Question

In: Economics

You are a worker at a local McDonald Restaurant! How many hours you are willing to...

You are a worker at a local McDonald Restaurant! How many hours you are willing to work at a local McDonald’s at various wage rates? Provide the answer with reasoning!

Wage Differentials

If all workers were identical, if all jobs were identical, and if all information were perfect, there would be no wage differentials—all workers would earn the same wage.
The reasons for wage differences include compensating wage differentials and differences in individual productivity.

Solutions

Expert Solution

In local McDonald Restaurant worker Shifts are normally 4 -9 hours in length - and weekly hours vary from 4 to 45 dependants on the employee’s availability.

The average crew member salary at McDonald's is $9 per hour, with a range of $7 to $13; that's compared to the national average fast food crew member salary of $8.33 per hour. McDonald's cashiers, on the other hand, take home an average $8 per hour, with a range of $7 to $15. And senior lebel manager salary $141000 annually while lowest paying job at Mcdonald’s is food prep Chef at $14,000 annually.

If all workers were identical, if all jobs were identical, and if all information were perfect, there would be no wage differentials—all workers would earn the same wage. Its depend when a worker working same industry and same location even all information would be perfect.

“We know that a wage differential render to the difference in wage between people with similar skills with different localities or different industries. It can also render difference in wages between employees who have dissimilar skills within the same industry. It is generally referenced when discussing the given risk of a certain job. There are also geographical wage differentials where people with the same job may be paid different amounts based on where exactly they live and the attractiveness of the area”.


Related Solutions

You are a worker at a local McDonald Restaurant! How many hours you are willing to...
You are a worker at a local McDonald Restaurant! How many hours you are willing to work at a local McDonald’s at various wage rates? Provide the answer with reasoning! Discuss why computer science professors earn more than English professors, and what comparable worth would mean to each professor’s salary.
3. A local college is studying the number of credit hours students take and how many...
3. A local college is studying the number of credit hours students take and how many total minutes they spend reading for fun/pleasure (e.g., non-class-related materials). They don’t know whether to expect that studentswill read more or less when enrolled in a lot of classes/hours or fewer hours. They study 68 students and find a correlation of -0.30. (A) State the decision rule for the 0.05 significance level. (6) Reject H0 if t > _________ (B) Compute the value of...
Develop a compensation and appraisal system for an International McDonald"s restaurant business.
Develop a compensation and appraisal system for an International McDonald"s restaurant business.
The owner of a local phone store wanted to determine how much customers are willing to...
The owner of a local phone store wanted to determine how much customers are willing to spend on the purchase of a new phone. In a random sample of 8 phones purchased that day, the sample mean was $383.299 and the standard deviation was $24.0154. Calculate a 90% confidence interval to estimate the average price customers are willing to pay per phone. Question 6 options: 1) ( -367.213 , 399.385 ) 2) ( 374.808 , 391.79 ) 3) ( 367.213...
You get paid by the hour and can decide how many hours to work. You are...
You get paid by the hour and can decide how many hours to work. You are planning to fly to California. One roundtrip ticket costs $400 but requires changing planes in Chicago and will take 8 hours each way. The other ticket costs $500 for nonstop flights that take 5 hours each way.                                                                       Suppose you think that working and sitting in airports are equally pleasant or unpleasant activities. If you earn $10 an hour, which ticket should you buy?...
As a medical social worker in a local hospital, you are asked to evaluate the success...
As a medical social worker in a local hospital, you are asked to evaluate the success of a group instruction diabetic control program. You randomly assign twelve diabetic patients to the group program and twelve to the more traditional personal instruction program. Over a twelve-month period you collect data on the number of hospital admissions and emergency room visits for uncontrolled blood sugar for individuals in each group. These data are presented below. You are to analyze these data using...
It is distressing to see how many people are willing to use inflammatory, derogatory, and unnecessarily...
It is distressing to see how many people are willing to use inflammatory, derogatory, and unnecessarily hash statements to the point that the phrase “Internet troll” has been given to describe people with such behaviors. What are your feelings about this behavior, your perception of its impact and consequences, and what action, if any, that should be take to stop such behaviors. Explain your rationale.
You will be conducting research for Mcdonald and providing analysis on how the economy is doing....
You will be conducting research for Mcdonald and providing analysis on how the economy is doing. You are going to act as a consultant and provide economic research using 2-3 different data indicators/points. You are going to find two relevant economic data indicators(examples, unemployment rate, inflation rate, employment rate, GDP, producer price index….etc) that are relevant to your industry and evaluate how the industry is going to be doing in the next 6 months given the economic data and forecasts...
Your local auto store is willing to lease you a new car for $254 a month...
Your local auto store is willing to lease you a new car for $254 a month for 66 months. Payments are due on the first day of each month starting with the day you sign the lease. Using an APR of 8.50% compounded semi-annually, what is the present value of the lease? Question 1 options: $12,822 $13,160 $13,497 $13,834 $14,172
Select a pizza restaurant and a sandwich shop. For the pizza restaurant look at the menu to determine how many sizes, crust types, and toppings are available. How many ..
Select a pizza restaurant and a sandwich shop. For the pizza restaurant look at the menu to determine how many sizes, crust types, and toppings are available. How many different pizza types are possible? For the sandwich shop determine how many breads, meats, veggies, cheeses, sauces, and condiments are available. How many different sandwich choices are possible?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT