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In 1914 ford motor company doubled its wage to 5 per day a

In 1914, Ford Motor Company doubled its wage to $5 per day, a rate that was considerably above the average wage at that time.

a. In terms of efficiency wages, explain why Ford would have had an incentive to do this.

b. What data would you look for to determine whether Ford’s wage increase was successful in achieving its goals?

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Solution Preview :

Prepared by a verified Expert

Microeconomics: In 1914 ford motor company doubled its wage to 5 per day a

Reference No:- TGS0662467

Have a Question? (oR Write a Review)

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Reference No:- TGS0662467

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