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- 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?With the increase in the production which cost Increases continuously?2.1 The production function illustrates the relationship between.......... and..................
- Among the three stages of production, until what point should one produce considering the law of diminishing marginal product?Write about the production function with two and more than two variablesIn 1 hour, john can make 4 sandwiches or 9 salads. Jane works with John and in one hour she can make 7 sandwiches or 10 salads. Knowing the each work 8 hours per day, if they both allocate 4 hours to each activity, then in total how many salads can be made?
- Define factors of production and describehow they contribute to output.At the moment, Marge uses 16 labour hours and 16 hair dryers. Suppose that Marge can use any amount of either input without affecting the market costs of the inputs. If Marge increased her use of labour hours and hair dryers by 10%, how much would her production increase?Draw a total production graph where you indicate how total production changes whenthe number of workers increase. Use the total production graph to explain the differencebetween marginal product and diminishing marginal product
- what is the main difference between average physical and marginal physical product? describe the concepts of fixed and variable cost and provide an example for each. describe purchasing power while also providing an example of decreased purchaing powerWhy does more inputs not necessarily translate into more output?Explain a firm’s production function. Include in your answer how time influences the production function.