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The wage unit is a unit of measurement for monetary quantities introduced by Keynes in his 1936 book The General Theory of Employment, Interest and Money (General Theory). [1] A value expressed in wage units is equal to its price in money units divided by the wage (in money units) of a man-hour of labour.
Man-hour rate – the amount of man-hours which are consumed executing one unit of work activity. Man-hour rate = man-hours required for work / completed work quantity. Example: Excavation 0.125 mh/cy. The man-hour rate is related to the inverse of the production rate times the number of workers in the crew performing the work.
A man-hour or human-hour is the amount of work performed by the average worker in one hour. [1] [2] It is used for estimation of the total amount of uninterrupted labor required to perform a task. For example, researching and writing a college paper might require eighty man-hours, while preparing a family banquet from scratch might require ten ...
In Value, Price and Profit (1865), Karl Marx quotes Adam Smith: It suffices to say that if supply and demand equilibrate each other, the market prices of commodities will correspond with their natural prices, that is to say, with their values as determined by the respective quantities of labor required for their production. [16]
Moreover, if A and B are combined and used up to make product C in 40 hours, then product C is likely to be worth the equivalent of around 145 hours of human work in total, including the work of actually making product C. [19] For that reason, most market trade in products is regular and largely predictable as far as price levels are concerned ...
For example, a full week of 40 hours has an FTE value of 1.0, so a person working 20 hours would have an FTE value of 0.5. Certain industries may adopt 35 hours, depending on the company, its location and the nature of work. Whole-time equivalent (WTE) is the same as FTE and applies also to students in education. [7]
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Statistical units are also called equivalent units. ... Unit price is also a valuation method for buyers who purchase in bulk. Buyer seeks to purchase 10000 widgets ...