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Production

Job Order Costing Problem

Under what conditions would you choose a job-costing system and under what conditions would you choose a process-costing system? Give some examples of products that would be costed under each method.

Production

A company hs built a plant that cost \$20,000. Each worker costs \$5.00 per hour. Based on this information, please fill in the attached table.

Socially Optimal Level of Output

The demand for speciality glue is given as follows: P = 1200 - 6Q, where P is price per 100 pounds of specialty glue produced and Q is the amount produced and sold in hundreds of pounds. The marginal cost of producing glue for the entire glue industry is as follows: MPC = 700 + 2Q. Let the production of speciality glue result in

Economies of scale

"Because of economics of scale, it is sometimes more cost effective for a firm to operate a large plant at less than maximum efficiency than a small plant at maximum efficiency." Do you agree or disagree and why? Adding personal experience/knowledge is always appreciated!

Production Possibilities curve

N What is the best answer? 1. A production possibilities curve a. that shows opportunity cost is a straight line. b. has time on one axis and space on the other. c. cannot be used to explain one of two alternatives for a nation. d. shows we are faced with scarcity. 2. The principle of increasing marginal oppor

How many units of input L are required to maximize the total product function

A certain production process employs two inputs - labor (L) and raw materials (R). Output (Q) is a function of these two inputs and is given by the following relationship: Q = 6L2 R2 - .10L3 R3. Assume that raw materials (input R) are fixed at 10 units. How many units of input L are required to maximize the total produ

Maximizing Total Production Function

A certain production process employs two inputs - labor (L) and raw materials (R). Output (Q) is a function of these two inputs and is given by the following relationship: Q = 6L2 R2 - .10L3 R3. Assume that raw materials (input R) are fixed at 10 units. Find the number of units of input L that maximizes the total produ

What is the average product function for input L

A certain production process employs two inputs - labor (L) and raw materials (R). Output (Q) is a function of these two inputs and is given by the following relationship: Q = 6L2 R2 - .10L3 R3. Assume that raw materials (input R) are fixed at 10 units. The total product function (TPL) for input L is Q = 600L2 - 100L3

Economics :production function

Q= 12x + 10x squared - x to the third power Where Q = Output and X = Input, then calculate the equations for a. average product b. marginal product c. point of diminishing average returns d. point of diminishing marginal returns

Production Function

Consider the following short-run production function (where L= variable input, Q= output): Q = 6L to the second power - .4L to the third. a. Find the value of L that maximizes Q. b. Fin the value of L at which the marginal product function takes on its maximum value. c. Find the value of L at which the average produ

OPERATIONS MANAGEMENT

OPERATIONS MANAGEMENT ________________________________________ In the automobile Industry what would an example of an Operations Management Issue Be? What would be some facts and circumstances directly related to an issue? Why is it is an Operations Management Issue? How can it be turned into an operations manag

AVC AFC Output

This problem is concerning the following outputs: AVC/ATC/AFC/TVC Outputs at various units: for example 6000 units (See attached file for full problem description) --- What are the following values: a. AVC at 6,000 units of output? b. ATC at 6,000 units of output? c. AFC at 6,000 units of output? d. TVC at 6,000units

Production Costs

A firm has a fixed cost of \$60 and variable costs as shown in the table below. Complete the table below. I just need some direction and input as to how I can find the answers that fall under the particular headings. Thanks a lot

Short run cost function

A manufacturer of electronics products is considering entering the telephone equipment business. It estimates that if it were to begin making wireless telephones, its short-run cost function would be as follows. Q(thousands) AVC AC MC ___________

Economics and management

1. What are the main characteristics of a perfectly competitive market that cause buyers and sellers to be price takers? 2. A perfectly-competitive firm (a firm that operates in a perfectly competitive market) has the following cost function: TC = 2000 + 10Q + 0.02Q^2 The market price is \$25, so that TR = PQ = 25Q. W

Isoquant

Economists have advanced a number of theories to explain the nature and effect of discrimination in labor markets. in the most basic theory, white men and black men are assumed to be perfect substitutes that are equally productive in producing a good. a) Depict an isoquant map depicting a typical firm's use of two inputs - w

Short Run Profit Maximizing

The manufacture of high-quality flatbed scanners is trying to decide what price to set forits product. The costs of production and the demand for the product are assumed to be as follows:D TC = 500,000 + 0.85Q + 0.015Q and MC = 0.85 + 0.03Q; Q =14,166 - 16.6P2a. Determine the short-run profit maximizing price. b. Show on a di

Economics help

The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Basted on past data, the following production schedule was developed: Crew Size Amount of fish caught (Number of men) per week (hundreds of pounds) 2 3 3 6 4 11 5 19 6 24

Economics help

From your knowledge of the relationships among the various production functions, complete the following table: Variable Input Total Product Average Product Marginal Product L TP L* (=Q) AP L* MP L* 0 0 - - 1 _____ _____ 8 2 28 _____ _____ 3 _____ 18 _____

Wage rate increase

Indicate whether each of the following involves an upward or downward shift in the long-run average cost curve or, instead, involves a leftward or rightward movement along a given curve. Also indicate whether each will have an increasing, decreasing, or uncertain effect on the level of average cost. 1. A rise in wage rates.

Demand and cost

Q P ATC #of Shoe per shoe per Shoe 100,000 \$100 \$20 200,000 80 15 300,

Do court rulings that prevent plant closures benefit the community?

A Michigan court ruled in the 1990's that General Motors did not have the right to close a particular Michigan plant and lay people off. Did this ruling benefit the people of Michigan and why?

Fixed Costs to be Considered for a Contribution Income Statement

This is an accounting problem: Im trying to compile a contribution margin statement and I am having problems deciphering what I should include for fixed costs. Can anyone help me? Here are the Activities: Start-up costs Research & Development Raw Materials for manufacturing Salaries to selling and office employees Wag

minimum Annual Total Cost

I need to model and solve this problem using Excel spreadsheets. I need to be able to understand how to derive the answer. So, I need to see the formulas and the step by step approach so I can see how it was done and learn/understand for future exercises. It's very important that I'm able to see the work involved so I ca

Underground Economy

What is the Underground Economy? Who participates in the Underground Economy? What effect, if any, does the Underground Economy have on the entire economy? Is it positive, negative, or has no effect?

Plotting production curve

The questions asked that suppose that, because of important technological improvements, the society in question can double its production of tractors at each level of food production. If so, is this society on its new production possibilities curve if it produces 20 million tons of food and 16 million tractors? Plot the new pr

Cost and Labor Question

After a study done a company shows a table below summarizes the results from the study: This is based on 5 untis of capital is currently used. Workers are paid at \$50.00 per unit. Per unit capital costs are \$10.00 and a product is sold for \$5.00 each. Given this information optimize your Human Resources and Production decis

Cost and Production Problem

The Best Plane Company supplies airplane sheet metal panels that are used in exterior of the planes. Making these panels require 5 sheet metal forming machines, which costs \$300 each and workers. These workers can be hired on an as needed basis in the market at \$7,000.00 each. Market price is each panel is \$50.00 dollars eac

Why the U.S. would subsidize the short run costs of production for tobacco farmers...

Explain why the U.S. would subsidize the short run costs of production for tobacco farmers in foreign countries. Do these practices guarantee the tobacco farmers a profit in the short run? Long run? Explain.

Production Decisions in Short Run: Continue or Not

You've been hired by an unprofitable firm to determine whether it should shut down its unprofitable operation. The firm currently uses 70 workers to produce 300 units of output per day. The daily wage (per worker) is \$100, and the price of the firm's output is \$30. The cost of other variable inputs is \$500 per day. Although