The teohnically efficient combiaation of two products a business cän produce in the current period given its existing resources and teohnology is: LA) The production possibilities frontier (b) The marginal rate of product transformation (c). The least cost.combination of two products (d) The maiginal physical product
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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?What is the difference between economies of scale, constant returns to scale, and diseconomies of scale?1. Match the following terms to their descriptions - Economies of scale - Constant returns to scale - Diseconomies of scale - a curve which represents a company's ability to adjust it's methods and costs of productivity over time, optimized according to quantity produced ATTACHED FILE ARE THE OPTIONS
- Green Bank employs three loan officers, each working eight hours per day. Each officer processes an average of five loans per day. The bank’s payroll cost for the officers is $820 per day, and there is a daily overhead expense of $500. labor and multifactor productivity will be: Select one: a. Non of choices. b. labor productivity 0.630, multifactor productivity 0.0125. c. labor productivity 0.640, multifactor productivity 0.0135. d. labor productivity 0.625, multifactor productivity 0.0113.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?
- Describe the unit-of-production method?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)Explain the characteristics of production in the short term vs the long tem in terms of factorsof productions and diseconomies of scale
- Complete the table below: Output TotalCost(RM) Totalvariablecost(RM) Totalfixedcost(RM)Averagefixedcost(RM)Averagetotalcost(RM)Marginalcost (RM) 0 505 16010 20020 25036 33058 40072 48088 580106 700130 820150 980The per-unit cost of an item is its average total cost (= total cost/quantity). Suppose that a new cell phone application costs $200,000 to develop and only $0.50 per unit to deliver to each cell phone customer. a. What will be the per-unit cost of the application if it sells 100 units? b. What will be the per-unit cost of the application if it sells 1,000 units? c. What will be the per-unit cost of the application if it sells 1 million units?What is the difference between economies of scale andeconomies of scope? How do firms consider these wheninvesting in processes?