Exam 9: Evaluating the Market

You have surveyed five companies and obtained the following data regarding the midpoints of the base pay range for the job of "benefit clerk" and the number of employees employed at each company performing that role: $32,000 (Company A with 10 employees), $31,000 (Company B with 20 employees), $30,000 (Company C with 20 employees), $29,000 (Company D with 10 employees), and $29,000 (Company E with 40). What is the weighted mean for this set of data?

In broad terms, wages paid for a particular labourer depend on the relationship between supply and demand for labour, and a specific company's ability to pay.

You determined that $65,000.00 in salary represents the 85th percentile of total compensation paid by employers for the heavy-duty mechanic job in British Columbia. Which of the following statements is accurate, given the aforementioned statement?

Which of the following is NOT a possible limitation of compensation surveys?

Briefly discuss the factors to be considered in defining the relevant labour market for a given firm.