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- Continuing from Exercise 7.1, the films factory sits on land owned by the firm that it could rent for 30,000 per year. What was the films economic profit last year?What is a production technology?Retune to Table 7.2. In the top half of the table, at what point does diminishing marginal productivity kick in? What about in the bottom half of the table? How do you explain this?
- What are the factor payments for land, labor, and capital?What is die difference between accounting and economic profit?A firm is considering an investment that will earn a 6 rate of return. If it were to borrow the money, it would have of pay 8 interest on the loan, but it currently has the cash, so it will But need to borrow. Should the firm make line investment? Show your work.
- What shapes would you generally expect a total product curve and a marginal product curve to have?A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?A common name for fixed cost is overhead. If you divide fixed cost by the quantity of output produced, you get average fixed cost. Supposed fixed cost is 1,000. What does the average fixed cost curve look like? Use your response to explain what spreading the overhead means.
- Give the three reasons that explain why the division of labor increases an economys level of production.Explain how having more work-in-process inventory can improve the efi ciency of a process. How can this be bad?7.18 You are the chief learning officer for your organization and are tasked with evaluating a recent training program. What is the easiest way to accomplish this task? O Measure the return on investment. O Assess the transfer of learned skills to the job. O Test participants' knowledge and skills before and after the program OAssess participants' reactions to it.