Green Bank employs three loan officers, each working eight hours per day. Each officer processes an average of five loans per day. The bank's payroll cost for the officers is $820 per day, and there is a daily overhead expense of $500. labor and multifactor productivity will be: Select one: O a labor productivity 0.625, multifactor productivity 0.0113. O b. labor productivity 0.630, multifactor productivity 0.0125. O c labor productivity 0.640, multifactor productivity 0.0135. O d. Non of choices.
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- A common name for fixed cost is overhead. If you divide fixed cost by the quantity of output produced, you get average fixed cost. Supposed fixed cost is 1,000. What does the average fixed cost curve look like? Use your response to explain what spreading the overhead means.If 15 workers produce 100 license plates, 16 workers produce 120 license plates, and 17 workers produce 130-license plates, then O diminishing marginal returns have not set in because the marginal product is positive O the marginal product of the seventeenth worker is 130 O diminishing marginal returns must begin with the sixteenth worker O the marginal product of the sixteenth worker is greater than the marginal product of the seventeenth worker O the marginal product of the fifteenth worker must be 20May I know the Correct Answer: 1. In a the short product process a(an) marginal cost is negative and decreases marginal product of labor explains why Select the correct response: o None of the above o Increasing; does not change o Diminishing; decreases o Diminishing, rises - WRONG ANSWER o Zero; falls o Constant; rises 2. Tom borrowed Php500,000 from her parents to open a spa. He pays her parents a 5% yearly return on the money they lent her. Her other yearly fixed costs equal Php150,000 and his variable costs equal Php200,000. In her first year, Tom had a total of 2,000 customers at a price of Php300/customer. Tom's total fixed cost is 675000 - WRONG ANS 3. A firm uses labor and capital to produce an output. The hourly cost of labor is 10 and the hourly cost of capital is 50. Which of the following combinations of labor and capital hours of use represent points on the firm's 100,000 isocost line? Select the correct response: O (1,000-2,000) o (2,000-1,000) o (1,000-1,000) o…
- A small specialty cookie company, whose only variable input is labor, finds that the average worker can produce 100 cookies per day, the cost of the average worker is $32 per day, and the price of a cookie is $1.00. Is the firm maximizing profit? The firm O A. is not maximizing profit because the marginal revenue product of labor is greater than the wage. O B. is not maximizing profit because the marginal revenue product of labor is less than the wage. O C. is maxinmizing profit because the marginal product of labor is greater than the wage. O D. is not maximizing profit because the price of the output is not equal to the wage. O E. is not maximizing profit because the marginal product of labor is greater than the wage.A firm has fixed costs of £4,000. Its short-run production function is y = 4x/2, where x is the amount of variable factor it uses. The price of the variable factor is £4,000 per unit. Where y is the amount of output, the short-run total cost function is Select one: O a. 4,000 + 250y². O b. 4,000 + 4,000y. O c. 4,000/y + 4,000. d. 8,000y. O e. 4,000 + 0.25y2.The following is a firm's cost schedule when it employs different levels of workers. What is the average cost of producing 32 units per day? Labor (workers per day) Total product (units per day) Total Fixed Cost Total Variable Cost ($) 200 4 200 200 14 200 400 3 26 200 600 4 35 200 800 41 200 1000 43 200 1200 O a. $ 100 O b. $ 36.36 O c. $ 37.5 O d. $ 35.71 O e. $42.86
- QUESTION 35 As you add more and more units of a variable factor to a fixed factor, marginal output will start to fall at some point. What is this called? O a. Diseconomies of scale O b. Diminishing marginal returns O c. Diseconomies of scope O d. Diminishing average returnsCalculate the Average Total Cost for points A & B. Input (Labor) Output TFC TVC TC MC ATC AVC 4. 50 $125 $15 85 $125 $30 O A-S35 -525.83 O 4:52.80 B-5182 OA-S0.36 B-50.s OAS250 BS147 Question 4 Calculate the Average Variable Cost for points A &B Input (Labor) Output TFC TVC TC MC ATC AVC 4. 50 $125 $15 85 $125 $30 OA52.50 -4147 OAS030 -5035Bob's production function is Q = x,0.338695x20.129865 where x1 = quantity of labor and x2 = quantity of land used in the production process. Bob has a 5 year lease on 324.689 acres of land. In the short run, Bob's average total cost of production will be O A. Equal to his long run average cost of production O B. Greater than his long run average cost of production O C. Less than his long run average cost of production O D. Either A or B could be correct A Moving to 2 nother quostio O willcave thi rocoonce
- The N.M. Corporation has exactly the same costs of production as last year except for fixed costs, which are $50,000 this year compared to $30,000 last year. Which of the following statements is false? O The total cost curve will be the same this year as last year. O The fixed cost curve will have the same slope this year as last year. O The variable cost curve will be the same this year as last year. O The marginal cost curve will be the same this year as last year.You are an employer seeking to fill a vacant position on an assembly line. Are you more concemed with the average product of labor or the marginal product of labor for the last person hired? O A. The marginal product of labor because to maximize profits, you will want to hire labor up to but not exceeding the point where labor begins to experience diminishing marginal returns. O B. The average product of labor because productivity is maximized when average product is maximized This determines the output where revenue and profit are maximized. O C. The average product of labor because to maximize profits, you will want to hire labor up to but not exceeding the point where labor begins to experience diminishing marginal returns O D. The marginal product because it measures the effect the last person hired has on output, or total product. This helps determine the revenue generated by hiring an another worker, which can be compared with the cost of hiring an another worker32. Assuming labor is the only cost for production, a firm hires labor up to the point at which the wage equals (i) the value of the marginal product of labor, (ii) the marginal cost of an additional unit of output, (iii) output price multiplied by the marginal product of labor, for maximum profit. O (i) and (iii) only O (i) and (ii) only (ii) and (iii) only O (i), (ii), and (iii)