A company produces 7040 Units of its product and sold it for $1.10 per unit. To produce these company receives the expenses as: Cost of labor: $1,000 Cost of materials: $520 Cost of overhead: $2000 What is the multifactor productivity?

A company produces 7040 Units of its product and sold it for $1.10 per unit. To produce these company receives the expenses as: Cost of labor: $1,000 Cost of materials: $520 Cost of overhead: $2000 What is the multifactor productivity?

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Proudction Costs

Section: Chapter Questions

Problem 8SQP

See similar textbooks

Related questions

Q: 3 2 Variable Input the diagram of product curves suggests that Multiple Choice when marginal product…

A: In the above diagram, curve 1: Marginal Physical Product curve. Curve 2 : Average Physical Product…

Q: What is the avg variable cost of the second unit produces? Quantity total cost 0 20 1 25 2 35 3 50

A: Total Cost is the sum of fixed cost and variable costs. Total Cost=Total Fixed Cost+Total Variable…

Q: Define the term semi-variable costs?

A: The costs incurred by a producing agent in the procurement of factor inputs for the production of a…

Q: MC 0.90 0 85 ATC 0.80 0 75 0.70 AVC 0.65 0.60 0.55 0.50 0.45 0.40 150 200 250 300 350 400 50 100

A: The average total cost curve helps to show the connection between output level and per-unit cost…

Q: Calculate the multifactor productivity in dollars per dollar for the following: 6660 units produced,…

A: Multifactor productivity is the measurement that compares the output with the total amount of inputs…

Q: Can we outsource an IT Function? Give at least (3) risks or disadvantages of outsourcing the IT…

A: Outsourcing means a company is hiring regular service from external sources, mostly from other…

Q: Your cousin Vinnie owns a painting company with fixed costs of $150 and the following schedule for…

A: Average Fixed Cost, AFC = Fixed Cost / Output Average Variable Cost, AVC = Variable Cost / Output…

Q: If output is 34 unit and total cost is $1300 Find average Cost

A: According to the question, the values given are:- Output = 34 units Total cost = $1300 We need to…

Q: Melvin manufactures a single product. Total cost per unit is $70 when production is 100 units per…

A: Total cost per unit if production is 100 units per week = $70 Total cost of 100 units per week =…

Q: If in an economy the fixed cost is $212 and the variable cost or $644 what are the total cost?

Q: Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 90 0…

A: A firm is an entity that plays the role of a supply-side participant in the market. A firm…

Q: What is the total cost of producing 200 units 125 150 180 210

A: Total Cost = Average Total Cost*Quantity TC at 200 units = 0.75*200 = 150 TC at 125 units =…

Q: swered Costs per Unit (dollars) 1000 900 800 700 600 500 400 300 200 100 0 4 Average total cost B…

A: In perfect competition, There exists a large number of buyers and sellers. The firm will produce…

Q: Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 90 0…

A: In a market, producers have to face various constraints such as cost minimizing or…

Q: Does accounting cost exclude implicit cost, if not what does it exclude?

A: Implicit costs refer to the opportunity costs of resources that could have been used in alternative…

Q: Martinez Company's relevant range of production is 7,500 units to 12,500 units. The unit costs when…

A: Variable Cost is the cost that changes with the change in output. It depends on the amount of units…

Q: 2. The above table shows a firm's: * a. Short-run and long-run costs. b. Long-run costs: c.…

A: Perfect competition is a market form that involves the production of homogenous goods and services.…

Q: Output quantity Total variable cost Total cost 0 $0 $250 25 450 50 300 X 75 375 100 600 850 125…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost remains constant and does not…

Q: 5. Diminishing marginal returns sets in when worker is hired." the a. Second O b. Third O c. Fourth…

A: We have, The marginal product shows the additional output generated when extra labor or worker is…

Q: efficient scale is houses.

A: Efficient scale is the scale at which firm can produce its output at minimum average cost.…

Q: Refer to the following: Output 0 50 100 150 200 Total Cost $ 300 800 1050 1650 2400 Average Variable…

A: This can be defined as a cost that shows the type of cost that an individual, business, or any other…

Q: ATC, AAC, AVC, MC ( 270.00 24000 210.00 180.00 150.00 120 00 90.00 6000 30:00 000 Unit Cost Curves…

A: Perfect competition is a theoretical market structure in which there are so many firms selling…

Q: The change in fotal costjof production as the output or total product of the business is expanded…

A: Marginal cost: It is the extra cost of producing an extra unit product.

Q: 3. The marginal cost (MC) when output increases from 4 to 9 units equals: * O a. $4.25 O b. $4.00 O…

A: Marginal cost refers to the additional cost of production incurred in the process of increasing…

Q: Average cost is $100 and the output is 70 units Calculate total cost

A: The information given to us is as follows:- Average cost of the firm = $100 Output of firm = 70…

Q: how do you know the total variable is 50 when finding the total fixed cost

A: TC = AC * Q ------------------- MC is a change in TC due to changing quantity by one unit. MCn =…

Q: 4. The average product of labor (APL) when the firm hires 5 workers equals: O a. 3.6 O b. 2 O c. 0.4…

A: Average product of labor (APL ) is total product divided by the quantity of labor employed.

Q: A small business produces and sells balls. The fixed costs are $20 and each ball costs $2.92 to…

A: Given information: The firm sells balls. The fixed cost is $20 and each ball cost $2.92 to produce.…

Q: Consider the following total cost function: where represents output and are constants. What can we…

A: Answer: (b) The firm experiences falling average fixed costs, but rising average variable costs.

Q: Question 1 Calculate the productivity for the following operations: Three employees processed 600…

A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…

Q: If the direct cost are 61 and the indirect cost are 173 find the total cost?

A: Generally in the given question Direct cost are given as = 61 Indirect cost stated as = 173 Value of…

Q: Imagine a smartphone company has the following costs when they produce 200 phones: $50 in average…

A: When some product is manufactured, cost takes place and process of business gets accelerated.…

Q: What is the fixed cost? what is the AVC quantity of 10 quantity. Total cost 0.…

A: The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…

Q: See the cost information in the table below. When this firm produces 5 units, what is the average…

A: The objective of the question is to calculate the average total cost when the firm produces 5 units.…

Q: A company is planning to manufacture snowboards. The fixed costs are $125 per day and the total…

A: Fixed Cost = 125 Total Cost = 5,786 per day Output = 19 boards

Q: (a) What is the individual supply of technological goods and services? (b) What is the market supply…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

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.
Are fixed costs also sunk costs? Explain.
Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
What shapes would you generally expect each of the following cost curves to have: fixed costs, variable costs, marginal costs, average total costs, and average variable costs?
What shape of a long-run average cost curve illustrates economies of scale, constant returns to scale, and diseconomies of scale?
Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?
A firm had sales revenue of 1 million last year. It spent 600,000 on labor, 150,000 on capital and 200,000 on materials. What was the firms accounting profit?
What is the difference between a fixed input and a variable input?
What is a production function?
Determine the multifactor productivity for the combined input of the labor and the machine time using the following input : labor :3000$,material :800$, .overhead: 20o0$ . keep in mind the production is 1760 unit
The change in fotal costjof production as the output or total product of the business is expanded is: LOTHE Marginal cost (b) The Total variable cost (c) Average variable cost ( Average fixed cost