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Labour Economics

Table help

1. Complete the following table, where L is units of labor. Q is units of output, and MP is the marginal product of labor. L Q MP VC TC MC ATC 0 0 ____ $ 0 $12 ____

Managerial Economics: Completing a Cost Analysis

The MorTex Company assembles garments entirely by hand even though a textile machine exists that can assemble garments faster than a human can. Workers cost $50 per day, and each additional laborer can produce 200 more units per day ( i.e., marginal product is constant and equal to 200). Installation of the first textile machine

I need some help understanding this

2) Special order decision. Kirby Company manufacturers leather briefcases sold to wholesalers for $37.95. The plant capacity for manufacturing this product is 750,000 units annually, but normal volume is 500,000 units. The unit and total costs at normal volume follow: Type of cost Unit cost Total cost Direct m

A large rear dump truck

A large rear dump truck working in a coal mining operation under good conditions has a current purchase price of $ 2,000,000, including $ 200,000 for the initial cost of six tyres. What is the net capital cost? If the repair factor is 0.25 x 10-4 and for good conditions the job factor is 0.8, determine the estimated repair c


1.-Job order costing, cost drive rates. The Brinker company uses a job order costing system at its local plant. The plant has a machining department and a finishing department. The company uses machine hours to allocate machining department support cost to jobs and uses direct labor cost to allocate finishing department supp

A system of mining requires 3 operators

A system of mining requires 3 operators at any one time . The mine operates on a three shift basis per day , 6 days a week . Allowing for availability the mining system operates 5,000 hours per year. Each worker costs $55,000 per year. Assuming all personnel are required on service shifts , an absenteeism rate of 5%, determine t

Mathematical Constraint Functions

Problem 3: Linear Programming I have a six acre farm that I can use for the productionof rice (X1) or corn (X2). I have also 27 days of labor and 32 tons of fertilizer. One acre of rice requires three days of labor and eight tons of fertilizer, while one acre of corn requires ni

Minimizing Cost: Example Problem

A company uses skilled and unskilled labor to do a particular construction project. The cost of doing the project depends on the number of hours of skilled labor and the number of hours of unskilled labor used, the relationship being: C=4-3X-4Y+2X^2+3Y^2+xy Where C is the cost (in thousands of dollars), X is the number of

Unit 2 - Racial Issues & Discrimination

Assignment Type: Deliverable Length: 500-750 words Diversity Training As the new manager of human resources (HR), you are now targeted at making your workforce more aware of current racial diversity issues (e.g., the dramatic increase in the Hispanic percentage of the workforce and how to reduce the potential tensio

Units of labor/ diminishing returns /average product of labor

Please help with the following labor economics problems d. If the capital stock is fixed at one unit, how much does the third unit of labor add to total output? b. If the capital stock is fixed at one unit, diminishing returns begin with the c. If the capital stock is fixed at four units and there are three units of

Find rate of growth

The labor force (L) in a rapidly expanding economy grows according to L = 100 ∙ 100.02t , and capital (K) increases by K = 25e0.03t . Rising labor productivity implies that the capital/labor ratio (K/L) should increase. Find the rate of growth in K/L and indicate whether or not you believe labor productivity is increasing.


Bolus Computer Parts Inc. is in the process of setting a selling price on a new component it has just designed and developed. The following cost estimates for this new component have been provided by the accounting department for a budgeted volume of 50,000 units. Per Unit Total Direct materials $50 Direct labor $


Lafluer Corporation needs to set a target price for its newly designed product M14 - M16. The following data relate to this new product. Per Unit Total Direct materials $20 Direct labor $42 Variable manufacturing overhead $10 Fixed manufacturing overhead $1,440,000 Variable selling and administrative e

Job order costing

For the year ended December 31, 2008, the job cost sheets of DeVoe Company contained the following data. Job Number Explanation Direct Materials Direct Labor Manufacturing Overhead Total Costs 7640 Balance 1/1 $25,000 $24,000 $28,800 $ 77,800 Current year's costs 30,000 36,000 43,200 109,200 7641 Balance 1/1 1

Activity based costing

FireOut, Inc. manufactures steel cylinders and nozzles for two models of fire extinguishers: (1) a home fire extinguisher and (2) a commercial fire extinguisher. The home model is a high-volume (54,000 units), half-gallon cylinder that holds 2 1/2 pounds of multipurpose dry chemical at 480 PSI. The commercial model is a low-volu

Job order costing

P3-3A Fiedel Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2008, inventories consisted of Raw Materials $26,000, Work in Process-Mixing $0, Work in Process-Packaging $250,000, and Finished Goods $

Marginal Revenue Product of Labor

Please help with the following problems. To better serve customers interested in buying cars over the Internet, Smart Motors, hired Nora Jones to respond to customer inquiries, offer price quotes, and wrote orders from leads generated by the company's Web site. During the last year, Jones averaged 1.5 vehicle sales per week.

General motors-recommendation and government policy

Giving the current situation with General Motors, our team is recommending that they (GM) reduce their current operations in order to maximize profits. In 250 words, analyze the effects of government policies, social diversity, and business ethics on this recommendation and explain what would be the impact of this in the fu

Eco-Accounting Help

Rollo Enterprises recorded the following activity in work-in-process inventory for September. Direct Labor - $15,000 Direct Materials - $10,000 Factory supervisor's salary, September - 3000 Indirect Materials - 7,000 Factory utilities - 500 1,000 units were started and completed during the month. A. computer the amo

Buy a Component

Climate-Control, Inc., manufactures a variety of heating and air-conditioning units. The company is currently manufacturing all of its own component parts. An outside supplier has offered to sell a thermostat to Climate-Control for $14 per unit. To evaluate this offer, Climate-Control, Inc., has gathered the following informatio

Economic Marginal Cost Problem

2. Smokey's Garage, Inc., provides routine auto diagnostics for customers in the Atlanta, Georgia, metropolitan area. Tests are supervised by skilled mechanics using equipment produced by two leading competitors in the auto test equipment industry. Records for the current year show an average of 4 tests per hour performed on

Variable and Absorption Costing (Accounting)

Please see problem attached. Maxwell Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per unit: Manufacturing: Direct materials $ 20 Direct labor $ 7 Variable manufacturing overhead $ 2 Variable selling and administrati

Economis of scale and scope (Decision to open facility)

A multiconcept restaurant incorporates two or more restaurants, typically chains, under one roof. Sharing facilities reduces costs of both real estate and labor. The multiconcept restaurants typically offer a limited menu, compared with full-sized, stand-alone restaurants. For example, KMAC operates a combination Kentucky Fri

3 simple sums

1) FILL IN THE HIGHLIGHTED BOXES WORKERS WAGE RATE TOTAL LABOR COST MARGINAL FACTOR COST 1 $ 12.00 $ 12.00 2 $ 12.10 $ 24.20 3 $ 12.20 4 $ 12.60 3) Using the f

In the US how do Hispanics and Baby boomers affect the workforce and the economy?

Please give me data to show how the increase in Hispanics and increase in Baby boomers (people age 65 and older) affect the Workforce and the US economy? The increase of Hispanics in the labor force obviously, but need data showing what it means? How much of and increase in the labor force? etc. Same with the babyboomers. Ple

Predetermined Overhead rate and Total Job Cost & Overhead applied

B3 Company is a manufacturing firm that uses job-order costing. The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 24,000 machine-hours and incur $216,000 in manufacturing overhead cost. During the year, manufact