Qs 15: Which one of the following statement regarding Factor of Production is correct? (a) It is the input that a firm uses in the production process. (b) It is the output which is produced in the production process. (c) It is the additional input that is required to achieve the maximum output. (d) It is the ratio of the output to that of the input of the production process.

Task Description Precedence Time (days) cost($) crash time (days) Per day revised cost Preparation of drawings and permits - 14 72,500  10 10,000 Calling and letting of tenders - 68    166,750 66 23,000 Site preparation and excavation A 6 116,000  4 16000 Pouring the foundation A 24 250,000  24 - Framing C,D 40 145,000  30 20000 Plumbing and electrical work D 18 159,500  12 22000 Interior finished F 16 108,750  12 15000 Exterior finishes E,G 22 175,000  22 - Installing and commissioning new machines B,E 34 101,500  30 14000 Finishing touches and final work through H,I 32 64,000  32 - Calculate the minimum time and associate cost in which the project could be completed

t FI Search (Alt+Q) Draw Design View Help Table Design Layout Design Layout References Mailings Review As the manager of Lewis Inc., a company that produces lamps, you conducted a study of the production process. The study was based on 8 units of capital currently used by your firm. (This is the short run in which capital is fixed.) 1 Week 7 Assignment Compatibility Mode Saved to this PC Text Predictions: On @ 2 W 3 Per unit capital costs are $20 and the price of lamps is $12 each (this is a competitive market). Workers at Lewis Inc. are paid $60 per labor unit. (You can think of one unit of labor as one worker, and each worker is paid $60.) Fill in the blanks in the following table. Hint: Please follow Table 1 on page 364 of the textbook. Please note that a competitive, profit-maximizing firm hi 1 7 Labor (L) E 0 1 2 8 9 10 Accessibility: Unavailable $ 4 3 4 5 6 7 FI . R Q C Capital (K) F5 % 8 8 8 8 8 8 8 8 8 8 8 L T i F6 Output (Q) 6 0 10 30 60 80 90 95 95 90 80 60 Marginal Product…

If the marginal product of capital decreases, what happens to the IS curve?(a) It shifts outward.(b) It shifts inward.(c) There is movement along the curve.(d) It remains the same.(e) None of the above.