Chapter10Homework_Question11

In the Dichter Co., indirect labor is budgeted for $72,000 and factory supervision is budgeted for $24,000 at normal capacity of 160,000 direct labor hours. If 180,000 direct labor hours are worked, flexible budget total for these costs is OA) $96,000. OB) $105,000. OC) $99,000. D) $108,000.

oboard S Font Paragraph S Sensitivity Styles Editing Voice A Cobb-Douglas production function for new company is given by FF(KK, LL) = KK3/5LL2/5 where K represents the units of capital and L represents the units of labor. Suppose units of labor and capital cost $200 and $100 each respectively. If the budget constraint is $30,000, find the maximum production level for this company. VAAAWMMAA AAAAAAAAA SAAAAAAA

Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two related? Why is MC called the mirror image of MPP? Explain.   Answer must correct. Describe it step by step. Don,t copy from anywhere. Use word file for answer. Use graph. word limit minimum 350 .

The amount of fish  caught per week an a trawler is a function of the crew size assigned  to operate the boat. Based on past data, consider the following production function identifying  the relationship between output and labor input. You may assume that capital is fixed at 10 units.Labour Input (No of. Workers) (L)    Total Product TPL (Q). From the table below :-(a) Calculate APL and MPL. (b) Graph APL and MPL. Do they have the expected shape? (c) On your graph, identify the three stages of production Labour input (No of Workers) (L) Total Product TP L (Q) 0 0 1 80 2 170 3 300 4 450 5 540 6 620 7 700 8 770 9 830 10 880 11 920 12 950 13 970 14 980 15 985 16 988 17 988

(a) Complete the following table and draw the corresponding graphs.   Capital inputs Labor inputs Total product Average product Marginal product 20 0 0     20 1 15     20 2 34     20 3 51     20 4 65     20 5 74     20 6 80     20 7 80     20 8 75       (b) What is relationship between MP and AP? Explain why MP first rises, then declines and ultimately becomes negative?        (c) Whether the above phenomenon is long run or short run and why?         (d) Does law of diminishing marginal returns holds in above scenario? Why and why not.

s) A Company uses normal costing. It allocates manufacturing overhead costs using a budgeted rate per machine-hour. The following data are available for 2014: Budgeted manufacturing overhead costs Budgeted machine-hours Actual manufacturing overhead costs Actual machine-hours $ 5,200,000 200,000 $ 5,000,000 180,000 a. Calculate the budgeted manufacturing overhead rate. b. Calculate the manufacturing overhead allocated during 2014. c. Calculate the amount of under- or overallocated manufacturing overhead.

QUESTION 12 A research study published in Social Science Medicine. "Production Functions for General Hospitals," estimated the following general hospital production function in the Netherlands: Q = 5*Staf 24+Beds 64Drugs 04:5pecialists 02, where Qis a measure used by the authors for patient care. Suppose a hospital currently utilizes the following inputs: Staff=10, Beds = 100, Drugs = 50, Specialists =10. Use a spreadsheet to find the following. If the hospital increases its specialists by one (1), that is, employs an 11th specialist, the increase in Q (marginal product) will be: O A. 1.23. O B. 96. OC. 83. OD. 49. O E. 31. QUESTION 13 A study published in Social Science Medicine, "Production Functions for General Hospitals," estimated the following general hospital production function: Q = 5*Staff 34-Beds 64xDrugs 04Specialits 02, where Q is a measure used by the authors for patient care. If we increase all inputs by 1%. the percentage change in Q will be: O A.5.0 O B. 1.04. OC 3.3.…

(A) With P = 20, W = 25 and TFC = 500: Labor Output (Q) (L) 5 10 25 35 50 60 10 25 60 70 80 90 Marginal Physical Product of AVC=VC/Q ATC=TC/Q Labour (MPPL) 2 3 4 2 2 1 Average Physical Cost Product of (TC) (VC) Labour (APPL) 2 2.5 2.4 2 1.6 1.5 MPPL = Change in Q / Change in L APPL=Q/L TC = TFC + VC VC=W* L MC = Change in TC / Change in Q Total Variable Marginal Average Cost Variable 625 750 1125 1835 1750 2000 125 250 625 875 1250 1500 Cost (MC) 15 10 6 10 15 30 Average Total Cost Cost (AVC) (ATC) 12.50 10.00 10.42 12.50 15.63 16.62 62.5 30.00 18.75 26.21 21.88 22.22 Based on this table, answer this: 1. How much output will this firm produce? If the price of output increases to $30, how does your answer change? 2. If the productivity of labor increases by 10% (all else equal), how much more labor will the firm hire? 3. Below what price will this firm decide to produce zero units of output? (i.e. shut down)

(a) What is the difference between average product of labor and marginal product of labor? (b) Explain the relationship between average and marginal product of an input by discussing their respective curves (no need to provide any graphs).

pols Add-ons Help Last edit was seconds ago xt I UA Calibri 11 + 三 2 | 3 II | I 4 II| II6 4. Thanks to years of consistent contracts and an outstanding administration, Crestwood High School has formed one of the best teaching staffs in the State of Michigan. This staff has learned how to work seamlessly with each other and students. They are now able to effectively teach more students in every class than before. *Name the determinant: Automakers have introduced new heating lamps to their paint shops that allow them to dry layers of paint faster than ever before. These newly invented heaters use less energy and have greatly increased output. 5. *Name the determinant: 27°C Rain II 近

Definition of economic costs Manuel lives in Chicago and operates a small company selling drones. On average, he receives $702,000 per year from selling drones. Out of this revenue from sales, he must pay the manufacturer a wholesale cost of $402,000. He also pays several utility companies, as well as his employees wages otaling $279,000. He owns the building that houses his storefront; if he choose to rent it out, he would receive a yearly amount of $8,000 in rent. Assume there is no depreciation in the value of his property over the year. Further, if Manuel does not operate the drone business, he can work as a programmer and earn a yearly salary of $20,000 with no additional monetary costs, and rent out his storefront at the $8,000 per year rate. There are no other costs faced by Manuel in running this drone company. Identify each of Manuel's costs in the following table as either an implicit cost or an explicit cost of selling drones. Implicit Cost Explicit Cost O The wages that…

Problem 1 (Harder) 1. Marginal product of capital and labor in a CRS Cobb-Douglas production function 2. Second partial derivatives with respect to capital and labor in a CRS Cobb-Douglas production function

Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two related? Why is MC called the mirror image of MPP? Explain.       Answer must correct.Describe it step by step. Don,t copy from anywhere.

Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two related? Why is MC called the mirror image of MPP? Explain.give graph if needed

Cost curves Egidio Binaccio designed an ancestry app that allows people to connect with long lost Italian relatives. Egidio notices the following relationship between the number of hours he schedules and the number of downloads (sales) he gets. Below is a production function, for Egidios current company set up. NUMBER of LABOUR DOWNLOADS HOURS B) 10 C) 20 30 40 50 60 70 80 90 100 110 120 130 140 6.50 11.00 14.50 17.50 20.50 23.75 27.50 32.00 37.50 44.50 53.50 65.00 79.50 97.50 TVC TC MC AVC Suppose the firm can hire all the labour it would ever want at the going wage of $8 per labour-hour. The firm's total fixed costs are $64 per day. A) ATC Fill in the table showing total variable cost (TVC), total cost (TC), average variable cost (AVC), average total cost (ATC), and marginal cost (MC). [Remember: Marginal cost should be entered midway between rows of output.] On a graph with DOWNLOADS (per day) on the horizontal axis, draw the three "per-unit" cost curves, AVC, ATC, and MC. [Note…

Suppose a firm uses capital K and labor L to produce output Q with the following production function: 1 Q=4KL + = 1² 3 (a) Find the marginal product of capital and the marginal product of labor. (b) Find the average production of capital and the average production of labor. (c) Does this production function have increasing, constant, or decreasing returns to scale? Explain. (d) Find the marginal rate of technical substitution (RTS). (e) Use your result in (d) to find the elasticity of substitution. (f) Find the contingent demand functions for capital and labor if w is the price of labor input and v is the price of capital input.

Total Fixed Cost (TFC), Total Variable Cost (TVC), Total Cost (TC), and the Average Total Cost (ATC) per unit. A company produces 100 bicycles per month. The company pay 3,000 per rent, 2,000 per insurance, 1,000 per loan, including interests, 3,000 per labor, and 11,000 per raw materials. Calculate the Total Fixed Cost (TFC), the Total Variable Cost (TVC) the Total Cost (TC) of producing the 100 bicycles and the Average Total Cost (ATC) per bicycle.

4. The daily total product schedule for ACME Ltd. Is given below: Labor (workers) Total Product (boxes/day) 0 0 1 4 2 9 3 16 4 24 5 32 6 39 7 45 8 50 9 54 10 57 11 59 12 60 The cost of labor is $120/worker per day. The cost of capital is $300/day Plot accurately (use a graphing program) the following diagrams. Please put titles on the axes. a. The total product curve. b. The marginal product and average product curves (on the same diagram). Remember that marginal product represents a change and should be plotted at the midpoints e.g. the marginal product of the third worker should be plotted at 2.5 on the labor axis. c. The total cost curve. d. The marginal cost, average variable cost and average cost curves (on the same diagram). Remember that marginal cost represents a change and should be plotted at the midpoints.

Name Time Started Time Finished Variable input (Labor) 0 10 20 1. Define the following terms: production function, average product, marginal product, law of diminishing marginal returns, constant returns to scale, increasing returns to scale and decreasing returns to scale. 2. Complete the table below: 30 40 50 60 THEORY OF PRODUCTION Activity No. 6 70 80 90 100 110 120 130 140 Total Product 0 250 600 1200 1900 2700 3600 4400 5000 5425 5700 5825 5900 Course & Year Date Performed 5925 5875 Average Product Marginal Product With the values in the above table, plot Total Product (TP), Average Product (AP) and Marginal Product (MP) in a single graph with units of product at the vertical axis and labor units at the horizontal axis. You can also use two (2)graphs (TP above AP and MP curves) Label your graphs properly. Use graphing paper for your curves if you do not have computer/laptop access but insert graph is recommended. 3. Describe the shapes of the curves drawn. What relationship can…

If the cost of an oven is $500, what is the marginal product per dollar spent on capital for the second oven? Read again before you answer. Labor Total Product Capital (ovens) (workers) (cakes) 8 6,000 8 10,000 8 13,000 Type your numeric answer and submit 123

Sheridan Company reported total manufacturing costs of $350,000, manufacturing overhead totaling $98,000, and direct materials totaling $116,000. How much is direct labor cost? A. $234,000. B. Can not be determined from the information provided. C. $564,000. D. $136,000.

An entrepreneur invests $10,000 of her personal savings in her new business venture. Furthermore, she takes out $30,000 in loans. Are the interest payments she makes on her business loans considered an explicit cost or an implicit cost? Explain. She was earning interest income on her savings. Now that she withdrew those funds, she is no longer earning that interest income. Is that an example of an explicit cost or an implicit cost? Explain.

Answer all questions Question 1 Calculate the productivity for the following operations: Three employees processed 600 insurance policies last week. They 8 hours per day, 5 days per week. A team of workers made 400 units of product, which is valued by its standard cost of $10 each (before markups for other expenses and profit). That accounting department reported that for this job the actual cost were $ 400 per labor, $1000 for materials and 4300 for overhead. Question 2 a) Find the productivity if four workers installed 720 square yards of carpeting in eight hours. b) Compute for the productivity of a machine which produced 68 usable pieces in two hours. Question 3Compute the multifactor productivity measure for an eight-hour day in which the usable output was 300 units, produced by three workers who used 600 pounds of materials.  Workers have an hourly wage of $20 and material cost is $1 per pound.  Overhead is 1.5 times labour cost.Question 4A health club has two employees who…

In detail, What is one example of a non-linear cost function and explain what factors cause the non-linearity.