The Fiscal Year for Pine Valley Skiing Ltd

question 120

Short Answer

The fiscal year for Pine Valley Skiing Ltd., the owner of a downhill skiing facility, ends on June 30. The company began the recently completed fiscal year with its summer maintenance crew of 7. It took on 6 more employees on September 1, hired another 18 on November 1, and added 23 more on December 1. Eleven employees were laid off on March 1, 20 were let go on April 1, and another 16 departed on May 1, leaving only the permanent maintenance personnel. What was the average number of employees per month working for Pine Valley during the fiscal year? (Assume that each month has the same length.)

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Definitions:

Economic Rent

The excess payment for a factor of production over its opportunity cost, highlighting the benefits received from a unique advantage or situation.

Demand for Labor

the quantity of workers that employers are willing and able to hire at a given wage rate in a given time period.

Supply of Labor

The total hours that workers are willing and able to work at a given wage rate, over a certain time frame.

Supply of Capital

The total resources, financial and otherwise, available for investment in production.