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Labour Economics

Marginal Product Function

Q=6L^2R^2-.10L^3R^3 L= Labor Q = Output R=10 find Mpl find the number of units of inputs (L) that maex total product function given r = 10 as well as Q find L and Q that maximizes MPL

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

Minimum Wage Equilibrium

If the minimum wage is set above the equilibrium wage, does this create a shortage or a surplus of labor, or does it create a lower wage rate for skilled workers than for unskilled workers?

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

Accounting Profits

A construction manager earning $70,000 per year working for a regional home builder decided to open his own home building company. He took $100,000 out of one of his investment accounts that had been earning 6% a year and used that money to start up the business. He worked hard the first year, hiring one employee (his only sal

Marginal Product of Employee Labor

# of workers Output 0 0 1 25 2 100 3 200 4 400 5 800 6 1000 7 1100 8 800 9 700 10 500 Find the marginal product of labor of the 5th worker. At which worker does

Chemical Company Sales

The equation describing the sales trend of the Chemical Company is St=21.3+1.3t, where St is the sales (in millions of dollars per month) of the firm and t is time measured in months from January 1995. The firm's seasonal index of sales is: Jan 103 May 101 Sept 121 Feb 80 June 104 Oct 101

David Upton is president of Upton Manufacturing

Please read the problem below and respond to (a) and (b) illustrating the work of how the answer was derived. David Upton is president of Upton Manufacturing, a producer of Go-Kart tires. Upton makes 1,000 tires per day with the following resources: Labor: 520 hours at $13 per hour Solvent: 100 gallons at $5 per gall

Eric Johnson - billiard balls

For the problem below, please show the productivity change for each category and then determine the improvement for labor-hours, the typical standard for comparison. ----------------------------------------------------------------------- Eric Johnson makes billiard balls in his New England Plant. With recent increases in

Importance of Manufacturing Overhead Allocation

Importance of Manufacturing Overhead Allocation The percentages of product costs comprised by direct materials, direct labor, and manufacturing overhead for three companies are as follows: Company A Company B Company C Direct materials . . . . . . . . . . . . . . . . . . . 7% 21% 42% Direct labor . . . . . . . . . . . . . .

Product Costing - DuPont's Kevlar

Product Costing In the text you used accounting data on DuPont's Kevlar product line to determine the total manufacturing cost to produce a pound of Kevlar. Similar data on DuPont's Teflon product line are provided below. Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $60.0

Ricardian Model Terms

Here is the question (please show me the process how you get the answer): a. In England each unit of wine requires eight hours of labor in its production and each unit of cloth requires four hours. The autarkic price of wine in terms of cloth in England is: i. Two units of cloth. ii. Two units of wine. iii. One unit of clo

Capital Stock and PPF Shifts

Suppose that the country experiences an increase in its capital stock. How would the edgeworth box change? How would the production possibilities frontier change as a result? Could the could coutry now obligate more of both goods than before the increase in capital stock or more of only the capital intensive good. Explain.

Firm A plans to produce 500 units per day of good X.

Firm A plans to produce 500 units per day of good X. The firm can choose either of the following two input combination t produce 500 units per day. Process 1 Process 2 Labor 8 12 Capital 14 7 To obtain the services of labor and capital for a day, f

The Relative Marginal Products of Labor and Capital

A producer is hiring 20 units of labor and 6 units of capital (bundle A). The price of labor is $10, the price of capital is $2, and at A, the marginal products of labor and capital are both equal to 20. In equilibrium: a. MPL = MPK b. MPK will be more than 20 c. MPK will be less than 20 d. MPL will be 5 times MPK e. None o

source of capital

Fluffy's Cat Farms A Delaware Company Pro-forma and Actual Results (Income Statement) As of December 31 of the year indicated. 2005 (Actual) 2006 (Pro-Forma) Sales 100 250 Cost of Goods Sold 50 100 Gross Margin 50 150 Rent and Utilities 10 20 Selling General and Admin 20 50 Total Operating Expenses 30 70 Depreciat

Reservation Wage

I understand the definition of a reservation wage, but I am not sure how to essentially compute it. Here is a typical question I have come across: John's utility function is U(C, L) = C*L Where C is Consumption, and L is Leisure. The most Leisure John can get in a week is 168 hours. Regardless how many hours a week John w

Key to Success in the Soft Drink Industry

What do you think is the key to success in the soft drink industry? What chance do you think a company in another industry has in succeeding in its new venture into the soft-drink market?