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What else can I help you with?
How do you solve unemployment problems by using 3 fundamental question of economics?
One possible way to solve unemployment problems is by using the 3 fundamental questions of economics. These are what to produce, how to produce it, and the cost of production.
Short-run cost curves would not be affected by an increase in the wage paid to a firms labor?
Short-run cost curves would indeed be affected by an increase in the wage paid to a firm's labor, as labor is a variable cost in the short run. An increase in wages raises the firm's total variable costs, leading to higher average variable costs and potentially higher average total costs. This change would shift the cost curves upward, reflecting the increased expense of hiring labor. Therefore, it is incorrect to state that short-run cost curves would not be affected by wage increases.
What should the relationship of material cost to labor cost be?
multiply the cost of labor by the cost of materials. add the cost of labor and materials. subtract the cost of labor from materials. divide the cost of labor by the cost of materials. which one is correct
What do you mean by labor cost variance?
Labor cost variance means the difference between standard labor cost and actual labor cost.
What is the economic cost of unemployment?
What is the average direct labor cost in manufacturing?
Average direct labor cost is the opening direct labor cost + closing direct labor cost / 2
How much does unemployment cost?
Not much
Which is not a cost of recessions?
low unemployment
When would you use direct labor as cost driver?
In labor intensive industry direct labor cost is used as cost driver.
Is labor rates and labor cost are the same thing?
Rates is cost-per-hour, labor cost is the total, regardless of time.
Is direct labor cost a relevant cost?
If direct labor cost creates impact or influences the decision then it is relevant cost but if direct labor is not creating influence or changing in decision then it is irrelevant cost for example direct labor cost remain same irrespective of whatever the decision then direct labor cost is also irrelevant.
Is indirect labor a variable cost?
If indirect labor change with the change of units of product then indirect labor is a variable cost. If change in the quantity of units has no impact on indirect labor cost then it is a fixed cost.
