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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?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)a.Calculate the total and the average productivity from the following information. b.Plot the total productivity curve as well as the marginal and the average productivity curves. Number of workers Marginal product 1 5.0 2 8.0 3 12.0 4 14.0 5 13.5 6 12.0 7 10.0 8 8.0 9 5.0 10 3.5 11 1.5 12 0.0
- The following production grid shows the relationship between Capital and Labor inputs and the output that can be produced by a firm. Capital Labor 0 1 2 3 4 5 6 7 8 9 0 0 0 0 0 0 0 0 0 0 0 1 0 2 6 14 24 36 42 46 48 48 2 0 6 24 60 120 170 210 240 260 270 3 0 14 60 170 210 240 300 360 420 460 4 0 24 120 210 260 420 560 680 760 820 5 0 36 170 240 420 820 1000 1140 1240 1320 6 0 42 210 300 560 1000 1400 1700 1900 2000 7 0 46 240 360 680 1140 1700 2200 2600 2800 8 0 48 260 420 760 1240 1900 2600 3000 3200 9 0 48 270 460 820 1320 2000 2800 3200 3400 (a) Based on this information use Excel Charts to set up an isoquant map with isoquants representing output levels of 24, 210, 420, and 820 units of output.The per-unit cist of an item is its average total cost=(=total cost/quantity). Suppose that a new cell phone application costs $100,000 to develop and only $0.70 per unit to deliver to each cell phone customer. What will be the per-unit coat of the application if it sells 100 units? What will be the per-unit coat of the application if it sells 1,000 units? What will be the per-unit cost of the application if it sells 1 million units?2. Calculate the appropriate learning rate and the overall average improvement rate for this data set. (Hint: Subtract Average labor/unit of previous lower production level from the Average labor/unit of the production level for which you are trying to figure out the learning rate, then divide by the previous production level average labor/unit. See example above 6-5.4/6=10%) I included an image that has a table in it
- 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.Define factors of production and describehow they contribute to output.Harvey quit his job at State University, where he earned $62,000 a year. He figures his entrepreneurial talent or forgone entrepreneurial income to be $4,000 a year. To start the business, he cashed in $50,000 in bonds that earned 10 percent interest annually to buy a software company, Extreme Gaming. In the first year, the firm sold 10,000 units of software at $72 for each unit. Of the $72 per unit, $60 goes for the costs of production, packaging, marketing, employee wages and benefits, and rent on a building. The economic profits of Harvey's firm in the first year were
- Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 90 0 90 0 0 0 0 3 1 4 90 20 110 22.5 5 27.5 5 3 2 90 90 40 130 1 0.444 1.444 0.233 3 3 160 90 60 150 0.563 0.375 0.938 0.286 3 4 200 90 80 170 0.45 0.400 0.85 0.5 3 5 230 90 100 190 0.391 0.435 0.826 0.667 3 6 250 90 120 210 0.36 0.480 0.84 1 3 7 260 90 140 230 0.346 0.538 0.885 2 3 8 265 90 160 250 0.340 0.604 0.943 4 If the price of the output is $1, how many units of output should the firm produce to maximize profit? What is the firm’s profit level?Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 90 0 90 0 0 0 0 3 1 4 90 20 110 22.5 5 27.5 5 3 2 90 90 40 130 1 0.444 1.444 0.233 3 3 160 90 60 150 0.563 0.375 0.938 0.286 3 4 200 90 80 170 0.45 0.400 0.85 0.5 3 5 230 90 100 190 0.391 0.435 0.826 0.667 3 6 250 90 120 210 0.36 0.480 0.84 1 3 7 260 90 140 230 0.346 0.538 0.885 2 3 8 265 90 160 250 0.340 0.604 0.943 4 If the firm produces 265 units of output and sells it at $1 per unit, is it making profits or losses? How much are they making?Give correct typing answer with explanation and conclusion Pauli hire Hamish to build a four-drawer armoire for new home, to be completed by August 15. But Hamish calls Pauli on August 1 and says that he will not be able to complete the armoire on time.
