--%>

Explain the behavior of the workers

Use the economic perspective to explain the behavior of the workers?  Why do they work so diligently?

E

Expert

Verified

Workers at the fast-food restaurant are also engaging in rational behaviour attempting to achieve maximum fulfillment of their goals.  Every worker is considered the opportunity cost of being in the restaurant rather than participating in the activity that is perceived as the next best alternative (say, cruising around in their cars).

The diligence observed is a function of their desire to maintain employment and the marginal benefit they receive from another day’s pay.  Most among them quit their jobs after high school graduation because they receive more highly valued offers for the use of their time.

   Related Questions in Business Economics

  • Q : Determine the clearest illustration of

    The clearest illustration of economic inefficiency would be: (w) maintaining a warehouse full of pet rocks within hopes such that someday the fad will return. (x) pet rocks being unavailable to people willing to pay a price that exceeds the marginal s

  • Q : Write short note on Demand Write short

    Write short note on Demand, Supply and Equilibrium?

  • Q : Explain how an increase in state

    Use two market diagrams to explain how an increase in state subsidies to public colleges might affect tuition and enrollments in both public and private colleges.

  • Q : Rivalry for various types of resources

    Intermediaries ultimately prosper only when they give a service of decreasing: (1) demand for a good (2) prices paid to manufacturers of a good. (3) transaction costs. (4) rivalry for various types of resources. (5) cut-throat competition into markets

  • Q : Distribution of income and wealth in a

    Of the given options, the economist whose theories pivoted least upon the distribution of income and wealth (class conflict) in a capitalist system would have been: (1) Adam Smith. (2) David Ricardo. (3) Karl Marx. (4

  • Q : Initial systematic and popular

    The initial systematic and popular description of capitalism was explained in: (1) Sir Thomas Mun’s England’s Treasure by Foreign Trade. (2) Joseph A. Schumpeter’s Capitalism, Socialism, and Democracy. (3) John Maynard Keynes’

  • Q : Determine opportunity costs while

    Marrying the one you love involves opportunity costs, mainly since: (i) being married limits your freedom to marry someone else, and you should also consider making someone else happy while making decisions which affect both of you. (ii) two can live

  • Q : Main economic functions of government

    Enumerate and briefly discuss the main economic functions of government.  Which of these functions do you think is the most controversial?  Why?

  • Q : Describe unexpected deflation Describe

    Describe unexpected deflation?

  • Q : Freedom is to some extent illusory

    Illustrate “freedom is to some extent illusory”?