Question: Hourly wage rates are an anachronism Efficiency requires incentive based pay
“Hourly wage rates are an anachronism. Efficiency requires incentive-based pay tied to performance.” Discuss this statement.
Answer to relevant QuestionsExplain why the MP/P relation is deficient as the sole mechanism for determining the optimal level of resource employment.Explain why company productivity is important to managers, employees, and investors. Is superior worker productivity a necessary and sufficient condition for above-average compensation?Determine whether the following production functions exhibit constant, increasing, or decreasing returns to scale.A. Q = 0.5X + 2Y + 40ZB. Q = 3L + 10K + 500C. Q = 4A + 6B + 8ABD. Q = 7L2 + 5LK + 2K2E. Q = 10L0.5K0.3Assume that a firm produces its product in a system described in the following production function and price data:Q = 3X + 5Y + XYPX = $3PY = $6Here, X and Y are two variable input factors employed in the production of Q.A. ...Do operating strategies of average cost minimization and profit maximization always lead to identical levels of output?
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