Zuppann, Inc. has just completed a study of its production process for gadgets. It uses labor and capital to produce gadgets. It has determined that 1 more unit of labor would increase output by 200 gadgets. However an additional unit

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Microeconomics

Zuppann, Inc. has just completed a study of its production process for gadgets. It uses labor and capital to produce gadgets. It has determined that 1 more unit of labor would increase output by 200 gadgets. However an additional unit of capital would increase output by 150 ...

Micro Economics

In YEAR 1, the price of gadgets is $2, while the price of the single variable input used is $28. A profit-maximizing gadget producer uses 9 units of input to produce and sell 252 units of gadgets, earning profit of $2*252 - $28*9 = $252 In YEAR 2, the price of gadgets is $3, ...

Economics (PPFs)

Society has 20 units of capital and 20 units of labor. The production function for X can be expressed as X = K1/2L1/2, and the production for Y can be expressed as Y = K + L. Which of the following input allocations is not efficient? Solution: Industry X uses 13.33 units of ...

Economics

The chapter is on Production and costs in thelong run, we are given a long run expansion path graph, all through out the book we are given labor cost and capital cost, ie. price of labor $5 dollars per unit(w), price of capital $10 per unit (r). Then I get the following ...

Calculus

"The production amount, Q, of an item manufactured by a company is modeled by the CobbDouglas function Q = 200(K^0.6)(L^0.4)(T^0.3) where K is the quantity of capital investment, L is the quantity of labor used, and T is the investment in training. Capital costs are $17 per ...

Economics

Hopefully someone can help me with this. "Suppose the production of airframes is characterized by a CES production function: Q=(K^0.5 + L^0.5)^2 (MPL = (K^1/2 + L^1/2) /L^1/2), MPK = (K^1/2 + L^1/2) /K^1/2) Suppose that the price of labor is $10 per unit and the price of ...

Economics

Can you tell me please if my answer is right to the following question? The question: present Adam Smith's theory of value and limitations. 1. Labor cost: he supported that everyone must produce his own goods using own labor and exchange the surplus with other goods. In this ...

Economics

adam smith supported three different views of theory of value (are the followings correct, i will add them to my essay) 1. Labor cost: he supported that everyone must produce his own goods using own labor and exchange the surplus with other goods. In this model of society no ...

Economics

In an economy where a unit of labour can produce either 1 unit of x or 4 units of y (or any linear combination of the two) and a unit of capital can produce either 4 units of x or 1 unit of y (or any linear combination of the two). There are 100 units of each means of ...

Economics

The production engineers at Impact industries have derived the expansion path shown in the following figure. The price of labor is $100 per unit. a. What prices does an impact industry pay for capital? b. If the manager at impact decides to produce 180 units of output, how ...

Economy

How to draw isoquant curves for a certain quantity? What does "increasing return to scale" and "decreasing returns to scale" mean? What is "capital input" if all I have is quantity of labor and total quqntity of product? Typically, a production isoquant is drawn on a graph ...

government

This one i am stuck between A and B i need help. Which correctly lists the three factors of production in a capitalist economy? A. land, labor, and a laissez-faire economy B. socialism, labor, and capital C. land, labor, and capital D. land, capital, and monopoly

College microeconomics

Need some help with these questions....Thanks in advanced. All profit-maximizing firms hire inputs up to the point where: A) MRP = W B) MR = MC C) MP = W D) MFC = MRP E) MFR = MRC 4) A firm’s marginal revenue product of labor curve A) is steeper than its demand curve for ...

economics

suppose a firm's constant-returns to scale production function requires it to use capital and labor in a fixed ratio of two workers per machine to produce 10 units and that the rental rates for capital and labor are given by v=1, w=3. a. calculate the firm's long run total and...

Economics

Which of the following is least likely to affect an economy's capacity to produce? A.Technology B. Capital C. Labor D. Education E. Government spending I know technology and capital both have a significant affect on the economy's economy so I can cross those off. But between ...

U.S. Gov. & Economics

Which correctly lists the three factors of production in a capitalist economy? a. socialism, labor, and capital b. land, labor, and capital c. land, capital, and monopoly

Macroeconomics

Economists have found that a good approximation of value added production fucntion is given by Y=TFP*(K^alpha)*(L^-alpha) TFP is Total factor Productivity K is capital stock L is quantity of labor used alpha is a paramater around 1/3. How is value added defined? Why don't ...

Math

If a large factory sells its new gadgets for $5 each it can sell 1050 per month and if it sells the same gadgets for $9 it will sell 900 per month. Assuming the relationship between price and sales is linear predict the monthly sales of gadgets to the nearest whole number if ...

Math

A large factory knows that if it sells it's new gadgets for $10 each, it can sell 350 per month and if it sells the same gadgets for $8 it will sell 500 per month assuming the relationship between price and sales is linear predict the monthly sales of gadgets to the nearest ...

Economics

In the short run a firm needs six units of labor to produce eight units of output and ten units of labor to produce nine units of output. If the price of labor is $2 per unit, what is the marginal cost of the ninth unit of output?

Math

The equation y = 240x + 720 gives the cost y (in dollars) when x gadgets are produced. How many gadgets can be produced for $ 30,000?

Calculus (Partial Derivatives)

Using x hours of skilled labor and y hours of unskilled labor, a manufacturer can produce Q(x,y)=40xy1/5 units each week. Currently 20 hours of skilled labor and 243 hours of unskilled labor are being used. Suppose the manufacturer reduces the skilled labor level by 2 hours ...

Economics

There is a graph showing the expansion path and three curves at 120, 180, 240 output levels.The expansion path hits these lines at(120) 20 (C)(capital units) 4(L)(Labor units, (180) 40 (C) 6(L), (240) 50(C) 8(L). There are three straight lines in faded gray that run with these...

Math/Economics

Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 6 workers it produces 90 units of output. Fixed cost of production are $6 and the variable cost per unit of labor is $10. The marginal product of the seventh...

Math/Economics

Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 6 workers it produces 90 units of output. Fixed cost of production are $6 and the variable cost per unit of labor is $10. The marginal product of the seventh...

Economics

Consider the following simplified economy described by a Cobb-Douglas production function with three factors of production: “K” is physical capital (the number of machines), “L” is labor (the number of workers), and “H” is human capital (the number of college ...

Economics

A Cobb-Douglas production function for new company is given by  f(x,y)  50x 2 5 y 3 5 where x represents the units of labor and y represents the units of capital. Suppose units of Labor and capital cost $100 and $200 each respectively. If the budget ...

Economics

Consider the production function Q = 20K 1/2 L 1/2. The firm operates in the short run with 100 units of capital. a. The firm’s short-run production function is Q = __________. c. The average product of labor function is AP = __________. d. The marginal product of labor ...

Economics

What is kenyas factor of production for their land and labor? Which means what percentage do they use their land for what. For te labor it means what labor occurs their, whether it be physical or mental labor. I need details as well as percentages for both. I would really ...

economics

The cost function for an enterprise has the following form: TC = 10L + 20K The production function has the form: 4 ln L + 10 K 1/2 a. Derive the mathematical forms of the marginal and average products of capital and labor. How is the marginal product of labor affected by ...

Macroeconomics help!

Consider the following simplified economy described by a Cobb-Douglas production function with three factors of production: “K” is physical capital (the number of machines), “L” is labor (the number of workers), and “H” is human capital (the number of college ...

calculus

the productivity of a country in western Europe is given by the function f(x,y)=40x^4/5 y^1/5 when x units of labor and y units of capital are used. a)What is the marginal productivity of labor and the marginal productivity of capital when the amounts expended on labor and ...

AP Economics

Identify land, labor and capital as the three factors of production and give examples. I have explained about land. can someone please help me with labor and capital? please! Thank you

Macroeconomics

Can someone point me in the right direction on how to solve this? 1. Suppose you have an economy with two factors of production (capital and labor), and suppose that capital's share of national income is 40% and that labor's share is 60%. Assume also that the annual growth ...

macroeconomics

Can someone point me in the right direction on how to solve this? 1. Suppose you have an economy with two factors of production (capital and labor), and suppose that capital's share of national income is 40% and that labor's share is 60%. Assume also that the annual growth ...

principals of microeconomics

it says that at an output of 100, the firm uses three units of capital (K) and 7 units of labor (L). In 1 capital is $100 per unit per day and labor is $80 per worker per day. So you have 100x 3= $300 and then you have 7x$80=$560. Add those together and at a daily output of ...

calculus word problem

A company has a Cobb-Douglas production function f(x,y)= 20x^0.33y0.67 where x is the utilization of labor and y is the utilization of capital. Determine the number of units of product produced when 1728 units of labor and 27,000 units of capital are used.

accounting

Multiple choice 1. The type of product costing system used by a company is dictated by the : a) plant supervisor b) project manager c) company president d) production process 2. Activity based costing traces production costs to a) activities within the company b) departments ...

Microeconmics

The cross price elasticity for widgets with respect to gadgets is -0.5. If the price of the gadgets rises from $0.95-1.10 (a 10% increase), what will the impact on the quantity demand for widgets at the current market price?

Accounting

Department J had no work in process at the beginning of the period, 18,000 units were completed during the period, 2,000 units were 30% completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the...

A.P. Economics (Please check if I'm right)

Leaving class today, you decide to start an economics tutoring business. Your first step is to get the two categories of capital. Next you need to obtain the other factors of production. Specifically, what do you need in terms of land, labor, and capital. My Ans: Physical ...

Calculus

We're doing optimization problems and this is one that I am having trouble with: Suppose a business can sell x gadgets for p=250-0.01x dollars apiece, and it costs the business c(x)= 100+25x dollars to produce x gadgets. Determine the production level and cost per gadget ...

Business Econ

I need my answers checked for this question, thanks. A firm's production function: Q = 100 K^0.5 L^0.5 During the last production period, the firm operated efficiently and used input rates of 100 and 25 for labor and capital respectively. (a) What is the marginal product of ...

Expansion Path Economics

I've been trying to find a solution to this without much success. I am given the following....The production engineers at Impact Industries have derived the expansion path shown in the following figure. The price of labor is $100 per unit. There is a graph showing the ...

econ

Suppose the production function for widgets is given by: Q = KL - 0.8K^2 - 0.2L^2 where Q represents the quantity of widgets produced, K represents the annual capital input and L represents annual labor input. (a) For K = 10, what is the average productivity of labor equal to...

economics

If capital’s share of income is 25% and labor’s share of income is 75%, the stocks of both capital and labor increase by 50% (K/K = N/N = 0.5), and there is no technology growth, at what rate will potential output grow? Will the capital-labor ratio increase...

economics (micro)

2. In the table below, assume a monopsonist has the marginal-revenue-product schedule for a particular type of labor given in columns 1 and 2 and that the supply schedule for labor is that given in columns 1 and 3. (1) (2) (3) (4) (5) Number of MRP Wage Total Marginal labor ...

Cost accounting

Delaware Inc. uses a standard cost system. The company experienced the following results related to direct labor in December 2008: Actual hours worked 49,500 Standard hours for production 46,200 Actual direct labor rate $9.25 Standard direct labor rate $9.75 a. Calculate the ...

economics

hi new to economics, and struggling with some of its concepts. got this posed as a homework question, and i have to admit stumped as how to begin. Suppose a firm finds that the marginal product of capital is 60 and the marginal product of labor is 20. If the price of capital ...

Economic

Suppose that labor is the only input used by a perfectly competitive firm that can hire workers for $50 per day. The firm’s production function is as follows: Days of Labor/Units of Output: 0/0, 1/7, 2/13, 3/19, 4/25, 5/28, 6/29, 7/29 c. Compute the demand schedule showing ...

accounting

A company has an overhead application rate of 125% of direct labor costs. How much overhead would be allocated to a job if it required total direct labor cost of $20,000? $5,000. $16,000. $25,000. $125,000. $250,000. The R&R Company's production costs for August are: direct ...

Social studies

How are capital resources used in production? A:They allow producers better access to world markets B:They make it possible to employ more skilled labor C:They provide tools that make production more efficient D:They purchase raw materials needed for production I think the ...

Accounting for Managers

Question 11 of 20 5.0 Points Which of the following accurately describes a difference between job order and process costing systems? A. In job order costing systems, overhead costs are treated as product costs, whereas in process costing systems, overhead costs are treated as ...

Economics

Consider a profit maximizing competitive firm with the following production function: y=L^α+K^β where 0 <α< 1 and 0 <β< 1. The firm can purchase labor (L) and capital (K) it wants in competitive input market at unit prices of w and r, ...

Economics

2. (i) The production function for a firm is given by Q = LK where Q denotes output; Land K labor and capital inputs. Wage rate and rental rate are given by w and r respectively. (a) Show whether or not the above production function exhibits diminishing marginal productivity ...

Economics (Production Possibility Frontiers)

Assume that the endownment of capital and labor in a given society is 20 units of capital and 20 units of labor. The production function of good X can be expressed as X = K1/2L1/2, and the production of good Y can be expressed as Y = K + L. Which of the following describes ...

Cost Accounting

For 2008, Southwest Industrial has a monthly overhead cost formula of $42,900 + $6 per direct labor hour. The firm's 2008 expected annual capacity is 156,000 direct labor hours, to be incurred evenly each month. Making one unit of the company's product requres three direct ...

Math

Carole earns 2.50 for each gadget she completes, what was her gross pay if she completed 145 gadgets last week.

calculus

Rice production requires both labor and capital investments in equipment and land. Suppose that if x dollars per acre aer invested in labor and y dollars per acre are investd in equpiment and land, then the yield P of rice per acre is given by the formula P = 100 times the ...

Money and Banking

1. A firm uses capital to produce revenue. The marginal revenue from the first 5 units of capital is as follows: 1st unit has MR 2.30, 2nd unit has MR 1.9, 3rd unit has MR 1.70, 4th unit has MR 1.35, and 5th unit has MR 1.15. If the interest rate is 50%, what is the optimal ...

Cost accounting

(Predetermined OH rate) For 2008, Southwest Industrial has a monthly overhead cost formula of $42,900+$6 per direct labor hour. The firm’s 2008, expected annual capacity is 156,000 direct labor hours, to be incurred evenly each month. Making one unit of the company’s ...

Microeconomics

Cant find equations for solving for MP and AP. Suppose firms A and B each make T-shirts. Firm A's production function is q = L0.5 K0.5. Firm B's production function is q = 1.2 L0.5 K0.5. a.If the two firms each hire the same amounts of capital and labor, compare the two firms ...

History

12.)Which of the following best describes assembly line production? A.)A process using interchangeable parts that constructs products entirely instead of by individual piece*** B.)A process using workers to construct products more efficiently by dividing labor into specialized...

History

12.)Which of the following best describes assembly line production? A.)A process using interchangeable parts that constructs products entirely instead of by individual piece*** B.)A process using workers to construct products more efficiently by dividing labor into specialized...

Capital Budgeting

A company has revenues of 100 per unit sold. Current sales are 7500 units. Labor rates are 15 per hour. It takes 1.2 hours of labor to make each buggy. Material costs are 13.50 per unit. Figures are expected to remain the same permanently if the company continues to ...

history

more and more women continued to join the labor force throughout the 1950s. What change was taking place in the famale labor force? more and more married women were joining the labor force. and the number of single women in the labor force was steady, in one place

economics

Hold capital constant at 100 while you increase labor, what happens to output? Hold labor constant to 100 and raise the level of capital. What happens to output? What happens when you raise labor and capital by the same amount? i think the first 2 ques the output increases, ...

economics

šPlease explain these question in words! š How will demand and supply curve shift? 1. Labor market for math and science teachers when wages available in private industries utilizing these skills rise. 2. Labor market for university professors when college enrollment ...

economics

what are the three main types of resources used for making,selling,and using goods and services? a. soil,water,air b. money,barter,credit, c.gold,silver,bronze I would not go with any of your choices. We generally think of the three factors of production as land, labor, and ...

economic

Show graphically and explain how a policy that increases the productivity of the labor input in a labor abundant country affects the equilibrium terms of trade between that country and a capital intensive country (assume that L and K are the only inputs and that the countries ...

ACTIVITY-BASED COSTING

Globe Company produces two products, A1 and B2. A1 is a high-volume item totaling 20,000 units annually. B2 is a low-volume item totaling only 6,000 units per year. A1 requires one hour of direct labor for completion, while each unit of B2 requires 2 hours. Therefore, total ...

Macroeconomics

Here are my answers and i wanted to check if they were correct to the quiz posted below. 1.a because its a model for the ppf 2.b Just wha thappens when technology is completely ignored 3.a because the model is based off of inputs and outputs 4.c because savings greatly ...

Economics

Consider the production function Q= 20K^(1/2)L^(1/2). The firm operates in the short run with 16 units of capital. a. The firm's short-run production function is Q=? b. The average product of labor function is AP=? c. The marginal product of labor function is MP=? d. Show that...

college level Macroeconomics

Here are my answers and i wanted to check if they were correct to the quiz posted below. 1.a because its a model for the ppf 2.b Just wha thappens when technology is completely ignored 3.a because the model is based off of inputs and outputs 4.c because savings greatly ...

Us after 1877

Why would the Knights of Labor oppose child labor beyond the obvious reason that children should not be forced to work? What about their opposition to convict labor?

econ - 2 ques

on a circular flow diagram: If you buy a pair of shoes, does the purchase directly contribute to the arrows of a) spending and revenue OR b) spending and revenue AND goods and services bought and sold #2 After working a week at a nail salon, you get your first paycheck. This ...

Finite Math

Kane Manufacturing has a division that produces two models of hibachis, model A and model B. To produce each model-A hibachi requires 3 lb of cast iron and 6 min of labor. To produce each model-B hibachi requires 4 lb of cast iron and 3 min of labor. The profit for each model-...

Finite

Kane Manufacturing has a division that produces two models of hibachis, model A and model B. To produce each model A hibachi requires 3 lb of cast iron and 6 min of labor. To produce each model B hibachi requires 4 lb of cast iron and 3 min of labor. The profit for each model ...

accounting

True/Falses 1. Period costs are not considered when costing products for inventory. 2. All direct labor costs during a period of time should be considered product costs and should be temporarily accumulated in the work in process inventory account. 3. Manufacturing overhead is...

math

Amalgamated Furniture Company makes dining room tables and chairs. A table requires 8 labor-hours for assembling and 2 labor-hours for finishing. A chair requires 2 labor-hours for assembly and 1 labor-hour for finishing. The maximum labor-hours available per day for ...

Accounting

Cambridge Manufacturing Company, Inc. has 200 labor-hours available. There is no limit on machine hours. Cambridge can sell all of Product B that it wants, but it can only sell 30 units and 20 units of Products A and C, respectively. Product-A Product-B Product-C Contribution ...

Economics

Which of the following is not a factor of production? A. Capital B. Goods and Services C. Labor D. Land

Economics

Which of the following is not a factor of production? A. Land B. Capital C. Labor D. Goods and Services D?

accounting

Selected T-accounts for Rolm Company are given below for the just completed year: Raw Materials Manufacturing Overhead Bal. 1/1 31,000 Credits ? Debits 390,000 Credits ? Debits 420,000 Bal. 12/31 56,000 Work in Process Factory Wages Payable Bal. 1/1 73,000 Credits 710,000 ...

economics

Consider an economy with the production function L^(1/3) a) Derive the Labor demand Curve b) If Labor supply curve is L^s= (w/p), calculate the equilibrium levels of real wage, labor and output. c) Assume M^s= 45 and k=3 . What is the equation of the aggregate demand curve for...

managerial economics

you are planning to estmate a short-run production for your firm, and you have collected the following data on labor usage and output: LABOR

Statistics

EU (European Union) countries report that 46% of their labor force is female. The United Nations wants to determine if the percentage of women in the U.S. labor force is the same. Representatives from the United States Department of Labor plan to check a random sample of more ...

Labor Relations

Please explain the labor relations process and the phases in labor relations process

Social

How does capital help human productivity in relation to farm labor, office help, teaching, or government administration? I know capital is a source of income/money and it provides funding for school and teachers. How does it affect the government administration and farm labor ...

Economics

1) The long run growth rate of the economy is consistent with: a.An outward expansion the economy's production possibilities frontier. b.A rightward shift in the aggregate demand curve. c.An inward expansion the economy's production possibilities frontier. d.An increase in the...

Managerial Economics

I've been trying to find a solution to this without much success. I am given the following....The production engineers at Impact Industries have derived the expansion path shown in the following figure. The price of labor is $100 per unit. There is a graph showing the ...

microeconomics

Describe the adjustments in the production possibilities curves in each of the following situations for the United States economy. You should use a graph of a production possibilities curve in your explanation of each scenario. The two goods being produced in the economy are ...

Managerial Economics

I'm not sure I have the formulas correct for this problem and I do not know what the labor hours are.... Dimex Company, a sheet-metal mfg., estimates its long run production function is: 3 3 2 2 Q = -0.015625K L + 10K L where Q is the number of body panels produced daily. K is...

Microeconomics

The labor demand curve of a purely competitive seller: What exactly is your question? Is it something like: what is the slope (elasticity) of the demand for labor labor faced by a producer who sells in a perfectly competitive market? I would argue that selling in a perfect ...

Finite Math

Kane Manufacturing has a division that produces two models of hibachis, model A and model B. To produce each model-A hibachi requires 3 lb of cast iron and 6 min of labor. To produce each model-B hibachi requires 4 lb of cast iron and 3 min of labor. The profit for each model-...

Finite

Kane Manufacturing has a division that produces two models of hibachis, model A and model B. To produce each model-A hibachi requires 3 lb of cast iron and 6 min of labor. To produce each model-B hibachi requires 4 lb of cast iron and 3 min of labor. The profit for each model-...

math

The table shows the average production data for three products over the last month. The difference between the costs and the sale price is the company profit for one unit. If a new production method allows the labor costs of Product C to be reduced to $3.45 per unit while ...

finite

Kane Manufacturing has a division that produces two models of hibachis, model A and model B. To produce each model A hibachi requires 6 lb of cast iron and 12 min of labor. To produce each model B hibachi requires 7 lb of cast iron and 6 min of labor. The profit for each model...

Accounting

Department S had no work in process at the beginning of the period , 18,000 units were started during the period, 2,000 units were 30% completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the ...

micro-economics ---price...diminishing marginal..

Assume that the graph illustrates the marginal, average variable and average total cost curves of a typical soybean grower and that the wholesale market for soy beans is a perfectly competitive market. 1) As output expands, at what level of output does this grower first start ...

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