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For a long time, your firm has been paying its workers a wage of $20 per hour, and your employees have been happy to work 40 hours per week at this wage. Business is suddenly booming, and your firm would really like your workers to agree to a 50-hour work week to meet this new
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- You were able to purchase two tickets to an upcoming concert for $100 apiece when the concert was first announced three months ago. Recently, you saw that StubHub was listing similar seats for $225 apiece. What does it cost you to attend the concert?Megan used to work at the local pizzeria for $17,000 per year but quit in order to start her own deli. Last year, she paid $4,000 rent each month, $4,500 for employee payroll each month, and $1,500 for supplies each month. She was planning on selling $2,500 worth of furniture but ended up bringing the furniture to her new deli. She had total revenue of $150,000. She asked an accountant and an economist to calculate her annual costs. Accountant says cost is $120,000, and economist says her cost is $139,500. Accountant says cost is $139,500, and economist says her cost is $120,000. Accountant says cost is $10,000, and economist says her cost is $29,500. Accountant says cost is $30,000, and economist says her cost is $10,500.During last summer you agreed with your neighbors to mow their lawn for $20 per hour of work. This year they will require your services again during the summer vacation, should you ask for a higher wage or not?explain your answer.
- Marissa, a single mother with one child, can’t seem to make ends meet. Rent and utilities eat up most of her paycheck, so when something unexpected happens, she is often short. Last week, her car broke down but she was already way behind in credit card payments. Yesterday, a collections guy called and said that if she didn't pay at least $100 right away, she’d be taken to court. When she got off the phone, she started to cry. Her friend Kathy asked her what was wrong. Marissa described to her how bad her financial situation is, and Kathy thought that Marissa might qualify for food stamps. Marissa has a full-time job so she isn't sure that she’ll qualify, and even if she does, she isn’t sure it will help too much. ) How is it possible that someone making almost 25% more than the minimum wage, and working full-time, qualifies for food assistance? Fully explain.You are the vice president of a firm. After some analysis, you have determined that increasing the salaries of your workers by 10% will likely help increase your firm's profits. As a result of this finding, you meet with your firm's CEO and urge them to implement this 10% pay raise. a) Describe two arguments in favour of this 10% pay raise that centers on its potential to improve worker productivity. b) Describe two arguments in favour of this 10% pay raise that centers on its potential to lower your firm’s total costs.Luke is not very experienced with Excel and thus, like many people, doesn’t know how to exploit its advantages. If Luke were your employee, what might you do to ensure he doesn’t underestimate how much Excel can do?
- You bought a ticket for a concert of Taylor Swift in Manchester for £400. If you want, you can return the ticket for a full refund up to the start of the concert. You were willing to pay up to £600 for that ticket. The train ticket from your home to Manchester and return costs £150. There are no other costs of going to the concert. You realise now that the concert is sold out. After checking various websites, you receive a firm offer for your concert ticket of £2100. If you do not go to the concert, your next best alternative for that day is watching a pay-per-view video of an Amy McDonalds concert on Netflix for £50 at home. Your willingness to pay for the pay-per-view video is £300 (Your willingness to pay for the concert ticket does not change over time.) Which decision is the optimal decision in economic terms? What is the opportunity cost of going to the concert in Manchester? What is the opportunity cost of staying home? Calculate the net cost (or net benefit) if you decide to…A craft chocolate producer considers hiring one extra worker in production. Currently, the shop is selling 200 chocolate bars per day at a price of $6. With one extra worker, the manager estimates that they would be able to increase the output to 250 chocolate bars per day and that they would need to lower the price to $5.50 in order to sell them. The daily salary of this new employee would be the same as for the existing ones: $150. What should the manager do? Group of answer choices Reduce the number of workers working in his chocolate place Increase its selling price Turn down the new worker and maintain the same number of employees Increase the salary of all employees Hire the extra workerA carpenter quits his job at a furniture factory to open his own cabinetmaking business. In his first two years of operation, his sales average $100 000 per year and his operating costs for wood, workshop and tool rental, utilities, and miscellaneous expenses average $70 000 per year. Now his old job at the furniture factory is again available. What is the lowest wage at which he should decide to return to his old job? Why?
- You are considering renting a city apartment with 1,000 square feet for $1,700 per month. The monthly rent on a larger, 1,500-square-foot city apartment is $2,350. The marginal cost of renting an apartment with 500 additional square feet is $nothing per square foot per month. (Round your response to two decimal places.)Jane is the General Manager at a new café and wants to hire a few baristas. The going rate for baristas is $15 per hour. Jane has heard that many of the local coffee shops have high turnover with baristas “ghosting” them – simply not showing up for their shifts and never coming back. Jane starts to put together an advertisement to hire baristas for $15 per hour, but changes her mind and lists the wages she will pay at $20 per hour. Why would Jane pay $15 per hour? What’s her rationale for paying $20 (or any wage higher than $15)?Edie chooses to work 90 hours per week when the wage rate is $16 per hour. If she is offered time-and-a-half ($24 per hour) for “overtime work” (i.e., hours in excess of 90 per week), will she choose to work longer hours? Support your results with a diagram.