Question

Provide a brief description of the production function of the following firms. What is the firm’s output? What input does it use? Can you think of any special features of the way production takes place in the firm?

(a) A wheat farm in Prairies

(b) Hudson’s Bay
(c) A local arc-welding firm

(d) Sam’s Hot Dog stand

(e) Calgary Opera

(f) Dr. Physician private practice

Answer 1

a). The wheat is the output of a wheat farm. The input is the wheat seeds. Wheat can be cultivated in any climatic conditions. Wheat is highly cultivated in the canadian priaries. The farmers in these region mostly adopt mixed farming since it can increase the fertility of the soil and can yield a higher output.

b). Hudson's bay is a store chain in Canada. It is a retain business sector. It owns a number of retail stores in Canada and US. It had produced furs and fine homewares in its early ages. This company made early development in the economy of canada.

c). In arc welding firms, metals are joined each other by the means of electricity inorder to melt the metal and then it is cooled and thus the binded metal is formed. It is done using an electrode holded using a electrode holder. We can use both DC power supply or AC power supply. It is used to produce mechanical parts or other iron shapes or joints. The input is iron and electric rod.

d). Sam's hot dogs stand is a branded restaurant which sells better quality beef hot dogs, sandwiches, fresh buns, and a variety of milkshakes. They had over 40 of branches. They also provides home delivery. Beef are used to make beef hot dogs, pork are used to make pork sandwiches and milk is used to make large varieties of milkshakes.

e). Calgara opera is an opera company in canada. It is an arts company which develops the talents in canada without taking any profits. Through the community and educational sectors, this company creates a love of music in the minds of young people and encourages the various skills in young artists and make them success in these professions.

f). The physicians can operate or work in their own culture in their private practice. Thus they don't have to follow any hospital policies. Thus these physicians can provide more caring and family feel to the patients. Thus patients can choose physician more than hospitals in medical services. Thus private physicians can earn more then working in a hospital.

Thanks!..