Complete question:
Petra owns a coffee shop. She has ten employees.In 2007, she paid her employees minimum wage ($5.85 an hour).In 2008, the minimum wage increased to $6.55 an hour.In 2009, the minimum wage increased to $7.25 an hour. Petra is paying her ten employees for 40 hours a week 52 weeks each year. In 2007 Petra spent___ on wages for her employees each week. When the minimum wage rose in 2009, Petra had to increase her annual budget for wage from 2008 by___
Answer: $2340 ; $14,560
Explanation:
Given the following :
2007 minimum wage = $5.85/ hour
2008 minimum wage = $6.55/ hour
2009 minimum wage = $7.25/ hour
Number of Employees = 10
Number of hours = 40 hours per week for 52 weeks
Amount spent on wages per week in 2007:
Minimum wage × number of employees × number of hours per week
= $5.85 × 10 × 40 = $2340
B.)
wage increase between 2008 - 2009:
$7.25/hour - 6.55/hour = $0.7/hour
Therefore, increase in annual budget equals:
Wage increase × number of employees × number of hours per week × number of weeks
= $0.7 × 10 × 40 × 52 = $14,560
Answer:
$2340 ; $14,560
on E2020 HAVE A GREAT DAY!!! :)
Why is the price floor above the equilibrium point and the price ceiling below the equilibrium point? Please explain as well!
Answer:
THE GIVEN STATEMENT IS WRONG.
The prices and the quantities of the products are usually set up by considering demand and supply. Sometimes, people may not agree with the price of a certain thing. Due to these reason, the government may set a maximum and minimum price limits on a product so it always remains in a certain range.
The upper limit is Price Ceiling. When a Price Ceiling is set below the equilibrium point, the demand will exceed the supply and shortages will occur.
The lower limit is Price Floor. When a price floor is set above the equilibrium point, the supply will exceed the demand, resulting in surplus quantity of a product
describe the similarities and differences between partnerships and sole proprietorships
Answer and Explanation:
In the case of a small business, a sole proprietorship or the partnership model is usually the most suitable. A sole proprietorship is a business owned and controlled by one individual, while a partnership is a business owned and managed by more than one person but less than twenty people.
Who owns the factors of production?
Answer: factors of production, such as land and capital, is owned by workers.
hope this helped ;)
An investment offers to double your money in 30 months (don’t believe it). What rate per six months are you being offered? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Rate %
Answer:
9.05%
Explanation:
The formula that would be used to fund the interest rate =
[(FV / PV)^1/N ] - 1
FV / PV = Future value/ present value = 2 (The investment offers to double the investment)
M = 5 (30 months / 6 months )
(2 ^1/8) - 1 = 0.090508 = 9.05%
I hope my answer helps you
Mr. X and Y are having a discussion. Mr. X felt that business is based on selfish desires to gain higher and higher profits while Mr. Y felt that profit is essential for business. Can you support Mr. Y's case by providing strong points for his favour.
Answer: Ensure running cost is maintained to sustain business.
Explanation:
Resources to drive the business; probably the capital to start the business ain't much to cover for the production of more products or to cover for other expenses, here there would be a valid point for an increase in finances in some areas which won't be based on greed or selfishness. The running cost of a business matters, so the business doesn't crumble or there isn't enough return on investment.
Do you think a luxury brand can ever be called good value? Explain your answer
yes like sometimes because in quality or the design and Makes something good.
By agreeing to work together, either formally or informally, oligopolies in a market can ________ profits by reducing output and charging a ________ price which is much like a monopoly.
Answer:
increase, high.Explanation:
By agreeing to work together, either formally or informally, oligopolies in a market can increase profits by reducing output and charging a high price which is much like a monopoly. When firms form an oligarchy in a market to reduce output and keep prices high, it is called collusion. They more or less become like a monopolistic entity as they collude together to reduce output and demand an agreed higher price.