Question

In: Economics

For a company that is going to create a parking space for employees. 1500 parkings will...

For a company that is going to create a parking space for employees. 1500 parkings will be supplied by the company

quesfion: What will be the factor of production and factor payment for the company?

question: based on the factor of production what will be the TFC, TC, TVC for the company? the answer needs to be related to the supply provided.

Expert Solution

Factors of production are as below:

Direct material (DM): brick, cement, and sand

Direct labor (DL): Masons who prepare the construction

Supervisor (S): 1 supervisor supervises the work.

Factor payments are as below:

Cost of DM: suppose $30 per unit

Wages for DL: suppose $20 per unit

Fixed salary to S: suppose $5,000

Therefore,

Total fixed cost (TFC) = $5,000

Total variable cost (TVC) = (DM + DL) × Supply units

= (30 + 20) × 1,500

= 50 × 1,500

= $75,000

Total cost (TC) = the aggregate of TFC and TVC

= 5,000 + 75,000

= $80,000

Rahul Sunny answered 2 years ago

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