Free Essay

Assigment

In: Business and Management

Submitted By noli
Words 571
Pages 3
Assignment #2 Production economics Exercise 1: Production function In the Deep Creek Mining Company example described in class suppose that capital is fixed at 500 brake horse power, while labor is a variable input. a) Complete the following table Labor input L (n. of workers) 1 2 3 4 5 6 7 8 9 10 b) Plot the (i) total product, (ii) marginal product and (iii) average product functions c) Determine the boundaries of the three stages of production Exercise 2. Optimal input level in short‐run The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Based on past data, the following production schedule was developed: Crew size (number of workers) 2 3 4 5 6 7 8 9 10 11 12 a) Over what ranges of workers are there (i) increasing, (ii) constant, (iii) decreasing and (iv) negative returns? b) How large a crew should be used if the trawler owner is interested in maximizing the total amount of fish caught?
1

Total product Q

Marginal product MPL

Average product APL

Amount of fish caught per week (hundreds of lbs.) 3 6 11 19 24 28 31 33 34 34 33

c) How large a crew should be used if the trawler owner is maximizing the average amount of fish caught per worker? d) Suppose that the trawler owner can sell all the fish caught for $75 per 100 pounds and can hire as many crew members as desired by paying them $150 per week. Determine the optimal crew size if the trawler owner wants to maximize profits. Exercise 3. Optimal input levels in long‐run A firm uses two variable inputs, labor (L) and raw materials (M), in producing its output. At its current level of output: CL = $10/unit MPL = 25 CM = $2/unit MPM = 4 a) Determine whether the firm is operating efficiently, given that its objective is to minimize the cost of producing the given level of output. b) Determine what changes (if any) in the relative proportions of labor and raw material need to be made to operate efficiently. Exercise 4. Optimal use of labor Consider the following short‐run production function for a firm, where L is labor, and Q is output. Q = 20∙L ‐ .25∙L2 Suppose that the good is sold for $5 per unit. Also assume that the firm can obtain as much of labor (L), as it needs at $81.25 per unit. a) Determine the marginal revenue product of labor. (This is a function. Start from 1 up to 10 workers) b) Determine the marginal factor cost function. c) Determine the optimal value of L, given the objective is to maximize profits. Exercise 5. Returns‐to‐scale Consider the following production function for FFS railways: Q = L∙Eß∙W where L = labor input in man‐hours; E = electricity in KWh; W = capital input in number of wagons; and Q = output measured in millions of kilometers. Suppose that the parameters (, ß, and ) of this model were estimated using a log linear regression model with annual data for the past 40 years. The following results were obtained:  = .42 ß = .37  = .31 a) What type of returns to scale appears to characterize this railways system? b) Suppose that all inputs increase by 5% next year. Determine the approximate percentage change in output. [Hint: multiply by 1.05 …..]
2

Similar Documents

Premium Essay

Ilz Assigments

...MANAGEMENT ACCOUNTING COSTING AND BUDGETING. HND IN BUSSINESS MANGMENT Indivdual Assigment [Ilzam Ilyas/BM43/09] Executive Summery This report describes Managing accounting costing and budgeting to an organization of both current and future business. Effective information and knowledge can be gained by an organization if they have a clear understanding about their costing and budgeting flow. There are four learning outcomes that have been talked in this report. The learning outcome 1 speaks about the types of costing that organization has to bear and it shows with the relevant examples. It also calculates cost and the price and found the net profit of the given statement using different costing methods. The learning outcome 3 explains the purpose of budgeting advantages and disadvantages and some other types of budgets and calculated the cash budget statement of the company. Further, in learning outcome 2 and 4 of the assignment, the way company “Cosmo” that makes and sell products is clearly described using variance as its method of controlling and coordinating their labors. Moreover, existing approach of Variance by the “Cosmo” organization has highlighted with the recommendation to improve their performance next year with all the calculations process is identified and discussed. Acknowledgment "I would like to thank our Management Accounting......

Words: 3508 - Pages: 15

Premium Essay

Assigments

...CHAPTER 3: QUESTIONS AND ANSWERS 1 Why do some people pronounce SQL as “sequel”? Ans: Because of its naming history, SQL is developed from SEQUEL language, so some people pronounce SQL as “sequel”. 2 Why are the manipulation statements of SQL more widely used than the definition and control statements? Ans: Because only the database administrator uses the definition and control statements, while power users and analysts, who are the majority, use the manipulation statements. 3 Is the SQL standard supported in whole or in part? Briefly explain. Ans: The SQL standard is supported in part. Because of the size of the previous standard SQL-92 (contains more than 600 pages) and the current SQL: 1999 standard (contains more than 2,100 pages), there are multiple levels that can be supported. No vendor supports the entire SQL-92 standard now. Most vendors support a super/subset of the standard. With the new SQL: 1999 standard, vendor implementation will likely be more fragmented because of the size and scope of the standard. 4 How many levels of conformance does the SQL-92 standard have? Ans: The SQL-92 specification contained three levels: Entry SQL, Intermediate SQL, and Full SQL. Unfortunately, no vendor claimed conformance beyond Entry SQL although most vendors implemented some features in the higher SQL levels as well as providing proprietary SQL extensions. 5 How many levels of conformance do the SQL: 1999 standard have? Ans: The SQL: 1999 standard contains a single level of......

Words: 6440 - Pages: 26

Premium Essay

Assigment

...INSTRUCTIONS TO STUDENTS 1. Students are required to form a group of FOUR (4) to FIVE (5) members. 2. Each group need to appoint a System Analyst (SA), Accountant, Administration Manager, Human Resource (HR) Manager and Programmer. These roles should be rotated among members. SA (Project Manager) - Keeps group on track; maintain full participation. Accountant - Records assignments, strategies, unresolved issue matters. HR Manager - Reports out during whole class discussion; monitors write up of final drafts of assignments. Programmer - Checks group understanding; finds resources. Administration Manager - Coordinate and service group members. 3. Deadlines for presentation and written report : Planning : Week 4 Analysis : Week 9 Design : Week 12 Implementation : Week 14 4. Assessment : * Written report = 80% (20M) * Peer evaluation = 10% (2.5M) * Student’s log = 10% (2.5M) 100% ( 25M) 5. Assessment Rubrics Assessment for written projects and peer evaluation will be done using assessment rubrics. 6. Student Learning Log Each group needs to complete the following student learning logs: * Student Product Brief : beginning of project * Student Learning : during the process Each member of the group needs to complete the following student learning logs: * Group Contribution & End-of-Project Self-Assessment : end of project * Peer Evaluation : end of project 7...

Words: 274 - Pages: 2

Premium Essay

Assigments

...Argument Racism at College University. I have to stay I am against what university are treating other ethics. We as human beings should be treated the same even though “people” put us in different classes. An article that I read up. Said “Researchers from Harvard and Tufts University have conducted a surprising study which shows that white people think that much needed racial progress has been made since the 1950s but at their expense. The study in question polled several hundred people, both black and white, about the pace of progress since the 1950s. Both racial groups indicated that there has been some definite change in the racial climate since then. But the surprising piece of the puzzle is that white people now believe that the decrease in anti-black racism has led to the rise of anti-white racism. In other words, white people believe that equality has been reached but that this has subjected them to experience more racism than black folk.” Its slowly staying that white people are starting to sue the schools because they aren’t getting accepted into their school of chooses. Seeing Asians, Blacks and Latinos percent of getting accepted higher than them makes them mad. It’s like saying there will never be any other race the white house. Yet times has change and soon there will be a women in power of the white house one day. These research findings are just another indicator of the pervasiveness of white privilege, where white privilege means whiteness at all costs...

Words: 445 - Pages: 2

Free Essay

Unit 6. Assigment 1. Cable Testers

...UNIT 6. ASSIGMENT 1. CABLE TESTERS. THE THREE CABLES TESTERS I WOULD PICK IN MY LINE UP WOULD BE THE OPTICAL LOSS TEST SET AND TEST KIT, THE TDR, AND THE TONE GENERATORS. THE OPTICAL LOSS TEST SET AND KITS WORKS MORE SO IN A LAB BASED SET UP THEN OUT ON THE FIELD BUT THE TEST KITS IS MORE FAVORABLE BY FIBER TECHS BECAUSE IT HAS A POWER METER AND LIGHT SOURCE THAT ARE MADE TO WORK TOGETHER. THE TDR (TIME DOMAIN REFLECTOR) IS A TOOL THAT IS USED BE SENDING A TONE OR / BEAM OF LIGHT (WITH A DATA ON IT SOME TIMES) AND WILL MEASURE HOW LONG IT TOOK FOR THAT TONE TO REACH THE DESTINE PLACE AND OR BACK TO THE SENDER FROM WHICH IT CAME. AND DEPENDING ON HOW LONG IT TAKES TO COME BACK (IF IT EVER DOES) WILL USUALLY LET YOU KNOW WHERE YOUR FAULT IS IN TYOU NETWORK CABLING THE TONE GENERATOR IS USED BY GENERATING A CERATIN TONE ALONG THE CABLING TO LET YOU KNOW WHERE EXACTLY YOU INCOSISTANCIES ARE WITH IN THAT SPECIFIC CABLE. THE OPTICAL LOSS TEST SET AND TEST KITS WILL SEEM TO WORK BEST WITH FIBER BASED LAYOUT, THE TIME DEFLECTIVE DOMAIN WILL WORK BEST ON THICKNET CABLING SET UPS AND THE TONE GENERATOR WILL WORK BEST ON COPPER/COAXIL LIKE SET UPS. THE TWO TESTER I THINK SHOULD BE IN EVER TECHS INSTALL KITS WILL BE THE TDR AND THE OPTICAL LOSS TEST SET AND TEST KITS THE REASON WHY IS THAT BOTH OF THESE TESTERS CAN SEND TESTING SIGNALS DOWN A CABLE THAT GOES IN OR THRU WALL OR TIGHT SPACES THAT THE HUMAN HAND CANT REACH NOT THE EYE CAN SEE, ALSO MOST OF THESE TESTERS WILL GIVE......

Words: 312 - Pages: 2

Free Essay

Assigment

...CS301 – Data Structures ___________________________________________________________________ Data Structures 1 CS301 – Data Structures ___________________________________________________________________ Data Structures..........................................................................................................1 Lecture No. 01 ............................................................................................................3 Lecture No. 02 ..........................................................................................................12 Lecture No. 03 ..........................................................................................................21 Lecture No. 04 ..........................................................................................................34 Lecture No. 05 ..........................................................................................................49 Lecture No. 06 ..........................................................................................................59 Lecture No. 07 ..........................................................................................................66 Lecture No. 08 ..........................................................................................................73 Lecture No. 09 ..........................................................................................................84 Lecture No. 10 ....................................

Words: 13571 - Pages: 55

Premium Essay

Assigment

...Introduction Economic system is defined as the basic arrangements made by societies to solve the economic problem. There are three economic systems that classification by degree of government control. The three economic systems are Command Economy System (Socialism). A system where the government, rather than the free market, determines what goods should be produced, how much should be produced and the price at which the goods will be offered for sale. The command economy is a key feature of any communist society. Example of country that under this economy system are North Korea, Cuba and Russia. Market Economy System (Capitalism) is an economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's citizens and businesses and there is little government intervention or central planning. This is the opposite of a centrally planned economy, in which government decisions drive most aspects of a country's economic activity. Example of the country are Hong Kong and USA.  Mixed Economy System is an economic system that features characteristics of both capitalism and socialism. A mixed economic system allows a level of private economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims. This type of economic system is less efficient than capitalism, but more efficient than socialism. Example of the country are Malaysia and......

Words: 2150 - Pages: 9

Free Essay

Assigment

...HANDOUT 13 Internet Resources Muslim Contributions to Civilization: Past and Present I. Islam and Science A. (Article) Science and Civilization in Islam (Seyyed Hossein Nasr) http://www.fordham.edu/halsall/med/nasr.html B. Overview of Islamic Culture and the Medical Arts (National Library of Medicine Exhibit) http://www.nlm.nih.gov/exhibition/islamic_medical/islamic_00.html C. Resource page of Islam SET (Science, Environment and Technology) ( www.islamset.com) http://www.islamset.com/introd.html i. History of Islamic Science http://www.islamset.com/heritage/history.html ii. History of Muslim Pharmacology http://www.islamset.com/heritage/pharmacy/index.html D. History of Islamic Biomedicine (links to many articles on this topic, including chronology of Muslim civilization) http://www.mic.ki.se/Arab.html E. Numbers http://www.islamic-paths.org/Home/English/History/Literature/Arabic_Numerals.htm II. Environment A. Islam and the Environment, theory and practice (Dr. Mawil Izzi Dien) http://www.lampeter.ac.uk/trs/staffgallery/mawil_paper.html B. (Article) Islam and Ecology http://www.crosscurrents.org/islamecology.htm III. History and Civilization A. History of Islamic Civilization http://www.islamset.com/islam/civil/index.html - and http://www.fordham.edu/halsall/islam/islamsbook.html Pg. 1 HANDOUT 13 B. Influence of Islamic Culture on Western......

Words: 1486 - Pages: 6

Premium Essay

Assigment

...Information Technology in Business Information technology. Collection of technologies Deal with processing, storing, and communicating information, including all types of computer and communications systems as well as reprographics methodologies. It refers to anything related to computing technology, such as networking, hardware, software, the Internet, or the people that work with these technologies. Many companies now have IT departments for managing the computers, networks, and other technical areas of their businesses. IT jobs include computer programming, network administration, computer engineering, Web development, technical support, and many other related occupations. Since we live in the "information age," information technology has become a part of our everyday lives. That means the term "IT," already highly overused, is here to stay. The role of information technology systems in a business environment can be classified into four broad categories. These categories include function performance, communication through networking, management and enterprise roles. Information technology provides commercial and industrial systems for businesses. These systems enable businesses to function effectively and efficiently. Function IT Systems Function IT systems are applications that allow individuals to function effectively in the workplace. Examples of common IT systems that enhance workplace functions are word processor applications, spreadsheet applications,...

Words: 2302 - Pages: 10

Premium Essay

Assigment

...Table of conte Content................................................................................................................................Page Introduction.........................................................................................................................3 1.1. Different organisational structure and culture..............................................................3 1.2. Relationship between organisational structure and culture..........................................4 1.3. Factors influencing individual behaviour at work........................................................5 2.1. Organisation theory and management practice.............................................................6 2.2. Different approaches to management used by Peacocks and Primark..........................6 3.1. Leadership styles and their effectiveness......................................................................7 3.2. Application of different motivational theories in workplace........................................8 3.3. Relationship between motivation theory and the practice of management..................10 4.1. Nature of groups and group behaviour.........................................................................11 4.2. Factors lead to effective teamwork and threaten the success......................................12 4.3. The impact of technology on team......

Words: 3354 - Pages: 14

Free Essay

Assigment

...1. An interview is a meeting between an applicant for employment and a company representative to determine if the candidate is qualified for a job, an internship or a volunteer opportunity. a. What are different types of interview? b. What are the skills and techniques required to have a successful job interview? There are several different kinds of interviews such as : Traditional Face-to-Face Interview * Most interviews are face-to-face. * The most traditional is a one-on-one conversation. * Your focus should be on the person asking questions. * Maintain eye contact, listen and respond once a question has been asked. * Don't interrupt the interviewer. Panel/Committee Interview * In this situation, there is more than one interviewer. * Typically, three to ten members of a panel may conduct this part of the selection process. T * his is your chance to put your group management and group presentation skills on display. * As quickly as possible, try to 'read' the various personality types of each interviewer and adjust to them. Find a way to connect with each interviewer. * Remember to take your time in responding to questions. * Maintain primary eye contact with the panel member who asked the question, but also seek eye contact with other members of the panel as you give your response. Behavioral Interview * The basic premise behind this type of interview is that your past behavior is the best......

Words: 761 - Pages: 4

Premium Essay

Assigment

...Colorado State University: Farmers’ Market Options? What You Really Get Silvija Nad Southern States University Abstract Organic vs non-organic food, what is a smarter choice?  Living green is front and center in our life today, from driving a fuel-efficient car to recycling more at home. Buying food at farmers' markets is a green option that is more popular than ever. Before you pick up a basket to head out to shop, get familiar with the options at farmers' markets. Organic farmers focus their efforts on renewable resources and the conservation of water and soil. Most organic foods cost 10 to 40 percent more than conventionally grown food. Some reasons people may feel better about paying the higher cost are thinking the organic options taste better, may be more nutritious, have lower levels of pesticides and herbicides and a desire to help the environment. On the other hand, some choose not to purchase organic food because it has a higher cost, fewer choices, a blemished appearance and uncertainty if the product is truly organic. Colorado State University: Farmers’ Market Options? What You Really Get Here are the facts about organic vs. non-organic food. Organic is not more nutritious when compared with conventional choices according to research studies. The nutrients in food can vary depending on soil and climate conditions when it was grown and how it was handled and shipped. Organic produce is not necessarily free of pesticides and herbicides, but it likely has......

Words: 427 - Pages: 2

Premium Essay

Assigment

...Customer Service Charter Australia Post plays an important role in the Australian community and is required by law to meet specific performance standards. These are called Community Service Obligations (CSOs). This Customer Service Charter aims to communicate these standards to our customers. This document also explains how you can obtain more information about these standards, how to offer feedback or let us know about any concerns. It also offers advice on how you can help Australia Post to serve you better. Contents Community Service Obligations (CSOs) 2 Mail services 4 Letter and parcel lodgement points 4 Posting times 5 Delivery timetable 6 Stamp purchases 7 Delivery services 8 Delivery frequency 9 Basic letter price 10 Other services 11 Feedback and complaints 12 Compensation 13 Making the most of Australia Post 14 Performance reports 15 Australia Post contact points 16 Customer Service Charter |page 1 Community Service Obligations (CSOs) Australia Post is required by law to provide a universal letter service which is reasonably accessible to all Australians and, in addition, to provide a standard letter service at a uniform price (currently 55 cents) from anywhere to anywhere in the country. This means the cost of delivering some letters can be many times higher than the postage charged. The CSO cost occurs when the real......

Words: 2186 - Pages: 9

Premium Essay

Week 3 Assigment

...Week 3 Assignment RES 345 February 01, 2016 Week 3 Assigment The article "American Dream in Flux: The Endangered Right to Lease A Home highlights the constitutional violation and social harm perpetuated from the declining shift in homeownership coupled with the increasing inclusion of governmentally promoted community rental restrictive zoning ordinances and private covenants. For the most part zoning ordinances and private laws (rules, regulations, and deed restrictions) appear to provide considerable aesthetic benefit as well as serve to preserve property value. However, these very laws and covenants work to advance government policy and foster continued segregation not promote community interest or protect ownership rights. Consequently, governmental and private leasing prohibition often significantly restricts a title holders exercise of property rights and use of capital. Additionally, rental restrictive covenants result in undue hardship for owners and potential tenants alike. Further, these frequently encountered universally accepted private laws disguised as property use tools work to control who is allowed to reside in a particular neighborhood not prohibit value impacting undesirable usage. More, the preclusion of leasehold estate alienation ultimately infringes on the freedom to contract, decreases availability of rental housing, and artificially raises market rents, as well as functions to segregate specific demographic groups (Boyack, 2014). ......

Words: 1030 - Pages: 5

Free Essay

Ethics Assigment- New Systems Inc

...interoffice memorandum subject: ethics assigment- New systems inc date: [ 3/18/2012 ] A number of business ethical conflicts develop due to divergences between different stakeholders’ interests such as; company owners, employees, customers or/and surrounding community. One of the major stakeholders New Systems Inc is experiencing an ethics situation. Alexandra Lopez a certified internal auditor for New Systems Inc has been assigned to the Royal Division for the past two years. Alexandra has found some discrepancies in the company’s asset turnover ratios, which will reduce the company’s ROI (Return on Investments), the base for the division’s performance assessment and bonus system. Other stakeholders are Will Dixon and the Royal Division V.P. Will seems to be bothered with Alessandra findings; however he made a commitment to look into the problem and to rectify any problems before next year’s review. Jean Williams, the Royal Division CFO, is also an important stakeholder, who is considered Alexandra’s mentor and friend. Jean and other key people of the department would be directly impacted by Alexandra’s findings, which will reduce their performance assessment and consequently their bonus; 30% of their base pay is directly related to the company’s ROI. Finally Alexandra’s husband can also exert some influence on her decisions, especially when it involves their personal finances. The main dilemma with Alexandra’s findings started when Jean, her friend,......

Words: 1098 - Pages: 5