caught with different crew sizes. The results of these experiments follow. Number of Daily Tuna Fishermen Catch (Ib.) 1 50 110 300 2 3 450 590 4 5 665 700 725 710 6. 8 9 a. Determine the point at which diminishing returns occurs. b. Stage 2 starts at the point where labor is c. The most technically efficient level of output is somewhere between d. Stage 2 ends at the point where labor is
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- A cookshop hires two chefs. The workload, equipment and materials are evenly distributed. The result is a significant increase in the marginal number of lunch dishes made daily. Then 2 more chefs are hired. Now the workload per chef is lessened and there are conflicts over the use of materials and equipment. There is still an increase in the marginal number of lunch dishes made daily, but the increase occurs at a slower rate than before. This is an example of:Bachmann Products, Incorporated, has found that new products follow a learning curve. The first two units have been completed with the following results: Units Produced Marginal Labor Time 1 80.00 2 68.00 How much time will be needed to complete the 8th unit? Multiple Choice 74.00 hours. 57.80 hours. 56.00 hours. 49.13 hours.Factory X can produce skis or snowboards. If all factory time is devoted to producing skis, 400 pairs of skis per day are produced. If the factory devotes all time to producing snowboards, 700 snowboards per day are produced. Snowboards 700 400 Pairs of Skis A recent technological advancement has positively impacted factory operations. This has resulted in an increase production of snowboards by 50%. What is the new maximum number of skis that can be produced per day?
- The marginal cost of producing the xth box of light bulbs is 4 + x2 dollars per box. Determine how much is added to the total cost by a change in production from x = 20 to x = 80 boxes. 1,000F. None of the above 4) Please indicate whether the following production function has the characteristic of CRS, IRS and DRS. (b) F(K, L)=[aKP +(1-a)Le ]1/e, (1>a>0, 1>p) 1. CRS 2. IRS 3. DRS 4. None of the above1 Mzanzi-Ndizvo (Pty) is a vaccine manufacturing company that has the following costs of production. Cost of capital is R50 000, labour cost is R30 000, and the total cost the firm is willing to pay is R300,000. Identify the type of this production function and Illustrate it with a 2D graph.
- A construction supervisor for a large homebuilder is interested in seeing whether there are ways of improving the profitability of the company through making better use of the people and equipment that are used to construct homes. Research the construction industry to learn what the inputs are that are used by such a homebuilder to build homes (the homes are obviously the output that is being produced by the homebuilder). Be sure to include some inputs that are not strictly labor (in other words, include things that are pieces of equipment or resources other than people). Give at least two examples of what a partial productivity statistic would be for some of the inputs that you identified. Give an example of something that would cause the partial productivity of a particular input to be reduced. Give an example of something that could be done to improve the partial productivity of some particular input. Describe how the overall productivity of the homebuilder would be calculated. In…Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost each month for various levels of production if it uses one, two, or three factories. (Note: Qequals the total quantity of bikes produced by all factories.) Number of Factories Q = 100 440 1 2 3 580 720 Q = 200 320 400 480 Average Total Cost (Dollars per bike) Q = 300 Q = 400 240 320 240 320 240 240 Q = 500 480 400 320 Q = 600 720 580 440 Suppose Ike's Bikes is currently producing 600 bikes per month in its only factory. Its short-run average total cost is per bike. Suppose Ike's Bikes is expecting to produce 600 bikes per month for several years. In this case, in the long run, it would choose to produce bikes usingW7 Q5 A paper published in the Harvard Business Review points out a new way to calculate economic profit that could be more appropriate for service firms and other people-intensive companies. Instead of focusing on investment and return on investment, the focus is on employee productivity, in terms of both generating revenues and reducing costs. The approach is to first determine economic profit in the conventional way, except that we ignore taxes, so that economic profit is before tax, as follows: Economic profit = Operating profit − Capital charge Assume the following information for a hotel chain that wishes to adopt the new method. The firm has $100 million in operating profit, has $1 billion in investment, and uses a cost of capital rate of 5%, so the capital charge is $50 million and the economic profit is $50 million. Relevant calculations are contained in Part 1 of the following schedule: Part 1: Economic Profit (in thousands, except cost of capital rate) Revenue…
- (This is a single question with five parts to the answer. I would appreciate help with all five parts if possible. Image screenshot of the original question with the formulas more easily readable than can be identified here is attached) Tech firms produce goods and services from labor and energy. The total cost in dollars to produce y amount of goods and services for each firm j is cj(yj) = yi2. There are 100 identical tech firms which all behave competitively. What is the individual supply of technological goods and services? What is the market supply of technological goods and services? Suppose the demand curve for these goods is D(p)=200-50p. What is the equilibrium price and quantity sold? How much is the total surplus of this economy? Now suppose that the industry makes a one-time investment for $K amount of dollars to innovate in a new technology of production that allows every firm to reduce its cost of production to a 1/4 fraction of the previous cost. What is the new total…Suppose Mr. Saad is a producer of Lola Loo chocolate, following is the information available of his production plant. Quantity of Labour (L) Quantity of 1 2 3 4 5 Capital (K) 10 15 25 100 50 20 30 40 50 75 50 75 100 125 150200250 300 75 90 105 120 2 30 50 62 15 If K and Lare imperfect substitutes and complements from the information above draw at least three isoquant (map) and identify the level of production. H73 4Q(K, L) = 4K²L2 Type your answers in all of the blanks and submit The production function of good x is as follow: a. What is the marginal production of capital with 16 labor and 4 capital? Type your answer her b. Calculate the slope of the isoquant when the entrepreneur is producing efficiently with 10 labors and 400 units of capital. Slope = Type your answer her (absolute value.) c. If we increase the amount of labor we use in our production process from 10 to 1000 units, how much change in capital is needed for us to stay on the same isoquant? Change in K= Type your answer here (Actual value, negative if decrease and positive if increase) d. Is diminishing return a characteristic of this production function? For labor? (yes/no) Type your answer her ;For Capital (yes/no)? Type your answer here