Question
In: Accounting
The firm has two labor inputs: senior and junior laborer. The standard mix is 1 senior...
The firm has two labor inputs: senior and junior laborer. The standard mix is 1 senior laborer hour per 2 junior laborer hours. Three total hours is the standard hour of input for a single finished goods unit. Senior laborers cost $22 per hour, and junior laborers cost $12 per hour.
The firm's actually completed 10,673 finished goods units and used 39,136 total labor hours.
What is the firm's yield variance?
NOTE: only input a number, without indicating favorability (for simplicity, I've made sure that the relevant variance equation leads to a positive number). Round final answer to cents if necessary.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
A firm uses two inputs in production: capital and labor. In the short run, the firm...
A firm uses two inputs in production: capital and labor. In the
short run, the firm cannot adjust the amount of capital it is
using, but it can adjust the size of its workforce.
--
If the cost of renting capital increases, which of the following
curves will be affected? (Check all answers that apply).
--
Average variable cost
Marginal cost
Average fixed cost
Average total cost
2 points
QUESTION 2
If the cost of hiring workers increases, which...
Suppose there are two inputs in the production function, labor and capital, and these two inputs...
Suppose there are two inputs in the production function, labor
and capital, and these two inputs are perfect substitutes. The
existing technology permits 5 machines to do the work of 2 workers.
So the production function is f(E, K) = 2K + 5E. The firm wants to
produce q units of output, where q > 0 is some number. Suppose
the price of capital is $10 per machine per hour. What combination
of inputs will the firm use if the...
Suppose there are two inputs in the production function, labor and capital, and these two inputs...
Suppose there are two inputs in the production function, labor
and capital, and
these two inputs are perfect substitutes. The existing
technology permits 3 machines to do the work of 2
worker. So F(E,K)=2K+3E. The firm wants to produce 60 units of
output. Suppose the price of capital is
$10 per machine per hour. What combination of inputs will the
firm use if the wage rate is $10 or $15 or
$20 per hour? What if the firm wants to...
A firm uses two inputs, labor and capital, to produce a good. To keep up with...
A firm uses two inputs, labor and capital, to produce a good. To
keep up with the story, let zℓ ≥ 0 denote the units of labor and zk
≥ 0 the units of capital. The firm’s technology is expressed as a
production function f(zℓ, zk) = 20 z1/5 ℓ
z3/5 k . Let w > 0 and r > 0 be the cost of hiring
a unit of labor and a unit of capital, respectively.
(a) Find the technical...
Consider a firm producing one output using two inputs, capital and labor. If the weak axiom...
Consider a firm producing one output using two inputs, capital
and labor. If the weak axiom of revealed profit maximization holds,
which of the conditions below describes the constraint implied by
profit maximizing behavior across any two periods?
1. delta(p)delta(q) >= delta(w)delta(L) -
delta(r)delta(K)
2. delta(p)delta(q) <= delta(w)delta(L) +
delta(r)delta(K)
3. delta(p)delta(q) >= delta(w)delta(L) +
delta(r)delta(K)
4. delta(p)delta(q) <= - delta(w)delta(L) +
delta(r)delta(K)
Assume a firm has 2 inputs in its production function, labor and capital, and can adjust...
Assume a firm has 2 inputs in its production function, labor
and capital, and can adjust the amount of either one of these
inputs in order to increase output. Assume the marginal product of
a unit of capital is always twice as high as the marginal product
of a unit of labor (this is true regardless of how much labor and
how much capital the firm employs). If the firm wanted to expand
output, would they ever do so by...
1. Assume that the assumptions of the Heckscher-Ohlin model are holding. There are two inputs, labor...
1. Assume that the assumptions of the Heckscher-Ohlin model are
holding. There are two inputs, labor and capital. There are two
goods, automobiles and clothing. Automobiles are capital-intensive,
and clothing is laborintensive. Assume that Canada is the
relatively capital abundant country. Answer the following questions
about the effect of trade on Canada:
a. As it begins to trade, which good will Canada export, and
which good will Canada import?
b. What will happen to the price of automobiles and the...
a) The standard economic model of a production function where capital and labor are inputs into...
a) The standard economic model of a production function where
capital and labor are inputs into production, with both earning a
return according to their marginal contribution to the value of
output
b) The Marxian approach of production as a labor process, where
the value added is distributed between the capitalist and the
worker.
What is the most important difference in conclusions drawn from
the the two approaches to production?
Consider a firm managed by an entrepreneur. The firm has two kinds of debt outstanding: senior...
Consider a firm managed by an entrepreneur. The firm has two
kinds of debt outstanding: senior debt under which it owes $150 to
bondholders, and a subordinated bank loan that requires a repayment
of $1,250. The firm’s assets have a current liquidation value of
$400, but if the firm continues to operate, it will be worth $1,400
with probability 0.8 and zero with probability 0.2 one period
hence. To manage the firm for an additional period, the
entrepreneur incurs a...
A firm produces a product with labor and capital as inputs. Its production function is described...
A firm produces a product with labor and capital as inputs. Its
production function is described by Q(L,K) = L^1/2 K^1/2. Let w and
r be the prices of labor and capital, respectively.
a. Derive the firm’s long-run total cost and long-run marginal
cost functions.
b. Assume capital is fixed at 4 units in the short-run and
derive the firm’s short-run total cost and short-run average
variable cost functions.
c. Rewrite your short-run and long-run total cost functions (for
the...
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