EWORK Fe wEEK 9 3,5,G SUBMIT EnJ Mumple choice stion, Durnstarpestiens nd Challe

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EWORK Fe wEEK 9 3,5,G SUBMIT EnJ Mumple choice stion, Durnstarpestiens nd Challenge questions 7. The efficioney wage Ipothesis snggeats that wage rata is where tho demand for labor equsls thoe upply of Labour 8) efficieney wage rate is where the damand for labour is los than the supply of labour soma worars will shit,regardless of their wage rate, causing inafficiency ) worters should be paid wage greater dianthe maruroleaag wage Tho demond for Inhour esve of a perfeetly competitive firnu slopes downward beconse B) the marginal cost of labour increases. Di the marginal physical prodoct of fshour decresses 9. Which el the follewing workers would have the most elastic sepply Al to soll more it has to reduceo the price of its product O Ci there are decreasing reurns to scala A) Doctors B) Shoop shearers. ci Shop ssistants Di Nurses 10. A monopsenist will smploy labour up to the polst whare the cest of the last person easployed Al squals their average revenus product B) istheir wage. C equals their marginal revenus product Di is oqual to the average cost of labour discussion questions . Anslyss the effect of a tall in the wage rste on the long-run demand for labour 2. Why do you think the groportion of employoos who sre trade unicn members has been falling? Why may a firm pay its ishour more than necesfary to retain thom within the firm 4 The wage rate a firm bas to pay and the output it can produce vary with the number ol workers, ss shown in the table below. (AIl fiqures ars hourty. Nunber of workers 23 456 7 Wego ran(AC, (S)/ 3 4 5 6 7 9 10 Total oatpat iTPP 1 2232 46 50 52 52 Assumg that output sels st S2 per unit. al Copy the tebls and add additional rows for TC , MC, TRP and MRP Put the figuree for MC an MRP in the spaces betwesn the columns

Explanation / Answer

A firm can pay employees these facilities and perks to ensure retention

1. Career development opportunities

2. Regular feedback and appraisal systems.

3. Appreciation and recognition for good performance

4. Flexible work schedules to ensure that proper work-life balance strikes

5. Good salary increment and good pay increase over years.

6 Good health benefits including leave policy, healthcare.

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