Homework Answers
|
L |
Q |
Labor cost |
Cost of raw material |
Variable Cost |
Fixed Cost |
Total Cost |
Marginal Cost |
Profit at P=4 |
Profit at P=5 |
Profit at P=10 |
Profit at P=12 |
|
0 |
0 |
0 |
0 |
0 |
5 |
5 |
-5 |
-5 |
-5 |
-5 |
|
|
1 |
1 |
10 |
1 |
11 |
5 |
16 |
11.00 |
-12 |
-11 |
-11.5 |
-4 |
|
2 |
4 |
20 |
4 |
24 |
5 |
29 |
4.33 |
-13 |
-9 |
-11 |
19 |
|
3 |
10 |
30 |
10 |
40 |
5 |
45 |
2.67 |
-5 |
5 |
0 |
75 |
|
4 |
15 |
40 |
15 |
55 |
5 |
60 |
3.00 |
0 |
15 |
7.5 |
120 |
|
5 |
19 |
50 |
19 |
69 |
5 |
74 |
3.50 |
2 |
21 |
11.5 |
154 |
|
6 |
22 |
60 |
22 |
82 |
5 |
87 |
4.33 |
1 |
23 |
12 |
177 |
|
7 |
24 |
70 |
24 |
94 |
5 |
99 |
6.00 |
-3 |
21 |
9 |
189 |
|
8 |
25 |
80 |
25 |
105 |
5 |
110 |
11.00 |
-10 |
15 |
2.5 |
190 |
Quantities supplied at prices 4,5,10 and 12
a.
|
P |
Qs |
|
4 |
22 |
|
5 |
22 |
|
10 |
22 |
|
12 |
25 |
b.
|
P |
Qd |
Qs |
|
4 |
30000 |
22000 |
|
5 |
22000 |
22000 |
|
10 |
12000 |
22000 |
|
12 |
8000 |
25000 |
c. equilibrium is where Qd=Qs=22000 and the price is $5
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cte 's production manager reports that the short-run Podinction relationship between the number of labor units that may be used 25. The s as tollowand the total product that maty be produced...
The short-run relationship between the number of labor units that may be used in the production...
The short-run relationship between the number of labor units
that may be used in the production process and the total output
that may be produced per period of time is as shown on the table
below:
The short-run relationship between the number of labor units that may be used in the production process and the total output that may be produced per period of time is as sh on the table below: own # of Lab r Units may be...
odbo Questions 13-15 refer to the following table, which shows the short-run production relationship and the...
odbo Questions 13-15 refer to the following table, which shows the short-run production relationship and the output demand relationship for a firm. Labor 13. Output 20 Output Price $10.00 9.00 8.00 7.00 6.00 5.00 The table indicates that: a. the firm sells output in a perfectly competitive market the firm is a monopolist the firm hires labor in a perfectly competitive market d. the firm is a monopsonist 14. How many workers will this firm hire if the wage is...
Problem 1 (25 points). Versailles Company produces a product that relies on a standard cost system...
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This year Bertrand Company sold 40,000 units of its only product for $25 per unit. Manufacturing and selling the product required $200,000 of fixed manufacturing costs and $325,000 of fixed selling and administrative costs. Its per unit variable costs follow. tion $8.00 5.00 Material Direct labor (pald on the basis of completed units) Variable overhead costs, Variable selling and administrative costs 1.00 10.50 Next year the company will use new material, which will reduce material costs by 50% and direct...
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The short-run relationship between the number of labor units
that may be used in the production process and the total output
that may be produced per period of time is as shown on the table
below:
The short-run relationship between the number of labor units that may be used in the production process and the total output that may be produced per period of time is as sh on the table below: own # of Lab r Units may be...
odbo Questions 13-15 refer to the following table, which shows the short-run production relationship and the output demand relationship for a firm. Labor 13. Output 20 Output Price $10.00 9.00 8.00 7.00 6.00 5.00 The table indicates that: a. the firm sells output in a perfectly competitive market the firm is a monopolist the firm hires labor in a perfectly competitive market d. the firm is a monopsonist 14. How many workers will this firm hire if the wage is...
Problem 1 (25 points). Versailles Company produces a product that relies on a standard cost system for planning and control. The following are the standards for producing one unit of product VERSAILLES COMPANY STANDARDS FOR PRODUCTION OF ONE UNIT OF PRODUCT Standard Standard Standard Quantity of Price Cost Input of Input Per Unit Direct Materials 3 units 12.00 $ 36.00 Direct Labor 1.0 hours 10.00 10.00 Variable Manufacturing Overhead 1.0 hours 6.00 6.00 Fixed Manufacturing Overhead 1.0 hours 18.00 18.00...
This year Bertrand Company sold 40,000 units of its only product for $25 per unit. Manufacturing and selling the product required $200,000 of fixed manufacturing costs and $325,000 of fixed selling and administrative costs. Its per unit variable costs follow. tion $8.00 5.00 Material Direct labor (pald on the basis of completed units) Variable overhead costs, Variable selling and administrative costs 1.00 10.50 Next year the company will use new material, which will reduce material costs by 50% and direct...
This year Bertrand Company sold 40,000 units of its only product for $25 per unit. Manufacturing and selling the product required $200,000 of fixed manufacturing costs and $325,000 of fixed selling and administrative costs. Its per unit variable costs follow. on Material a Direct labor (pald on the basis of completed units). Variable overhead costs Variable selling and administrative costs $8.00 5.00 10.50 . Next year the company will use new material, which will reduce material costs by 50% and...
and tribution This year Bertrand Company sold 40,000 units of its only product for $25 per unit Manufacturing and selling the product required $200,000 of fixed manufacturing costs and $325.000 of fixed selling and administrative costs, Tes per unit variable costs follow. $0.00 Material Direct labor (paid on the basis of completed units). Variable overhead costs Variable selling and administrative, costs Next year the company will use new material, which will reduce material costs by 50% and direct labor costs...
2. You are given the following information: Hours of labor Units of output Marginal product 15 a) Complete the table. b) Show that the production process is subject to diminishing returns. c) Find the optimal level of labor, if output sells for $20 per unit and labor costs $40 per hour. 3. A perfectly competitive manufacturer of tires has the following cost functions: Total cost = C = 100 + 25Q+Q2 and Marginal cost = MC = 25 + 20...
Gigabyte, Inc. manufactures three products for the computer industry: Gismos (product G): annual sales, 8,000 units Thingamajigs (product T): annual sales, 15,000 units Whatchamacallits (product W): annual sales, 4,000 units The company uses a traditional, volume-based product-costing system with manufacturing overhead applied on the basis of direct- labor dollars. The product costs have been computed as follows: Raw material Direct labor Manufacturing overhead* Total product cost Product G $ 35.00 16.00 (.8 hr. at $20) 140.00 $191.00 Product T $...
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Crop Acres 122 REVENUE Cotton Lint Cottonseed Total Revenue Quantity 1.250.00 0.89 Units Pound Ton S/Unit $0.63 $165.00 Total $787.50 $146.44 393394 Quantity Units S/Unit Total 1250 39.0625 Pound CWT Acre Acre $0.08 $2.90 $4.75 $9.00 $100.00 $113 28 $4.75 $9.00 1 50 125 Pound Pound $0.64 $0.38 $32.00 $47.50 10. IMMIT 1 1 1 0.2 Acre Acre Acre Acre $9.50 $4.50 $25.00 $15.00 $9.50 $4.50 $25.00 $3.00 1 25 Acre Bale $12.00 $0.00 $12.00 $0.00 1 Acre $40.00 $40.00...
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