If labor productivity in a steel mine is 0.5 ton per worker, then 500 steel workers with a fixed amount of capital produce Group of answer choices 2,500 tons. 500 tons. 250 tons. 5,000 tons.
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- The Al-Maskri Company in Seeb makes flower pots and receives RO 10 for each finished pot. Mr. Al-Maskri’s only factors of production are flower pot machine operators (labor) and a small building where the laborers work from. The number of flower pots per day the company produces depends on the number of employee-hours per day as shown below. The wage is RO 15 per hour. Number of pots per day Number of employee-hours per day 0 0 5 1 10 2 15 4 20 7 25 11 30 16 35 22 Al-Maskri’s daily fixed cost for the flower pot making machine and building is RO 60. Complete the following Table showing total revenue, variable cost, total cost, and daily profit for various quantities of daily flower pot production. Quantity of Pots per day Total Revenue RO per day Variable Costs RO per day Total Costs RO per day Profit RO per day 0 0 0 60 -60 5 75 -25 10 15…PLANT OUTPUT (TONS) CAPITAL ($) LABOUR (HOURS) 1 605.3 18,891 700.2 2 566.1 19,201 651.8 3 647.1 20,655 822.9 4 523.7 15,082 650.3 5 712.3 20,300 859.0 6 487.5 16,079 613.0 7 761.6 24,194 851.3 8 442.5 11,504 655.4 9…PLANT OUTPUT (TONS) CAPITAL ($) LABOUR (HOURS) 1 605.3 18,891 700.2 2 566.1 19,201 651.8 3 647.1 20,655 822.9 4 523.7 15,082 650.3 5 712.3 20,300 859.0 6 487.5 16,079 613.0 7 761.6 24,194 851.3 8 442.5 11,504 655.4 9…
- Farmer Greene faces diminishing marginal product.If she plants no seeds on her farm, she gets noharvest. If she plants 1 bag of seeds, she gets3 bushels of wheat. If she plants 2 bags, she gets5 bushels. If she plants 3 bags, she getsa. 6 bushels.b. 7 bushels.c. 8 bushels.d. 9 bushels.Technology A Technology B Technology C Output K L K L K L 10 4 5 5 6 6 4 15 3 10 4 7 5 5 20 4 11 5 8 7 8 25) Which technology will the firm choose for Q = 15, if price(capital) : 3 and price (labor): 2? a) technology A b) technology B c) technology C d)none of them18. Assuming England has 60 man-hours (mhrs) of labor resource available for production, and labor is the only resource, the per unit resource cost of wine in England is ____ mhrs/bottle. (Ple
- 15. A firm can use three different production technologies, withcapital and labor requirements at each level of output as follows:TECHNOLOGY 1 TECHNOLOGY 2 TECHNOLOGY 3DailyOutputK L K L K L100 3 7 4 5 5 4150 3 10 4 7 5 5200 4 11 5 8 6 6250 5 13 6 10 7 8a. Suppose the firm is operating in a high-wage country, wherecapital cost is $100 per unit per day and labor cost is $80 perworker per day. For each level of output, which technologyis cheapest?b. Now suppose the firm is operating in a low-wage country,where capital cost is $100 per unit per day but labor cost isonly $40 per unit per day. For each level of output, whichtechnology is cheapest?c. Suppose the firm moves from a high-wage to a low-wagecountry but its level of output remains constant at 200 unitsA jeweler has hired a craftsman to make handmade jewelry. All items produced are identical, but the jeweler notes that the 15th item produced costs $425 while the 30th item produced costs $375. What is the percentage change in labour cost when output is doubled from 15 to 30? a.-11.8% b.13.3% c.-13.3% d.11.8% e.88.2%No written by hand solution "Lemonade in Winter" includes the cost of the ingredients, but not the cost of labor O True O False
- In the, between what two levels of output does one first observe the law of diminishing returns? Labor(workers) Total prosucts(units) 0 0 5 1000 10 3000 15 4000 20 4500 Select one. 4000 and 4500 1000 and 3000 0 and 1000 3000 and 4000In a small town of 100 people, there are10 children under 16, 10 retired people, 60people with full-time jobs, 3 people withpart-time jobs, 3 full-time students over 16,and 4 full-time homemakers. The remainingpeople did not have jobs, but wanted them.What is the participation rate in this town?A. 63.0%B. 72.0%C. 81.1%D. 87.5%11th - Which of the following costs does not include wages? a) Constant B) mean variable C) Variable D) Marginal costs TO) Total costs