Jul 22, 2017 Research papers

What if the government raised the minimum wage. How would this policy effect your firm?

This paper concentrates on the primary theme of What if the government raised the minimum wage. How would this policy effect your firm? in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.

Labor Economics (mod 3 SLP)

INSTRUCTIONS:

Module 3 - Background

DEMAND: UTILITY AND MARGINALITY

We will examine the labor market in this module. The demand and supply curves determine the wage and quantity of labor in each market. You will also review the concept of marginal productivity.

Required Reading

Bouman, John. () Principles of Microeconomics. "Unit 4: Business Production Behavior" (Sections 1-4 only) Retrieved from:http://www.inflateyourmind.com/pdfs/microeconomics.pdf

Rittenberg Libby and T. Tregarthen. (2009). Chapter 12: Wages and Employment in Perfect Competition. Sections 1-4. Retrieved from: http://www.web-books.com/eLibrary/NC/B0/B63/TOC.html

SLP Readings

Boaz, David. Reporting the Minimum Wage. Cato Institute. Retrieved from: http://www.cato-at-liberty.org/reporting-the-minimum-wage/

Filion, Kai (2009) Minimum Wage Issue Guide. Economic Policy Institute. Retrieved from:http://www.epi.org/publication/issue_guide_on_minimum_wage/

Course Handout

A Short Lesson on Marginal Productivity

Note: All readings were validated on March 17, 2013.

Module 3 – SLP Assignment 

DEMAND: UTILITY AND MARGINALITY

The Labor Market

Most firms require labor to produce output. The number of workers to hire is often an important decision of the firm because it affects the costs and profits of the firm. Write a to 3-page paper on the following issues:

  1. Suppose you are the manager of the firm. What advice would you give the owners to raise the productivity of its labor? Be specific in your proposal.
  2. What if the government raised the minimum wage. How would this policy effect your firm?
  3. Use the readings from the background page. In general, do you think the government should intervene in the market?

SLP Assignment Expectations

Use concepts from the modular background readings as well as any good-quality resources you can find. Please be sure to cite all sources within the text and a reference list at the end of the paper.

Length: 3 pages double-spaced and typed.

The following items will be assessed in particular:

  • Your ability to examine the labor market in a particular firm.
  • Some in-text references to the modular background readings (APA formatting not required).
  • The essay should address each element of the assignment. Remember to support your answers with solid references.

Upload your paper when it is done.

 

Answer the following question highlighted in the green text this should go under the references page of the paper please give more than a 3 sentence reply upload when complete

Explain the law of diminishing returns in your own words. Give two examples that illustrates the principle. One should be related to consumption and the other should focus on production. Please do not repeat an example that has already been posted.

 

 

Upload your paper when it is done.

ANSWER THE FOLLOWING QUIESTION AFTER THIS ESSAY IS COMPLETE PLEASE ENSURE YOU HAVE A MINIUM OF 5 SENTENCES. These questions should be answer after the References .

LAST

Explain the law of diminishing returns in your own words. Give two examples that illustrates the principle. One should be related to consumption and the other should focus on production.

 

CONTENT:
Labor EconomicsName:Institution:Task:Tutor:Date:Labor EconomicsQ1. Labor productivityEvery firm aims at minimizing costs and maximizing profits, a firm should therefore be able to effectively manage its labor resources. This is the effective and efficient utilization of human resources with the aim of achieving the organization’s goals and objectives. The firm should be able to identify its labor requirements and utilize them in a way that attains optimal marginal productivity. A high marginal productivity in a firm measures the efficiency of the labor force, it lowers the average costs of operations of the firm, improves the firm’s competitiveness in the industry and trade performance leading to increased profits (Libby &Tregarthen 2009). A firm should therefore seek to improve the productivity of its labor force; this can be done through various approaches which can be used simultaneously for better outcomes.Firstly the firm should offer fair remuneration to all the workers. Differences in wages may be brought about by different levels of education among the workers, a college trained worker should not be paid the same as a high school trained worker The years of experience of each employee can also determine the level of wages paid; there are also factors like minimum wages set by the government, wage rates being offered by other firms in the industry for similar work. Secondly, the firm should offer incentive programs to empower their employees. For instance offering extra rewards for outstanding performance of the employees will motivate them to put in some extra effort all times so that they can win the reward. The firm can also carry out employee training programs to improve their expertise in a certain area. This also minimizes delays in their work that may be caused by injuries and or internal conflicts.Q2. Effects of an incre...


0% Plagiarism Guaranteed & Custom Written, Tailored to your instructions


International House, 12 Constance Street, London, United Kingdom,
E16 2DQ

UK Registered Company # 11483120


100% Pass Guarantee

Order Now

STILL NOT CONVINCED?

We've produced some samples of what you can expect from our Academic Writing Service - these are created by our writers to show you the kind of high-quality work you'll receive. Take a look for yourself!

View Our Samples

corona virus stop
FLAT 25% OFF ON EVERY ORDER.Use "FLAT25" as your promo code during checkout