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What best explains why the level of wages are largely determined by the law of supply and demand?
People looking for jobs constitute the supply of labor. Firms looking for employees constitute the demand for labor. Clearly then if there is a large supply of labor available and not much demand, wages will be low. If there is a large demand for labor and a small supply, wages will be high.
What steps does the firm need to take to reconcile labor supply and labor demand?
Labor supply, and demand is what determines the cost of Labor. Firms must consider their margin, pricing policy, improvement costs to raise productivity, market share, and competition, to arrive at a labor level reconciliation. Or The first step a firm needs to take to reconcile labor supply and labor demand is to analyze what problems need to be resolved. The goal is to have the labor supply, which is made up of the hours employees work, equal the labor demand, which is the work that needs to be done. Some firms hire outside consultants to do this for them.
What factors that affects the demand for money?
The major factors that affect the demand for money are price level, interest rates, economy, and the price of money.
A nation can increase its production possibilities by?
A nation can increase its production possibilities by improving labor productivity. More industries can be created so as to increase the output level.
How can a firm use the Cobb-Douglas production function to maximize profits in a real-world example?
A firm can use the Cobb-Douglas production function to maximize profits by determining the optimal combination of inputs, such as labor and capital, to achieve the highest level of output at the lowest cost. For example, a manufacturing company can use the Cobb-Douglas function to analyze how changes in labor and capital inputs affect production levels and costs, allowing them to make informed decisions on resource allocation to maximize profits.
What are the factors that affect labor supply?
There are many factors that affect labor supply. In most cases, this will be determined by the wage rate of the particular industry and the production level expected among other factors.
How does temperature affect production?
hoe does CT2 level affect oxogen production
What are the factors that affect the supply?
There are many factors that affect labor supply. In most cases, this will be determined by the wage rate of the particular industry and the production level expected among other factors.
What is the differences between Fixed Direct labor with variable direct labor?
Direct labor which do not vary with level of production is fixed direct labor while labor vary with change in production is variable direct labor.
What best explains why the level of wages are largely determined by the law of supply and demand?
People looking for jobs constitute the supply of labor. Firms looking for employees constitute the demand for labor. Clearly then if there is a large supply of labor available and not much demand, wages will be low. If there is a large demand for labor and a small supply, wages will be high.
6 What are the advantage and disadvantage of level production schedules in firms with cyclical sales?
The advantage of the level production schedule in firms with cyclical sales is resources and labor are spread evenly. The disadvantage of the level production schedule is that it is a costly exercise.
Direct labor a variable cost or semi-variable cost?
Direct labor is variable cost as it varies with the change in level of production of units.
What steps does the firm need to take to reconcile labor supply and labor demand?
Labor supply, and demand is what determines the cost of Labor. Firms must consider their margin, pricing policy, improvement costs to raise productivity, market share, and competition, to arrive at a labor level reconciliation. Or The first step a firm needs to take to reconcile labor supply and labor demand is to analyze what problems need to be resolved. The goal is to have the labor supply, which is made up of the hours employees work, equal the labor demand, which is the work that needs to be done. Some firms hire outside consultants to do this for them.
What kind of cost is direct Labor?
Direct labor is direct cost as it varies with variation in production level and directly related with number of units of product.
What factors that affects the demand for money?
The major factors that affect the demand for money are price level, interest rates, economy, and the price of money.
Which of the four factors of production must be prioritized?
The four factors of production (land, labor, capital and entrepreneur) must all present if you wish to improve the economic level of production.
A nation can increase its production possibilities by?
A nation can increase its production possibilities by improving labor productivity. More industries can be created so as to increase the output level.
