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Labour Economics

This solution debates to sell or process further decisions.

13-31 Scottie Sweater Company The Scottie Sweater Company produces sweaters under the â??Scottieâ? label. The company buys raw wool and processes it into wool yarn from which the sweaters are woven. One spindle of wool yarn is required to produce once sweater. The costs and revenues associated with the sweaters are given

Marginal analysis

You have been hired to manage a small manufacturing facility which has cost and production data given in the table below. Total Total Workers Labor Cost Output Revenue 1 $300 50 $350 2 600

Appalachian Coal Mining Case: Pollution Reduction

Appalachian Coal Mining believes that it can increase labor productivity and, therfore, net revenue by reducing air pollution in its mines. It estimates that the marginal cost function for reducing pollution by installing additional capital equipment is MC = 40P where P represents a reduction of one unit of pollution in

supply of labor and increasing retirement age

The age at which women could obtain the age pension will gradually raise from 60 - 65. Over the last 5 years the participation rate of women between 60-64 increased and at the same time the age at which women could get the age pension was also raised from 61 to 62. By describing (in words and a diagram) and then adopting the

Law of diminishing marginal product

You are the production manager at a steel plant, where all of the capital investment has been made for the next year. The only input you control is the amount of labor, which is priced at $15 per unit. Fill in the blanks in the following table and answer the question below. Labor Total Marginal Average

Incremental Cost

Incremental Costs. Fluff Rite, Inc., manufactures stove top popcorn poppers that it sells to distributors, who then customize and distribute the products to retailers as house-brand poppers. The yearly volume of output is 100,000 units. The selling price and cost per unit are shown below: Selling price $20 Costs: Direc

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

Accounting.

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

Fixed and Variable Cost

A firmâ??s costs can be divided into fixed costs and variable costs. Identify each of the following as either a fixed or variable cost. Then, identify that same costs as being an explicit cost or an implicit cost. Give the rationale for each of your answers. Labor costs Materials costs Entrepreneurâ??s profit Gasoli

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.

Pricing

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 $

Pricing

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

Economics questions

A firm's costs can be divided into fixed costs and variable costs. Identify each of the following as either a fixed or variable cost. Then, identify that same costs as being an explicit cost or an implicit cost. Give the rationale for each of your answers. A.Labor costs B.Materials costs C.Entrepreneur's profit D.Gaso

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