To produce a Ipad pro it requires 7 hours of work for software, 6 hours of work for hardware, 8 hours of work for decoration. To produce an Iphone it requires 6 hours of work for software, 3 hours of work for hardware, 9 hours of work for decoration. To produce an Apple Watch it requires 8 hours of work for software, 5 hours of work for hardware, 4 hours of work for decoration. • If their workers can produce 10000 hours of work for software, 7500 hours of work for hardware, 9000 hours of work for decoration. How many Iphone, Ipad pro and Apple Watch can Apple produce ?
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- Give the three reasons that explain why the division of labor increases an economys level of production.If two painters can paint 200 square feet of wall in an hour, and three painters can paint 275 square feet, what is the marginal product of the third painter?Suppose you have a team of two workers: one is a baker and one is a chef. Explain why file kitchen can produce more meals in a given period of time if each worker specializes in what they do best than if each worker tries to do everything from appetizer to dessert.
- What is a production technology?1.Explain how a firm uses resources price and value data to determine the appropriate combination of capital and labor resources to use in order to maximize profits. 2.how does this change when the firm want to produce a specific quantity of product with the least cost combination of resources? 3. if a software firm estimates that the MP of labor is 3 apps per month and the price is labor is $1100 per month, while the MP of capital is 5apps per month and its price is $2000, should the firm hire more labor and decrease its capital use or increase its use of capital and use fewer labor resources?3. What are the 2 variables that the Production Function is analyzing/graphing? Why does the production function diminish over time?
- Assume that Henry and Madeleine can switch between producing parasols and producing porcelain plates at a constant rate. Labor Hours Quantity Needed to Make 1 Plate 2 Produced in 36 Hours Parasol Parasol Plate 18 6 Henry Madeleine2 Assume that Henry and Madeleine each has 36 labor hours available. If each person divides his/her time equally between the production of parasols and plates, then total production is a.18 parasols and 6 plates. b.18 parasols and 7.5 plates. c. 16 parasols and 12 plates. d.36 parasols and 15 plates. 4 18 9The following table shows the production possibilities for the country of Erewhon: A CDEF Wine 10 18 24 28 30 Cheese 40 28 18 10 4 0 What is the total cost of producing the first 10 units of wine? O a. 24 units of cheese O b. 28 units of cheese O c. 12 units of cheese O d. 6 units of cheese B.efer to the table which shows the technology of production at the Matsuko's Mushroom Farm for the month of May. What is the average product of labor when the farm hires 5 workers? A. 4 pounds B. 54 pounds C. 38.2 pounds D. 10.8 pounds ..... Number of workers Mushrooms per day (pounds) 1 12 2 30 3 45 4 50 5 54 6 56
- Consider two countries that use labor as an input to produce two goods. • In South Korea, one hour of a worker's labor can produce either 5 bags or 10 bread. • In Japan, one hour of a worker's labor can produce either 20 bags or 20 bread. The information provided is illustrated as follows: South Korea Japan Bags 5 20 Bread 10 Which country should specialize in the production of bread? 20 Assume that the maximum amount of labor hours is 100 hours.15. A firm can use three different production technologies, withcapital and labor requirements at each level of output as follows:TECHNOLOGY 1 TECHNOLOGY 2 TECHNOLOGY 3DailyOutputK L K L K L100 3 7 4 5 5 4150 3 10 4 7 5 5200 4 11 5 8 6 6250 5 13 6 10 7 8a. Suppose the firm is operating in a high-wage country, wherecapital cost is $100 per unit per day and labor cost is $80 perworker per day. For each level of output, which technologyis cheapest?b. Now suppose the firm is operating in a low-wage country,where capital cost is $100 per unit per day but labor cost isonly $40 per unit per day. For each level of output, whichtechnology is cheapest?c. Suppose the firm moves from a high-wage to a low-wagecountry but its level of output remains constant at 200 units7. Fancy Footwear manufactures shoes. The figure below shows Fancy Footwear's marginal product of labor and average product of labor curves in the short run. Output (Quantity of footwear) monoos Icunns a'boral ai rud W d 1 1 2 3 4 5 6 7 8 13g moondaM (abanog) (s B a. Identify the Marginal Product and the Average Product? 23/10W A Labor (units) b. For what quantity of labor does production display diminishing returns? od oldat on BM to dinom od not