9. The factors of production include: a) land, labor, services, and physical capital. b) land, goods, human capital, and interest. c) land, labor, wages, and interest. d) land, labor, physical capital, and human capital.
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- Course: Microeconomics - Theory of ProductionA field produces wheat. Land is a fixed factor, so the annual harvest depends on the number of hired workers. The following table shows the production of the farm measured in quintals per year. Workers 1 2 3 4 5 6 7 8 9 10 Total Product (TP) 125 ? ? 725 925 1.125 1.275 1.275 1.175 1.000 Average Product (AP) ? 150 ? ? 185 184 175 160 131 100 Marginal Product (MP) ? ? 200 ? 200 180 120 50 -100 -175 We ask: 1) Fill in the missing spaces in the table. 2) The farmer can hire workers for w (salary) = 1,200,000. The price per quintal of wheat is $10,000. How many workers should she hire and why?3) Suppose now that the price is COLLECTIVE OWNERSHIP and no wages are paid, but production is shared equally among those who produce it. How many members should be accepted in the COOPERATIVE if the welfare of the participants is to be maximized?1. Think about a business producing bottled spa water. Identify some examples of the four factors of production which are necessary to produce the output of that business.1. Explain the Theory of Production in Microeconomics. 2. Differentiate labor-intensive and capital-intensive technology. 3. Illustrate and discuss the 3 Stages of Production: Increasing Returns, Diminishing Returns, and Negative Returns.
- Factors of production are A) the mathematical calculations firms make in determining their optimal production levels. B) social and political conditions that affect production. C) the physical relationships between economic inputs and outputs. D) inputs into the production process.H6. Your mother owns and runs an arts and craft store, and the business is doing well. She would have otherwise been employed as a high school geography teacher making $80,000 a year or as an interior decorator making $68,000 a year. She owns the building in which her shop is located, which she could have rented out for $24,000 a year. Her annual revenue from the shop is $430,000 and she employs four workers, each of whom earns $30,000 a year. On average, she spends $206,000 per year traveling, purchasing, and shipping unique merchandise for resale at her store. Based on this information, do you think you should encourage her to return to teaching? Explain your advice with the help of calculations on her opportunity costs, accounting profit, and economic profit.1. Provide your constructive thoughts on the following:" Greater production is not tantamount to greater profit""Higher selling price does not equate to higher profit"
- Blake&Sons run a business of manufacturing animal trackers in Lansing, Michigan. It employs a total of 60 workers for $30 per hour wage rate. Expenses incurred on materials including metal and wiring sum up to $2800. Miscellaneous costs like energy and infrastructure are half of material costs.In January, the firm produced 10,000 trackers, with each employee working for 10 hours. If each tracker is sold for $20, find the following:a) Labor productivity per hourb) Labor productivity per dollarc) Multifactor productivity (Output income)d) Multifactor productivity (Output units)(6) If marginal product is greater than average product (a) total product must be increasing. (b) marginal product must be decreasing. (c) marginal product must be increasing. (d) average product may be increasing or decreasing.(8)A production function: (a) Shows the cost of producing any level of output. (b) Is a technological relationship between factors of production and output. (c) Expresses the least-cost method of producing a given level of output. (d) Expresses our ability to produce various combinations of goods, using all of our resources.
- Which factor is NOT associated with production at a college? Select one: a. the faculty b. classroom buildings c. the computer labs d. electricity1. When one of the factors of production is fixed in quantity or is difficult to increase, increasing other factors of production will result in a less than proportionate increase in output 2. It is the capacity of a commodity to satisfy human wants during its utilization3. Understanding the least-cost rule Alex runs a surfing school on the North Shore of Oahu. He has two inputs: surfboards, which he rents from a local shop for $10 per day, and surfing instructors, whom he hires for $50 per day. Alex has figured out that the marginal physical product (MPP) of the last instructor hired is 15 lessons, and the MPP of the last board used is 2 lessons. Which of the following statements is correct? a. Alex could lower his costs without reducing his output if he employed fewer instructors and used more surfboards. b. Any of these answers may be right, depending on the price of a lesson. c. Alex currently employs a cost-minimizing combination of surfboards and instructors. d. Alex could lower his costs without reducing his output if he employed more instructors and used fewer surfboards.