Assume labor is the only variable input. Which of the following best explains why marginal cost (MC) is increasing when marginal product (MP) is decreasing?
Answers
The phenomenon of increasing marginal cost (MC) while marginal product (MP) is decreasing can be attributed to the principle of diminishing marginal returns.
As labor is assumed to be the only variable input, this principle states that as additional units of labor are added to a fixed amount of capital, the marginal product of labor will eventually decrease.
Initially, when labor is added, the marginal product tends to increase due to factors like specialization and efficient utilization of resources. However, as more labor is added beyond a certain point, the productivity gains start to diminish. This can occur due to factors such as limited space, increased congestion, or inadequate coordination between workers.
The diminishing marginal returns mean that each additional unit of labor contributes less to the total output compared to the previous units. Consequently, the marginal product decreases. At the same time, the marginal cost increases because additional units of labor require additional resources and incur additional costs, such as wages, training, and supervision.
The relationship between MC and MP can be explained by the concept of the law of diminishing marginal productivity. As MP decreases, the cost of producing each additional unit of output (MC) increases because more resources are required to achieve the same level of output. This relationship between diminishing marginal product and increasing marginal cost is a fundamental concept in economics and is crucial for understanding production and cost behavior in various industries.
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Related Questions
Production and sales estimates for March for the Streamline Systems Co. are as follows: Estimated inventory (units), March 1 17,500 Desired inventory (unit), March 31 20,300 Expected sales volume (units) 35,000 Unit sales price $15 a.35,000 b.37,800 c.20,300 d.17,500
Answers
Answer:
b.37,800
Explanation:
The computation of the number of units expected to be manufactured is shown below:-
Number of units expected to be manufactured = Sales + Ending inventory - Beginning inventory
= 35,000 + 20,300 - 17,500
= 37,800 units
Therefore for computing the number of units expected to be manufactured we simply applied the above formula.
Which country produces the most coffee in the world?.
Answers
Answer:
Brazil? I'm most likely sure this is correct, have a great day!
In estimating the difference between two population means, if a 95 percent confidence interval includes zero, then we can conclude that there is a 95 percent chance that the difference between the two population means is zero.a. Trueb. False
Answers
False. When calculating the difference between two population means, we can say that there is a 95% probability that the difference between the two population means is zero, which is FALSE, if the 95% confidence interval contains zero.
If a 95 percent confidence interval for calculating the difference between two population means contains zero, the difference between the sample means is not statistically significant at the 5% level. A 95% possibility that the difference between the two population means is zero does not imply that it always is. Only the range of values that the genuine difference between the population means is likely to lie within is given by the confidence interval. The word "population" is used to describe the estimated number of individuals who are known to reside in a specific geographic region.
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Which quality is a requirement In order for a destination to become a tourism destination area (TDA)?
A. should be accessible by road
B. should be in a developed country
C. should have a unique feature
D. should have a moderate climate
Answers
Ecker Company reports $1,725,000 of net income for 2017 and declares $241,500 of cash dividends on its preferred stock for 2017. At the end of 2017, the company had 290,000 weighted-average shares of common stock. 1. What amount of net income is available to common stockholders for 2017? Net income preferred stockholders Net income available to common stockholders 2. What is the company's basic EPS for 2017? Basic Earnings per Share Choose Numerator: Choose Denominator: Basic Earnings per Share = | Basic earnings per share Net income available to common stockholdersWeighted-average outstanding shares
Answers
The net income available to common stockholders for 2017 is $1,483,500.
The company's basic EPS for 2017 is $5.12.
To determine the amount of net income available to common stockholders for 2017, we need to subtract the preferred stock dividends from the net income.
Net income available to common stockholders = Net income - Preferred stock dividends
Net income available to common stockholders = $1,725,000 - $241,500
Net income available to common stockholders = $1,483,500
To calculate the company's basic earnings per share (EPS) for 2017, we divide the net income available to common stockholders by the weighted-average outstanding shares of common stock.
Basic Earnings per Share = Net income available to common stockholders / Weighted-average outstanding shares
Basic Earnings per Share = $1,483,500 / 290,000
Basic Earnings per Share = $5.12 (rounded to the nearest cent)
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A communication style is ____________________
Answers
Answer:
Communication styles are the broad ways in which people tend to communicate with others.
Explanation:
Answer:
Texting
Explanation:
The following exchange demonstrates which problem solving technique?
We pay higher costs than we need to when we go bowling because we don’t own our own equipment.
a.
Fishbone Diagram
b.
Five Whys
c.
Cluster Mapping
d.
Brainstorming
Answers
Answer:
a. Fishbone Diagram
Explanation:
The problem-solving process can be defined as the systematic approach used to identify and determine the solution to a particular problem.
The steps involved in the problem-solving process are;
1. Identify and define the problem.
2. Gathering of information.
3. Consider your options.
4. Weigh disadvantages and evaluate a solution.
A Fishbone diagram is also referred to as Ishikawa diagram and it can be defined as a cause and effect diagram that is typically used by managers to identify possible reasons for failure, defect, variation, imperfection, so as to discover the root cause of a problem and proffering the right solution. It was designed and developed by Professor Kaoru Ishikawa in the 1960s.
Cause and effect can be defined as the relationship between two things or events in which an occurrence one (cause) leads to the occurrence of another (effect).
Hence, the following exchange "We pay higher costs than we need to when we go bowling because we don’t own our own equipment." demonstrates the Fishbone diagram.
According to rankings by many people over the years what is the number one expectation that people have a job they will enjoy
Answers
Answer:
The number one expectation is that the job uses people's abilities to the best, and makes them feel accomplished.
One possible explanation for this is Maslow's hierarchy of needs, in which the need of self-accomplishment is at the top, meaning that this is the need of the highest order.
If people feel that they are achieving self-accomplishment in their jobs, then, it is very likely that they enjoy it.
your company’s marketing manager implements the company’s new marketing strategy and tactics on the market. what types of information does your marketing manager need to monitor to judge the plan’s implementation success and strategic effectiveness?
Answers
The type of information the marketing manager needs to monitor to judge the plan's successful implementation and strategic effectiveness are profits, customer relations, sales information, and competitor reactions.
A marketing strategy is one whose objective is to position the company in relation to competitors, through the creation of value that will help attract and retain consumers.
There are several tools that can help shape an organization's marketing strategy, such as:
The 5 P's of marketing.SWOT Analysis.CRM.Therefore, the manager must monitor profits, company-customer relationships, sales, and competitor reaction to judge the success of a marketing plan, which should generate value and market leadership for an organization.
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Saddleback company paid off $46,000 of its accounts payable in cash. what would be the effects of this transaction on the accounting equation?
Answers
The effects of the transaction on the accounting equation is decrease in both assets and liabilities
What is accounting equation?
The accounting equation shows that the total assets of a company is the sum of its equity and liabilities
assets=equity+ liabilities
By paying off $46,000 of its accounts payable in cash, the company's cash reduces, which means reduces by $1,000 and its liabilities would also go down by the same amount of $1,000
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Personal selling can be done either orally or in written form.
False
True
Answers
Answer:
The given statement is True.
Explanation:
A person-to-person marketing method, whereby salespeople utilize their communication skills to convince a client should purchase a certain commodity, is termed as Personal selling.Instead, it allows people to understand their likes, their routines, their perspectives as well as their emotions.Thus the above is the right answer.
Select the correct answer.
Kelly paid salary to her employees at the end of the month. What will be the journal entry for the given financial transaction?
A. Employee Account - Debit
Employee Account - Debit
B.
C. Salary Account - Debit
D. Salary Account - Debit
Cash Account - Credit
Kelly Account - Credit
Cash Account - Credit
Kelly Account - Credit
Reset
Next
Answers
Answer:
Explanation
Answer will be
C
Salary Account Debit
Cash Account Credit
Q9. WE Company has completed all operating budgets other than the income statement for 2024. Selected data from these budgets follow.
Sales: $350,000
Purchases of raw materials: $145,000
Ending inventory of raw materials: $15,000
Direct labor: $40,000; Manufacturing overhead: $73,000, including $3,000 of depreciation expense
Selling and administrative expenses: $36,000 including depreciation expense of $1,000; Interest expense: $1,000
Principal payment on note: $2,000; Dividends declared: $2,000 and Income tax rate: 30%
Other information:
Assume that the number of units produced equals the number sold.
Year-end accounts receivable: 4% of 2024 sales.
Year-end accounts payable: 50% of ending inventory of raw materials.
Interest, direct labor, manufacturing overhead, and selling and administrative expenses other than depreciation are paid as incurred.
Dividends declared and income taxes for 2014 will not be paid until 2015.
Instructions
(a) Calculate budgeted cost of goods sold.
(b) Prepare a budgeted income statement for the year ending December 31, 2014.
(c) Prepare a budgeted balance sheet as of December 31, 2014
Answers
Answer:
(a) To calculate the budgeted cost of goods sold, we need to use the following formula:
Beginning Inventory of Raw Materials + Purchases of Raw Materials - Ending Inventory of Raw Materials + Direct Labor + Manufacturing Overhead = Total Manufacturing Costs
$0 (assuming no beginning inventory of raw materials) + $145,000 - $15,000 + $40,000 + $73,000 = $243,000
Then, we can use the following formula to calculate the budgeted cost of goods sold:
Total Manufacturing Costs + Beginning Finished Goods Inventory - Ending Finished Goods Inventory = Cost of Goods Sold
$243,000 + $0 - $0 = $243,000
Therefore, the budgeted cost of goods sold is $243,000.
(b) Using the information above, we can prepare a budgeted income statement for the year ending December 31, 2014 as follows:
WE Company
Budgeted Income Statement
For the Year Ending December 31, 2014
Sales $350,000
Cost of Goods Sold $243,000
Gross Profit $107,000
Selling and Administrative Expenses $36,000
Depreciation $1,000
Interest Expense $1,000
Income before Taxes $69,000
Income Tax Expense $20,700
Net Income $48,300
(c) Using the information above, we can prepare a budgeted balance sheet as of December 31, 2014 as follows:
WE Company
Budgeted Balance Sheet
As of December 31, 2014
Assets
Cash TBD
Accounts Receivable TBD
Inventory of Raw Materials $15,000
Finished Goods Inventory TBD
Total Assets TBD
Liabilities and Stockholders' Equity
Accounts Payable TBD
Note Payable TBD
Stockholders' Equity TBD
Total Liabilities and Stockholders' Equity TBD
To complete the budgeted balance sheet, we need additional information such as the amount of cash, accounts receivable, finished goods inventory, note payable, and stockholders' equity.
You should not be descriptive when writing a business letter?
True
False
Answers
Answer:
False
Explanation:
In descriptive writing, the author uses details to express their ideas. They use words to evoke emotions and paint a picture of the message they are trying to convey.
A business letter should be brief, concise, and clear. The author of a business letter should use as few words as possible to put their message across. For this reason, descriptive writing is not good for business letters.
Answer:
false
Explanation:
Multiple Choice Question 137 Which one of the following budgets would be prepared for a manufacturer but not for a merchandiser? O Sales budget O Budgeted income statement O Direct labor budget O Cash budget
Answers
The budget that would be prepared for a manufacturer but not for a merchandiser is the direct labor budget.
Direct labor budget is a detailed plan of the amount of direct labor hours and the corresponding cost that will be required to meet the production needs of a manufacturer. It is an essential component of the manufacturing budget, which includes budgets for direct materials, manufacturing overhead, and other costs.
In contrast, a merchandiser does not typically have direct labor costs as they do not manufacture their products but instead purchase finished goods for resale. Therefore, a direct labor budget is not applicable to a merchandiser.
The other budgets mentioned in the options, such as sales budget, budgeted income statement, and cash budget, are prepared by both manufacturers and merchandisers as they are important components of the overall budgeting process.
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Although today’s Modern economy looks much different compared to our earlier Colonial and Civil War-era economies, what similarities do you still see in terms of trade partners, use of environmental resources, government regulation, and type of goods/products sold?
Answers
The correct answer to this open question is the following.
Although there are no options attached we can say the following.
Although today’s Modern economy looks much different compared to our earlier Colonial and Civil War-era economies, the similarities I still see in terms of trade partners, use of environmental resources, government regulation, and type of goods/products sold are the following.
Businesses are still business no matter the time in history. They are created to make profits.
Businessmen are greedy most of the time, like in the past. Any other consideration that does not directly affect the balance sheet or the bottom line, is not considered a priority and takes the back seat when business decisions are made.
This can be shown in politics, in the economy, and in business. Of course, this can be seen in trade and in foreign affairs.
Social costs should be important but are more on the side of the ethics of the managers or leaders of the organizations. And ethics and moral values are not a prominent thing to be considered in the decision-making process of modern corporations.
To this day, businesses are driven by money, power, and control, and these have been teh causes of major differences between companies, states, individuals, and countries.
A car has a base price of $23,800.00. Options cost $356.00, $785.00, and $900.00 for stereo, wheels and paint. Destination charges are $640.00. The dealer pays 82% of the base price and 75% of the options. Determine the sticker price.
$25,000.00
$23,800.00
$26,481.00
$25,841.00
Answers
The sticker price of the car is $26,481.00 based on the component costs provided
What is the sticker price of the car?
The sticker price of the car comprises the retail price, the cost of options as well as the destination charges, which is also referred to as the cost for economy mileage, bearing in mind that sticker price is the price of car written on a sticker and affixed to a car.
The sticker price=base price+cost of stereo+cost of wheels+cost of paint+destination charges
base price= $23,800.00
cost of stereo=$356.00
cost of wheels=$785.00
cost of paint=$900.00
destination charges=$640
sticker price=$23,800.00+$356.0+$785.00+$900+$640.00
sticker price=$ 26,481.00
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With a deferred tax liability of 200 as of the end of the period palm tree identifies future tacable amounts of 880
Answers
With a deferred tax liability of 200 as of the end of the period, Palm Tree has identified future taxable amounts of 880.
A deferred tax liability represents the amount of taxes that a company will have to pay in the future due to temporary differences between its financial accounting and tax accounting methods. In this case, Palm Tree has a deferred tax liability of 200 as of the end of the period, indicating that it has recognized an obligation to pay taxes in the future.
The identification of future taxable amounts of 880 suggests that Palm Tree has identified events or transactions that will result in taxable income in future periods. These future taxable amounts are likely related to temporary differences between the company's financial accounting income and its taxable income. Temporary differences arise when there is a timing discrepancy between when an item is recognized for financial accounting purposes and when it is recognized for tax purposes.
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Question 2 of 10
What is product positioning?
O
A. The set of plans for product, price, place, and promotion that the
marketer will use
O
B. The use of names and symbols to identify the company's products
O C. The process of dividing up a total market into groups (segments)
with similar needs and buying behaviors
OD. A definition of how the company intends for customers to view its
product relative to the competition
Answers
Answer:
I think it should be D keep checking just in case
Question 9 of 10
If a new source of lumber is found, what is likely to happen to the price of
lumber, and why?
A. The price is likely to increase because demand will increase.
B. The price is likely to increase because costs of production will
increase
C. The price is likely to decrease because demand will decrease.
O D. The price is likely to decrease because supply has increased.
SUBMIT
Answers
Answer:
O D. The price is likely to decrease because supply has increased.
SUBMIT
Explanation:
A new source of lumber will result in an increase in the quantity available for sale. As per the laws of supply and demand, an increase in supply without a corresponding increase in demand leads to reduced prices.
The prevailing market price or equilibrium price is the price at which the current demand matches the current supply. There are no shortages or excesses. An increase in supply creates a surplus in the market. For suppliers to sell the excess lumber supplied, they have to reduce prices to create more demand.
The Architecture and Construction career cluster is a group of careers focused on
O designing, constructing, and maintaining buildings and other structures,
O assembly of buildings and structures.
O designing and planning buildings.
O identifying the safety standards for building regulations.
Answers
The correct answer is Designing, constructing, and maintaining buildings and other structures.
Explanation:
A career cluster groups different careers related to the same area of knowledge and similar applications. In the case of architecture and construction, this includes careers such as architecture, civil engineering, carpentry, paving operators, etc. Moreover, these careers are all related to creating buildings or structures, which involve designing or planing the structures, then constructing them, and finally, dealing with the maintenance of the building. This includes the creation of houses, bridges, roads, etc.
Answer:
answer is A
designing constructing, and maintaining buildings and other structures.
Explanation:
hope this helps!
3. ______ are defined as goods or services that are required for health and safety.
Answers
Occupational Health and Safety are defined as goods or services that are required for health and safety. Information standards are guidelines governing the information that must be provided to consumers when they purchase specific goods.
What is the safety of goods?A safe product is one that delivers either no risk or a minimum tolerable level of risk, taking into account the product's typical or reasonably foreseeable use and the need to maintain a high level of consumer protection.
Occupational health and safety is a multidisciplinary discipline that deals with all elements of workplace health and safety, with a heavy emphasis on preventing workplace dangers.
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ch
17 problen 3
3. The long-run effects of monetary policy The following graphs show the state of an economy that is currently in long-run equilibrium. The first graph shows the aggregate demand (AD) and long-run agg
Answers
The long-run effects of monetary policy can be demonstrated using the AD-AS model. It is shown in the graphs below. Graph 1 displays the economy in long-run equilibrium, with the aggregate supply (AS) curve intersecting the AD curve at the potential output level.
Graph 2 displays the impact of a contractionary monetary policy on the economy. This policy results in a reduction in the money supply, which raises interest rates and reduces investment and consumption. As a result, aggregate demand shifts leftward from AD1 to AD2, resulting in a decrease in both output and price level. In the long run, the reduction in aggregate demand leads to a decrease in the price level and an increase in unemployment.
Graph 3 shows the effects of an expansionary monetary policy, which is the opposite of a contractionary monetary policy. An increase in the money supply will reduce interest rates and increase consumption and investment. This policy results in the rightward shift of the AD curve from AD1 to AD2.
The increase in aggregate demand raises both the price level and output level. In the long run, however, the increase in the price level will lead to a reduction in aggregate demand, resulting in a decrease in the price level but no change in the output level.
Thus, these graphs demonstrate the long-run effects of monetary policy on an economy in terms of the aggregate demand and supply curves.
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What is market research? (Please be simple easy to understand)
Answers
Find the area of a rectangle with the length measuring 8 km and the width measuring 5 km.
A. 26 m2
B. 40 m2
C. 40 km2
D. 26 km2
Answers
Answer:
The answer is C. 40 km^2
8km*5km = 40
A = L*W
L = 8 km
W = 5 km
What economic goals is most important in a traditional economy?
Answers
Economic security and stability are most important economic goals in a traditional economy.
What is traditional economy?
A traditional economy is one that is built on customs, history, and ingrained values. Tradition has an impact on economic decisions like manufacturing and distribution.
Traditional economies often revolve around families or tribes, exist in hunter-gatherer and nomadic societies, produce only what is necessary, rely on a barter system, and evolve as people begin farming and settling. Traditional economies predominate mostly in emerging markets and developing countries. They are typically found in Asia, Africa, and Latin America. Traditional economies are also present in remote areas of growing nations all over the world.
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The demand function for super big bright led light bulbs is Q^d=(45 million)-(3.5 million * P).If the company charged a price of $8 per bulb
Answers
Answer:
74
Explanation:
saif
A(n) is a general belief about a person or group of people that may not be true.
prestige
b culture
c. occupation
d stereotype
Answers
Answer:
Stereotype
Explanation:
Trust.
In the following equation ŷ = 40,000 + 7x with given sales (γ in $500) and marketing (x in dollars), what does the equation imply?
Multiple Choice
An increase of $7 in marketing is associated with an increase of $3,500 in sales.
An increase of $1 in marketing is associated with an increase of $3,500 in sales.
An increase of $7 in marketing is associated with an increase of $43,500 in sales.
An increase of $1 in marketing is associated with an increase of $43,500 in sales.
Answers
The equation ŷ = 40,000 + 7x implies that for every increase of $1 in marketing (x), there is an increase of $7 in sales (ŷ). Therefore, an increase of $7 in marketing would be associated with an increase of $49,000 in sales ($7 x 7,000). The correct answer is: An increase of $1 in marketing is associated with an increase of $3,500 in sales i.e. option 2.
This means that the slope of the line is 7, which tells us that for every increase of $1 in marketing, there is an increase of $7 in sales. Therefore, an increase of $7 in marketing would be associated with an increase of $49,000 in sales ($7 x 7,000), and an increase of $1 in marketing would be associated with an increase of $7,000 in sales. Thus, the correct answer is: An increase of $1 in marketing is associated with an increase of $3,500 in sales.
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what term describes the conscious, systematic process of making decisions about goals and activities that an individual, group, or organization will pursue in the future?
Answers
The term that gives clues about decision making towards one goals as well as ones activities as regards this question can be referred to as Planning.
Planning can be regarded as process that involves thinking about activities needed in achieving ones goal as well as organizing these activities in way that would make it easier to achieve the desired goal. Planning can as well be explained as management process which concerned about defining goals for the future of company and its direction.Planning helps in determining the missions as well as the resources needed in achieving those targets.Therefore, Planning involve setting ones goal and all process involves in pursuing it.
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