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If the revenue for the week is 2000 and labor cost consists of 2 workers earning 8 dollars a hour works 40 hours cost as a percentage of revenue?
To calculate the labor cost as a percentage of revenue, first determine the total labor cost. Two workers earning $8 per hour for 40 hours each results in a total labor cost of $640 (2 workers x $8 x 40 hours). To find the percentage, divide the labor cost by the revenue: ($640 / $2000) x 100, which equals 32%. Thus, the labor cost is 32% of the revenue.
Why do firms will continue hiring workers until the marginal revenue product of labor is equal to the wage rate?
Firms continue hiring workers until the marginal revenue product of labor (MRP) equals the wage rate because this is the point where they maximize profit. When MRP exceeds the wage rate, firms can increase profits by hiring additional workers, as each new worker contributes more to revenue than their cost. Conversely, if the wage exceeds the MRP, hiring more workers would decrease profits, as their cost would outweigh the revenue they generate. Thus, aligning MRP with the wage rate ensures that firms operate efficiently and sustainably.
What was average wage per year in 1928?
In 1928, the average annual wage for American workers was approximately $1,500. However, wages varied significantly by occupation and region, with skilled workers earning more and those in lower-paying jobs earning less. This period was characterized by economic prosperity, leading up to the Great Depression that began in 1929.
Which type of slavery consists of employers holding workers by paying them too little to cover their debts?
Debt Bondage
What is the percentage of workers in primary and secondary and tertiary sector in Qatar?
25% primary 35% secondry 40% thertiary
What are the benefits of motivating workers?
Harmonious relationship within the workplace that leads to higher productivity (employees/workers) and increase in revenue (organization/company).
What percentage of NHS workers are British?
20%
What percentage of Mexican workers are farmers?
187%
What percentage of workers in china are underpaid?
90 % of workers in China are underpaid by western standards
How did the industrial lead to the idea of communism?
workers were earning very little money compared to business owners?
How did the industrial revolution lead the idea of communism?
workers were earning very little money compared to business owners?
How did the Industrial Revolution lead to the idea of communism?
workers were earning very little money compared to business owners?
What percentage of workers in North Korea are in agriculture?
25%.
What percentage of US workers are employed in agriculture?
2%
What percentage of Chad workers are employed in agriculture?
83%
Who were the workers for the Union pacific railroad?
a high percentage were Chinese
What percentage of workers are working from home?
It greatly varies by industry but estimates of the percentage range from 5% to 20%.
