In the short run, workers are considered variable inputs while the ovens are fixed inputs. The law of diminishing marginal product of labor is demonstrated in this scenario. Total output increases at a decreasing rate as you increase the quantity of labor.
In the short run, the workers are considered variable inputs because Tim can change the number of workers he uses from week to week.
The ovens, on the other hand, are fixed inputs because Tim cannot change the number of ovens he uses in the short run due to the limited space in his kitchen.
The law of diminishing marginal product of labor is demonstrated in this scenario.
As Tim increases the number of workers, the marginal product of labor (the additional output produced by each additional worker) decreases.
This is because the kitchen space becomes more crowded and the workers start to get in each other's way.
Therefore, the correct answer is: Total output increases at a decreasing rate as you increase the quantity of labor.
Question:
2. Inputs and outputs
Tim's Performance Pizza is a small restaurant in Chicago that sells gluten-free pizzas. Tim's very tiny kitchen has barely enough room for the two ovens in which his workers bake the pizzas. Tim signed a lease obligating him to pay the rent for the two ovens for the next year. Because of this, and because Tim's kitchen cannot fit more than two ovens, Tim cannot change the number of ovens he uses in his production of pizzas in the short run.
However, Tim's decision regarding how many workers to use can vary from week to week because his workers tend to be students. Each Monday, Tim lets them know how many workers he needs for each day of the week. In the short run, these workers are ______ inputs, and the ovens are ______ inputs.
Tim's daily production schedule is presented in the following table.
Fill in the blanks to complete the Marginal Product of Labor column for each worker.
Labor
Output
Marginal Product of Labor
(Number of workers)
(Pizzas)
(Pizzas)
0 0
1 100
2 180
3 240
4 280
5 300
1. On the following graph, plot Tim's production function using the green points (triangle symbol).
Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
Hint: Be sure to plot the first point at (0, 0).
Production Function0123453002702402101801501209060300QUANTITY OF OUTPUT (Pizzas)LABOR (Number of workers)
2. Suppose that labor is Tim's only variable cost and that he has a fixed cost of $50 per day and pays each of his workers $40 per day.
Use the orange points (square symbol) to plot Tim's total cost curve on the following graph using the quantities from the preceding table.
Total Cost03060901201501802102402703003002702402101801501209060300TOTAL COST (Dollars)QUANTITY OF OUTPUT (Pizzas)
3. The law of diminishing marginal product of labor is demonstrated by which of the following?
Total output increases at a decreasing rate as you increase the quantity of labor.
Total output increases only when you increase both labor and ovens.
Total output declines as you increase the quantity of labor.
There is a provincial construction supervisor who gets to hire all of the housing inspectors.
Bryan works as a salesman for jumbocorp. last year his sales target was $3 million and this year in an aggressive bid for growth, the company increased the sales quota for all its salespeople to $5 million, although the market for jumbocorp's product had slowed down. in order to meet his target, bryan bribed an official of a potential customer. in this context, the roots of his unethical behavior can be traced to
What is business etiquette
Business etiquette consists of the accepted standards of behavior in a professional setting, which covers aspects like communication, appearance, time management, and greeting methods. It is crucial for making a good first impression and includes specific considerations for email and texting. Professionalism should be maintained across all forms of interaction to foster successful business relationships.
Business etiquette refers to the standard behaviors and expectations that govern interactions within the professional environment. These unwritten rules of conduct can include a wide range of practices, such as effective communication, dressing appropriately, time management, and the proper way to greet colleagues and clients. Creating a good first impression, email etiquette, and maintaining a degree of professionalism in all forms of business communication are paramount to a successful working relationship and career advancement.
Email etiquette is especially critical as most business communications are conducted over email. The rules for email each carry a specific purpose, such as using a clear subject line, being concise, avoiding the use of slang or overly casual language, and remembering to use a professional greeting and signature. It is essential not to let your standards slip, even when communicating with those who may not be as meticulous.
Similarly, in the realm of business texting or netiquette, maintaining professionalism is equally important. Text messages in a business context should be purposeful, brief, and devoid of emoticons or informal shorthand that could be misconstrued or deemed unprofessional. Guidelines for business etiquette extend beyond digital communication, encompassing all aspects of interpersonal interactions as well, such as handshakes, body language, and personal space.
Feather friends, inc., distributes a high-quality wooden birdhouse that sells for $80 per unit. variable expenses are $40.00 per unit, and fixed expenses total $200,000 per year. its operating results for last year were as follows:
What is the future value of $375 at an interest rate of 3 percent one year from today? a. $371.75 b. $393.33 c. $386.25 d. none of the above are correct to the nearest cent?
What piece of glassware would enable the measurement and transfer of these solutions with the best combination of speed and accuracy?
Which of these is a worker who is NOT covered by the OSH Act?
Answer:
These are the workers or employees which are not covered by OSHA Act:
Self-employed people or workers,The family farms which do not cover the criteria set by the institution(OSHA).The local government and state employees of those companies which are not registered with the OSHA.Explanation:
OSH(Occupational safety and health):The OSH Act is basically embodied to provide the basic facilities to all the workers associated with the projects that that are registered OSHA(Occupational Safety and Health Administration).
While the OSH Act does covers mostly the employees of the private sector. But, it does have some exemptions to that as it does not cover most of the employees due to there employer being unregistered with the institution.
Jay and jim spears own a lawn irrigation system business. they perform installations and maintenance of these systems. several of their customers are golf courses, but they serve a large group of residential customers as well. when they started the business 10 years ago, they made a pact to always operate within the legal limits of the law, but lately, the competition is eating them alive. local competitors have hired illegal immigrants to perform the manual labor. they do not pay taxes on these employees; they just pay them in cash at the end of the week. employment taxes are a burden for small businesses. jay and jim do not want to hire illegal workers. there's a risk if you permit an illegal worker to drive a truck, or if he/she has an accident on the job. you have just studied business ethics in your class. you inform this partnership that:
Jay and Jim does not only take a chance that a bigger problem may occur, since they foresee that there is a risk if they permit an illegal worker to drive a truck and has an accident on the job but they are also indirectly setting the ethics code for their firm.
A substance has a mass of 360 g and a volume of 7.5 mL. What is its density?
Answer: 48!!
Explanation:
density is m/v
i got it right too
Payments of cash, cattle, pigs, or shell ornaments between grooms and in-laws are
Final answer:
Bride wealth is a cultural practice where gifts or payments are made from the groom's side to the bride's family, traditionally in the form of livestock or ornaments, and currently with items like jewelry or vehicles. It signifies respect and commitment, and is often returned in the case of divorce to symbolize a dissolved marriage contract.
Explanation:
The practice mentioned in your question refers to bride wealth, which is a cultural tradition where the groom or his family provides a payment to the bride's family as part of marriage arrangements. Historically, this could include cattle, pigs, and shell ornaments, but in modern contexts, it often involves gold jewelry, cars, furniture, appliances, and even land. The bride wealth serves as a sign of respect and commitment by the groom to the bride's family and is typically paid partially before the wedding and the remainder afterwards, keeping the groom in a respectful debt. If a marriage that included a bride wealth transaction ends in divorce, the bride wealth is usually returned to the groom's family, which symbolizes the annulment of the marriage agreement.
Grahanna publishing produces learning materials for middle school, high school, college, and professional certification courses. because these customers' needs are so diverse, the company established separate divisions for each group. based on this information, grahanna publishing uses _______ departmentalization.
Hickory point amusement park sells admission tickets for $50 per person for one visit. variable costs are $15 per visitor and fixed costs are $60,000,000 per month. the company's relevant range extends to 2,000,000 visitors per month. what is hickory point's projected operating income if 1,750,000 visitors come to the park during the month?
Final answer:
The projected operating income for Hickory Point Amusement Park with 1,750,000 visitors is $1,250,000, calculated by subtracting the total variable costs and fixed costs from the total revenue.
Explanation:
The question asks about calculating the projected operating income for Hickory Point Amusement Park when it has 1,750,000 visitors in a month. To find the operating income, we start by calculating total revenue, which is the ticket price multiplied by the number of visitors ($50 × 1,750,000). Then, we calculate total variable costs by multiplying the variable cost per visitor by the number of visitors ($15 × 1,750,000). The operating income is found by subtracting both the total variable costs and fixed costs from the total revenue.
Total Revenue = $50 × 1,750,000 = $87,500,000Total Variable Costs = $15 × 1,750,000 = $26,250,000Operating Income = Total Revenue - Total Variable Costs - Fixed Costs = $87,500,000 - $26,250,000 - $60,000,000 = $1,250,000
Therefore, the projected operating income for Hickory Point Amusement Park with 1,750,000 visitors in a month is $1,250,000.
Why do customers have privacy concerns about frequent shopper programs that supermarkets offer, and what can supermarkets do to minimize these concerns?
Guiding, teaching, and supervising employees are activities associated with:
The soma inn is trying to determine its break-even point. the inn has 75 rooms that are rented at $56 a night. operating costs are as follows. salaries $10,100 per month utilities 2,900 per month depreciation 1,500 per month maintenance 800 per month maid service 7 per room other costs 31 per room
Antiques ‘r' us is a mature manufacturing firm. the company just paid a dividend of $12.30, but management expects to reduce the payout by 5 percent per year, indefinitely. if you require a return of 9 percent on this stock, what will you pay for a share today? (do not round intermediate calculations and round your answer to 2 decimal places,
e.g., 32.16.) current share price
The constant growth model can be used here even if the dividends are decreasing by a persistent percentage, just make sure to distinguish the negative development. So, the computation for the price of the stock today will be:
P= dividend (1 +reduce payout) / (Return–reduce payout)
P= $12.30(1 – 0.05) / [(0.09 – (–0.05)]
P= $11.69 / 0.14
P = $83.46 is the price you will pay for a share today.
If you require a return of 9 percent on the stock, you will pay $83.46 for today.
Even if dividends are consistently declining by a certain percentage, the continuous growth model can still be applied in this case; just be sure to identify the negative trend. The following formula will be used to determine the stock's current price:
P = dividend (Return - Reduced Payout) / (1 + Reduced Payout).
P= $12.30 (1 – 0.05) / [(0.09) – (–0.05)]
P= $11.69 / 0.14
You will pay P = $83.46 for today.
Therefore, the correct answer is $83.46 for today.
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Rolston corporation is comparing two different capital structures, an all-equity plan (plan i) and a levered plan (plan ii). under plan i, rolston would have 190,000 shares of stock outstanding. under plan ii, there would be 140,000 shares of stock outstanding and $2.00 million in debt outstanding. the interest rate on the debt is 8 percent and there are no taxes.
a. if ebit is $625,000, what is the eps for each pla
Expansion of foreign debt leads to an obligation for future interest payments that are ___________ the american economy
During the ________ stage of group development, work behaviors evolve into a sharing of information, acceptance of different opinions, and positive attempts to make decisions that may require compromise, as the members set the rules by which the team will operate.
Josh has decided to open a restaurant. he has determined that he will need to hire separate people to seat and serve customers, plan and prepare food and beverages, and clear tables and wash dishes. this process is known as _______.
Maggie has an evening janitorial job. she sometimes takes a book to work and reads when she should be working. this is an example of the ______ problem.
The answer is: the principal-agent problem.
The principal-agent problem refers to a situation when the action/decision made by a single individual could affect the whole organization where that individual belong.
By reading the the book and neglecting the job, Maggie could tarnish the reputation of the janitorial company where she works. This could make the whole company receive less order in the future.
What type of graphic illustrates changes in data over time?
According to scott's rule, if the number of values is 51, the recommended number of cells in the histogram is:
Assume that pizza costs $1 per slice and a large pepsi costs $2. with $20 to spend, what consumption mix will maximize satisfaction?
Final answer:
Without specific utility values, maximizing satisfaction with $20 on pizza and Pepsi comes down to personal preference within the budget constraint. Possible combinations include purchasing different quantities of pizza and Pepsi, summing up to $20. The optimal mix would likely depend on individual tastes and the value of variety.
Explanation:
In determining the optimal consumption mix with $20 to spend on pizza and Pepsi, where pizza costs $1 per slice and a large Pepsi costs $2, one needs to consider their marginal satisfaction from each purchase. The question does not specify the utility each good provides, so we'll assume the goal is to maximize the quantity of goods within the budget constraint.
Strategy for Maximization
To maximize satisfaction under this scenario, without specific utility values for pizza and Pepsi, a straightforward approach would involve maximizing the quantity of goods purchased while staying within the $20 budget. Given the prices, there are multiple combinations one could choose, such as buying 10 pizzas and 5 Pepsis, 20 pizzas and no Pepsi, or any other combination that sums up to $20.
Deciding Factors
The final decision might come down to personal preference or aiming for a balanced consumption. For example, if one values variety or drinks significantly enhance the enjoyment of pizza, a mix might provide the most satisfaction. Without explicit utility values, this problem simplifies to a linear budget constraint issue where personal preference dictates the optimal mix.
Raphael bought an established business two years ago. eventually raphael realized he inherited some mistakes from the previous owner's estate, and now must make some tough decisions. what would an entrepreneur do?
A company's ability to productively utilize its assets relative to its revenue and its profits is referred to as
The answer is efficiency. Efficiency is a way of having to be efficient or having to be more organized and timely in which can be describe to a company that has the ability of utilizing their assets to its relative revenue.
On january 1, 2018, the mason manufacturing company began construction of a building to be used as its office headquarters. the building was completed on september 30, 2019. expenditures on the project were as follows:
Ue or false: increasing the number of stocks in a portfolio reduces market risk.
a. True
b. False
True or false: the new contract that you negotiate with labor will take affect starting january 1st of the year the contract is renegotiated.
Suppose for some firm that average total cost is minimized at q1 units of output. for a monopolistically competitive firm in long-run equilibrium, q1
a. exceeds the level of output at which there is a point of tangency between the demand curve and the average total cost curve.
b. exceeds the level of output at which marginal revenue equals marginal cost.
c. is also the level of output at which marginal cost equals average total cost.
d. all of the above are correct.
For a monopolistically competitive firm in long-run equilibrium, the output level q1, where average total cost is minimized, is also where marginal cost equals average total cost. This corresponds with the firm's long-run equilibrium point, though not necessarily the profit-maximizing point.
Explanation:When addressing the question of what output level q1 signifies for a monopolistically competitive firm in long-run equilibrium, one must consider how various costs relate to each other. The level of output where average total cost is minimized, q1, can be analyzed in the context of a monopolistically competitive firm, as follows:
c. is also the level of output at which marginal cost equals average total cost.The firm's long-run equilibrium is where marginal cost equals average total cost, which also coincides with the lowest point of the average total cost curve. This point is not necessarily where the firm earns maximum profits, as that would be the output level where marginal revenue equals marginal cost. In a monopolistically competitive market, firms cannot sustain economic profits in the long run, as entry of new competitors would drive profits to zero.
Choosing the correct option, it’s evident that option c states that q1 is the level of output at which marginal cost equals average total cost, which is accurate for a monopolistically competitive firm in the long run. Hence, the correct answer is:
c. is also the level of output at which marginal cost equals average total cost.
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