: need for it and its’ possible effectiveness 1.0.Introduction Background Information There has been growing debates concerning the minimum wage in Malaysia‚ with strong opinions from both sides of the arguments. In 1979 edition of their introductory textbook‚ William B. Aumol and Alan Blinder explained‚ “The primary consequence of the minimum wage law is not an increase in the incomes of the least skilled workers but a restriction of their employment opportunities” (p
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