In the 45 years since the introduction of the automated teller machine (ATM), the number of human bank tellers employed in the US has significantly decreased. The weak wage growth for unskilled workers owes more to a technology-induced shift within advanced countries than globalization. Globalization increased the wage gap between developing and developed nations. The earnings gap between workers in skilled and unskilled sectors has narrowed as a result of globalization.
Added by Kaitlin W.
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This is due to the automation of certain tasks that were previously done by human tellers, leading to a reduced need for their services. Show more…
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magine customers waiting in line for tellers at two different banks. Customers at Bank of Jehovah can enter any one of three different lines leading to three different tellers. ARAC Bank also has three different tellers, but all customers wait in a single line and are called to the next available teller. The following data sets include the waiting times (in minutes) for eleven customers at each bank. Which bank do you think has the largest amount of variation in waiting times? Bank of Jehovah 5.1,6.2,6.6,7.2,7.7,8.2,8.7,8.7,9.5,10.3,11.0 ARAC Bank 7.6,7.7,7.7,7.9,8.1,8.2,8.3,8.4,8.7,8.8,8.8 Select the correct answer below:
T. L.
Jennifer S.
Bank 1 and Bank 2 are considering entering a compatibility agreement that would permit the users of each bank's automated teller machines (ATMs) access to the other bank's ATMs. Bank 1 has a network of branches and ATMs extending from Connecticut to Florida. Bank I's 12 million customers currently have access only to the 10,000 ATMs solely owned by the company on the East Coast. While Bank 2 's core account holders are located on the West Coast and southwestern portion of the United States, the company is expanding to the East Coast. Bank 2 has 15 million customers who can use any of its 14,000 ATMs. Using the idea of network externalities, describe how such an agreement between Bank 1 and Bank 2 would benefit consumers.
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