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What are the 3 theories of wage determination?
The three main theories of wage determination are the marginal productivity theory, the bargaining theory, and the efficiency wage theory. The marginal productivity theory posits that wages are determined by the value of the additional output generated by an employee. The bargaining theory suggests that wages result from negotiations between employers and employees, influenced by factors like labor market conditions and union presence. The efficiency wage theory argues that higher wages can lead to increased productivity and lower turnover, as employers seek to incentivize better performance and attract more qualified workers.
Describe two factors that affect labor supply and two factors that affect labor demand?
The determinants of labor demand depend on which model is being observed or utilized. One model is the efficiency wage model is based off the gift exchange theory, and the cost of job loss theory of employment. Gift exchange theory is the idea of the employee productivity is related to the compensation of the job (with diminishing returns). Cost of job loss states that there are significant costs to the employee for losing their job and is motivated by the fear of losing the job. Both theories produce an equilibrium that is above the market wage because its goal is to maximize labor productivity, where the quantity per wage ratio is maximized, rather than to minimize production costs. In the competitive model of the labor market, the firm has a downwardly sloping demand curve where there is a negative relationship between employment and wage; employment decreases as wage increases and vice versa. Also in this model the supply curve for labor is perfectly elastic. This is because in a competitive market the firm is a wage taken and has no control over the wage of the employees. Neither supplier nor demander of labor has any bargaining power to raise or lower wages, thus there is one wage and both parties will be able to participate in the labor market as much as they choose. The determinants of labor supply also depend on which model is being observed or utilized. One way of looking at labor supply is the neoclassical model. This model looks at the indifference curve of an individual in terms of labor versus leisure. It looks at the extensive and intensive margins of labor supply. The extensive margin of labor supply is the decision to go into the labor market, and the intensive margin of labor is the decision of how many hours to work in the labor market. The main concept behind the extensive margin is the reservation wage, which is the lowest wage an individual will work for one hour. The main concept behind the intensive margin is the individual preferences regarding leisure and work. This framework implies that each person will have different labor supply behavior. Another determinant of labor supply looks at the role of institutions and culture to influence how much an individual will work. Evidence for this model is more to do with the implementation of social programs and changing social structures than a predictive model. It looks at increased gender equality to look at the increase in labor participation by women. It also looks at the implementation of child daycare programs that also look at the increase in women labor participation.
The real wage will rise if the nominal wage?
The real wage is the amount of money paid when adjusted for inflation. This wage will rise if the nominal wage rises.
What is relative wage?
Relative wage is the wage that is comparable for a certain type of job. It will not necessarily tell you wage rate but the range that you should look for that type of job.
Minimum wage in the 1920s?
what was the minimum wage in the 1920
What is efficiency wage model?
efficiency wage
Efficiency wage model firms tend to pay workers?
no.
What is the efficiency rating of a Model 1825 freezer?
The efficiency rating of a Model 1825 freezer typically refers to its energy consumption and performance classification, which can vary by manufacturer and specific model. Generally, freezers are rated using the Energy Efficiency Ratio (EER) or similar metrics, with higher ratings indicating better energy efficiency. To find the exact efficiency rating for the Model 1825 freezer, it's best to consult the manufacturer's specifications or the Energy Star certification if applicable.
What is the air conditioner energy efficiency rating of the model you are considering purchasing?
The air conditioner energy efficiency rating of the model I am considering purchasing is measured by its SEER (Seasonal Energy Efficiency Ratio) value, which indicates how efficiently it can cool a space.
What is the wage for a model?
Modeling can be a lucrative career. The average print model makes between $15,000-$30,000 per year. Top models earn millions of dollars.
How did ford increase efficiency?
he used a conveyor belt for the model t cars
What are the 3 theories of wage determination?
The three main theories of wage determination are the marginal productivity theory, the bargaining theory, and the efficiency wage theory. The marginal productivity theory posits that wages are determined by the value of the additional output generated by an employee. The bargaining theory suggests that wages result from negotiations between employers and employees, influenced by factors like labor market conditions and union presence. The efficiency wage theory argues that higher wages can lead to increased productivity and lower turnover, as employers seek to incentivize better performance and attract more qualified workers.
What is seer rating tonnage of Tempstar AC model n2a348aka300?
The Tempstar AC model N2A348AKA300 has a SEER (Seasonal Energy Efficiency Ratio) rating of 14. This rating indicates the energy efficiency of the air conditioning unit, with higher numbers representing better efficiency. The model is designed for residential use and provides effective cooling while aiming to minimize energy consumption. For specific tonnage, this model typically has a capacity of 2.5 tons.
What has the author Andrew Weiss written?
Andrew Weiss has written: 'Beginning mindfulness' -- subject(s): Meditation 'Efficiency Wage Models of Unemployment (Fundamentals of Pure and Applied Economics)' 'Efficiency wages' -- subject(s): Incentives in industry, Unemployment, Wages
What does a credit balance in a direct labor efficiency variance account indicate?
The average wage rate paid to direct labour employees was less than the standard rate.
Describe two factors that affect labor supply and two factors that affect labor demand?
The determinants of labor demand depend on which model is being observed or utilized. One model is the efficiency wage model is based off the gift exchange theory, and the cost of job loss theory of employment. Gift exchange theory is the idea of the employee productivity is related to the compensation of the job (with diminishing returns). Cost of job loss states that there are significant costs to the employee for losing their job and is motivated by the fear of losing the job. Both theories produce an equilibrium that is above the market wage because its goal is to maximize labor productivity, where the quantity per wage ratio is maximized, rather than to minimize production costs. In the competitive model of the labor market, the firm has a downwardly sloping demand curve where there is a negative relationship between employment and wage; employment decreases as wage increases and vice versa. Also in this model the supply curve for labor is perfectly elastic. This is because in a competitive market the firm is a wage taken and has no control over the wage of the employees. Neither supplier nor demander of labor has any bargaining power to raise or lower wages, thus there is one wage and both parties will be able to participate in the labor market as much as they choose. The determinants of labor supply also depend on which model is being observed or utilized. One way of looking at labor supply is the neoclassical model. This model looks at the indifference curve of an individual in terms of labor versus leisure. It looks at the extensive and intensive margins of labor supply. The extensive margin of labor supply is the decision to go into the labor market, and the intensive margin of labor is the decision of how many hours to work in the labor market. The main concept behind the extensive margin is the reservation wage, which is the lowest wage an individual will work for one hour. The main concept behind the intensive margin is the individual preferences regarding leisure and work. This framework implies that each person will have different labor supply behavior. Another determinant of labor supply looks at the role of institutions and culture to influence how much an individual will work. Evidence for this model is more to do with the implementation of social programs and changing social structures than a predictive model. It looks at increased gender equality to look at the increase in labor participation by women. It also looks at the implementation of child daycare programs that also look at the increase in women labor participation.
What is the tonnage of the Tempstar High Efficiency 5000 air conditioner Model Number CA5560VKD1?
5
