Blake&Sons run a business of manufacturing animal trackers in Lansing, Michigan. It employs a total of 60 workers for $30 per hour wage rate. Expenses incurred on materials including metal and wiring sum up to $2800. Miscellaneous costs like energy and infrastructure are half of material costs. In January, the firm produced 10,000 trackers, with each employee working for 10 hours. If each tracker is sold for $20, find the following: a) Labor productivity per hour b) Labor productivity per dollar c) Multifactor productivity (Output income) d) Multifactor productivity (Output units)
Blake&Sons run a business of manufacturing animal trackers in Lansing, Michigan. It employs a total of 60 workers for $30 per hour wage rate. Expenses incurred on materials including metal and wiring sum up to $2800. Miscellaneous costs like energy and infrastructure are half of material costs. In January, the firm produced 10,000 trackers, with each employee working for 10 hours. If each tracker is sold for $20, find the following: a) Labor productivity per hour b) Labor productivity per dollar c) Multifactor productivity (Output income) d) Multifactor productivity (Output units)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Blake&Sons run a business of manufacturing animal trackers in Lansing, Michigan. It employs a total of 60 workers for $30 per hour wage rate. Expenses incurred on materials including metal and wiring sum up to $2800. Miscellaneous costs like energy and infrastructure are half of material costs.
In January, the firm produced 10,000 trackers, with each employee working for 10 hours. If each tracker is sold for $20, find the following:
a) Labor productivity per hour
b) Labor productivity per dollar
c) Multifactor productivity (Output income)
d) Multifactor productivity (Output units)
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