In our paper airplane company, some inputs were fixed and some were variable. Match the input to whether it was VARIABLE or FIXED. Paper- Stapler- Staples- Employees- Production space-
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In our paper airplane company, some inputs were fixed and some were variable. Match the input to whether it was VARIABLE or FIXED.
Paper-
Stapler-
Staples-
Employees-
Production space-
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Solved in 2 steps
- Select all that apply A production function can include many inputs. Which of the following are the most commonly used inputs? Land Capital Entrepreneurship Technology LaborWhat are some factors of production which are important for any firm to produce goods. These factors have their own identities and respective earnings which the firm keeps in consideration while proceeding for the production process.The period of a time when a firm is able to change all of inputs factors of production is called the:A) economic termB) short runC) accounting termD) long run
- Write about the production function with two and more than two variablesSubmit Estella decides to set up a lemonade stand on a hot summer day. Before long, Estella's friends all decide they would like to help. The table below shows what happens to the number of glasses of lemonade Estella and her friends can make in an hour. Instructions: Round your answers to 1 decimal places. If you are entering a negative number include a minus sign. Lemonade Stand's Labor and Production Levels Labor (workers) Total Average Product Marginal Product Product 1 (Estella) 13 22 es 3 27 4 28 24 a. Complete the average product and marginal product columns in the table above. b. How many additional glasses of lemonade can Estella produce if she has one friend help her make lemonade instead of making lemonade by herself? glasses c. How many additional glasses of lemonade can Estella produce if she has four friends help her rather than having three friends help her? glasses d. If Estella has four friends help her, on average how many glasses of lemonade can her and her friends…A production process uses two inputs, labor and capital. If the marginal product of labor per dollar is higher than the marginal product of capital dollar, what should the firm do to lower costs? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Increase output b Decrease output C Increase the amount of capital d Increase the amount of labor
- You are an employer seeking to fill a vacant position on an assembly line. Are you more concerned with the average product of labor or the marginal product of labor for the last person hired?What are different types of costs involved in production of goods and services? Analyze the relationship between cost and productivity in the short run.Don Juan Perez runs a seafood restaurant on the central coast. His total income last year was $150,000. The rent was $48,000 per year. His labour costs were $42,000 and materials, food and other variable costs were $20,000. Don Juan Perez was going to work as a cookbook writer where he would have earned $40,000 per year, or as a chef de cuisine in another restaurant, where he would have earned $35,000. The economic utility of Don Juan Perez is: Note: the answer is 0 (zero). Please clarify with calculations why this is the correct alternative.
- What is the difference between a feasible production plan in the short run and in the long run? Give an example of a real product and the major inputs necessary to produce the product and then a short run and long run production plan.What is a production function? Response option group It is the production technology It is the relationship between inputs and the level of production It is the average product It is the marginal productExplain what is meant by and what causes "Diminishing Marginal Product". Why is it only relevant in the short run?