If the supply of person-hours in the market shifts to the right, then the equilibrium wage will <u>fall</u> and the number of person-hours will <u>increase</u>.
The equilibrium wage price is at the intersection of the supply and demand for labor. Personnel is hired as much as the factor where the extra value of hiring an employee Is equal to the extra income revenue from selling their output.
Labor market Equilibrium, the actual salary, and the equilibrium quantity of exertions traded are decided by the intersection of labor supply and labor call for. on the equilibrium actual wage, the amount of hard work provided equals the quantity of labor demanded.
A person's labor supply curve marks out the number of hours they are willing to work at one-of-a-kind wages, the equal manner that a vendor's supply curve marks out how a great deal they are inclined to promote at exceptional costs.
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Answer:
A.
They ensure that people and businesses can buy what they need.
Explanation:
Borrowing involves requesting and receiving a huge sum of money in a lump sum. Households and firms borrow from lenders to finance business expansion or domestic consumption.
In the economy, borrowing is significant as it facilitates the acquisition of start-up capital, capital goods, and household developments. Without borrowing and lending, these investments and consumption would not be possible as they require large sums of money to initialize. If firms and households depended on savings for capital and consumption expenditure, the rate of economic growth would be very slow. It would take many years to achieve the substantial amount needed for expansion and development projects.
Answer:
$76
Explanation:
The computation of Unit product cost under variable costing is shown below:-
Unit product cost under variable costing = Direct material + Direct labor + Variable manufacturing overhead
= $47 + $21 + $8
= $76
So, for calculating the Unit product cost under variable costing we simply added the direct material, direct labor and variable manufacturing overhead.
Answer:
<em>(A) Unit variable costs fluctuate and unit fixed costs remain constant.</em>
Explanation:
The <em>fixed costs</em> are the costs which have to be incurred always, irrespective of what the output produced is by the firm. For instance, a firm always has to charge depreciation on its fixed assets, pay salary to the premises staff and pay fixed salary to the managers for managing etc, irrespective of whatever output it produces.
<em>Variable costs</em> are the costs which vary with the level of output produced activity. For example, if more output is produced more will be the raw material payments, more will be the manufacturing related other expenses and more will be the wages paid to the labour etc and vice-versa.
Hence, thereby the per <em>unit variable costs fluctuate and unit fixed costs remain constant.</em>
Answer:
Real income has increased by $720 in terms of dollar and 2% in percentage
Explanation:
<em>The real income is determined by adjusting the nominal income for inflation. The consumer price index (CPI) is used to measure the rate of inflation.</em>
R<em>eal income = Nominal income × CPI Base year/ CPI in current year</em>
Real Income = 32000 × 120/125
=$30,720
Change Real income
Change in real income ($) = 30,720 - 30,000
= $ 720
Change in real income (%) = (720/30,000) × 100
= 2%
Real income has increased by $720 in terms of dollar and 2% in percentage