An export subsidy will ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall domestic national welfare.

Answers

Answer 1

Answer:

increase; decrease; decrease; decrease.

Explanation:

Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time.

Basically, trade can be categorized into two (2) main groups and these are;

I. Import: this involves bringing in goods from a foreign country to sell in a different (domestic) country.

II. Export: it involves the sales of goods produced in a domestic country to a foreign country.

An export subsidy can be defined as any government policy that encourages the export of goods to other countries while discouraging the sales of goods in the domestic market through the use of tax reliefs, low cost loans, government foreign adverts, etc.

A surplus is the amount by which the quantity supplied of a good exceeds the quantity demanded of the good.

Producer surplus is the amount a buyer is willing to pay for a good minus the cost of producing the good.

Consumer surplus is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.

Hence, an export subsidy will increase producer surplus, decrease consumer surplus, decrease government revenue, and decrease overall domestic national welfare.


Related Questions

For each of the following transactions below, prepare the journal entry (if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on September 30, the end of the fiscal year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
(a) On September 1, paid rent on the track facility for three months, $213,000.
(b) On September 1, sold season tickets for admission to the racetrack. The racing season is year-round with 25 racing days each month. Season ticket sales totaled $840,000.
(c) On September 1, borrowed $300,000 from First National Bank by issuing a 6% note payable due in three months.
(d) On September 5, programs for 20 racing days in September, 25 racing days in October, and 25 racing days in November were printed for $3,500.
(e) The accountant for the concessions company reported that gross receipts for September were $160,000. Eight percent is due to the track and will be remitted by October 10.

Answers

Answer and Explanation:

the journal entries are as follows:

a Prepaid rent $213,000

               To cash  $213,000

(To record prepaid rent)  

Adjusting entry:  

Rent expense $71,000  ($213,000 ÷ 3)  

        Prepaid rent  $71,000

(To record September rent expense)  

b Cash $840,000

         To unearned sales revenue $840,000

(To record cash received on season sales)  

Adjusting entry:  

Unearned sales revenue  ($840,000 ÷ 12)  $70,000

          Sales revenue $70,000

(To record sales revenue recognised)  

c Cash $300,000

      Note payable  $300,000

(To record note payable issued on borrowed amount )  

Adjusting entry:  

Interest expense ($300,000 × 6% ÷ 12) $1,500

         Interest payable   $1,500

(To record interest payable due)  

d Prepaid advertising 3,500

          To Cash 3,500

(To record cash paid for advertising)  

Adjusting entry:  

Advertising expense ($3,500 ÷  60) × 20 $1,167

   To prepaid advertising  $1,167

e No entry  

Adjusting entry:  

Accounte receivable ($160,000 × 8%) $12,800

        Sales revenue   $12,800

(To record amout due)  

Using the information below, calculate net income for the period:
Sales revenues for the period $1,323,000
Operating expenses for the period 258,000
Finished Goods Inventory, January 1 55,000
Finished Goods Inventory, December 31 60,000
Cost of goods manufactured
for the period 559,000
A. $774,000.B. $769,000.C. $530,000.D. $535,000.E. $448,000.

Answers

Answer:

See explanation

Explanation:

The correct choice is not available : Net Income is $511,000

We determined this as follows :

Income Statement for the ended December 31  

Sales                                                                                      $1,323,000

Less Cost of Sales

Opening Finished Goods Inventory               $55,000

Add Cost of goods manufactured                $559,000

Less Ending Finished Goods Inventory        ($60,000)     ($554,000)

Gross Profit                                                                             $769,000

Less Expenses

Operating expenses                                                             ($258,000)

Net Income                                                                               $511,000

You have recently seen a credit card advertisement that states that the annual percentage rate is 10.2 percent. Of the credit card requires monthly payments, what is the effective annual rate of interest on the loan

Answers

Answer:

The answer is "[tex]=10.7\%[/tex]".

Explanation:

Using formula:

[tex]EAR=[(1+\frac{APR}{m})^m-1[/tex]

Where m=compounding period

[tex]\to EAR=[(1+\frac{0.102}{12})^{12}]-1[/tex]

             [tex]=[(1+0.0085)^{12}]-1\\\\=[(1.0085)^{12}]-1\\\\=1.107-1\\\\=0.107[/tex]

             [tex]=10.7\%[/tex]

Pinacle Corp. budgeted $242,600 of overhead cost for the current year. Actual overhead costs for the year were $204,330. Pinacle's plantwide allocation base, machine hours, was budgeted at 51,060 hours. Actual machine hours were 56,680. A total of 102,310 units was budgeted to be produced and 98,000 units were actually produced. Pinacle's plantwide factory overhead rate for the current year is: a.$4.00 per machine hour b.$4.75 per machine hour c.$2.00 per machine hour d.$2.37 per machine hour

Answers

Answer:

Predetermined manufacturing overhead rate= $4.75 per machine hour

Explanation:

Giving the following information:

Pinacle Corp. budgeted $242,600 of overhead cost for the current year.

Estimated machine hours= 51,060 hours

To calculate the predetermined overhead rate, we need to use the following formula:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate=  242,600 / 51,060

Predetermined manufacturing overhead rate= $4.75 per machine hour

Economics
Assume there is a new international trade agreement that allows foreign countries to sell their products in the US, what can we predict will happen?

Answers

Answer:

1 + 1 = 3 thats the correct answer of your question

An economist wants to study the effect of income on savings. He collected data on 120 identical twins. Which of the following methods of estimation is the most suitable method, if income is correlated with the unobserved family effect, i.e.a) random effects estimationb) nonlinear least squared estimationc) least Squares Dummy Variable (LSDV) approachd) ordinary least squares estimation

Answers

Answer:

The correct option is c) least Squares Dummy Variable (LSDV).

Explanation:

Dummy variables can be used in dynamic panel data models to explain the effect of each individual unit of a cross section that is unobserved but accurately characterizes the model of relation. The individual effect is assumed to be fixed across time in each individual in the least squares dummy variable (LSDV) estimation. If the unobserved effect and the explanatory variables are correlated, the assumption of fixed effects gives more exact estimators than the assumption of random effects.

Therefore, the most suitable method, if income is correlated with the unobserved family effect is least Squares Dummy Variable (LSDV).

This implies that the correct option is c) least Squares Dummy Variable (LSDV).

Baby boomers in America are aging. Describe how this might affect the marketing mix for the business selected.

Answers

Answer and Explanation:

Baby boomers are the generation born between 1946 and 1964, after World War 2. They are known as "Baby boomers" because there was very high birth rate in that time. Depending on the business selected, the price, place,promotion and product(4ps) will be considered in arriving at the most suitable goods/services to sell to baby boomers. To better understand this, we would have to consider the habits typical of baby boomers. For example, baby boomers value relationships and family, and are also strong 9 to 5'ers with strong work ethics. Now we did have to factor this into our 4ps to know what would sell to them.

Leo is the most active participant on his company's social networking platform, but his manager has an issue with one aspect of his posts. Which behavior is Leo's manager most likely to ask him to change

Answers

Group of answer choices.

A. He never addresses colleagues by name to keep things professional.

B. He always uses a friendly, but direct tone.

C. He often requests that colleagues post work-related data.

D. He spends time on the platform each day.

E. He often reminds colleagues to share their ideas through the platform

Answer:

A. He never addresses colleagues by name to keep things professional.

Explanation:

Operant conditioning can be defined as an associative learning process which involves reinforcing the strength of a behavior.

Behavior modification is a therapeutic process that is focused on changing any undesirable negative behavior in an individual through the use of positive or negative consequence and biofeedback.

Basically, behavior modification is based on operant conditioning principles, through negative or positive reinforcement, undesirable behaviors developed by an individual are mainly replaced with more desirable ones.

In this scenario, a behavior which Leo's manager is most likely to ask him to change is not addressing colleagues by name to keep things professional.

In a corporate or formal setting such as on a company's social network platform, it is very important that group members (employees) address their colleagues by name at all times. This behavior or action, is necessary to keep things professional and show individual interests in your colleagues.

Hector is opening an appliance store. He has estimated a monthly profit goal based on his anticipated expenses and earning goals and uses it to set product prices. Hector is implementing a ________ pricing strategy.

Answers

Answer:

target return on investment (ROI)

Explanation:

THESE ARE THE OPTIONS FOR THE QUESTION BELOW

A) penetration

B) price skimming

C) target return on investment (ROI)

D) competitor-based

E) value

From the question, we are informed about the Hector who is opening an appliance store. He has estimated a monthly profit goal based on his anticipated expenses and earning goals and uses it to set product prices. Hector is implementing a target return on investment (ROI) pricing strategy.

Target return on investment pricing model can be regarded as one in which price is determined by investor/Business based on what the business owner intend to make from his/her capital that is invested in the business. An investor can calculate Target return ccalculated as the money invested in a venture along as the profit that investor intend to see as return, which is been adjusted for the time value of money. As regards to return-on-investment method, It is required by the investor work in backward direction so as to to reach a current price for target return pricing.

A manager's need to exert tight controls on subordinates (span of control) is most accurately captured by which of the following statements?
A. Control will decrease as the manager gets to higher levels in the organization and work becomes less standardized.
B. Control is generally the same in almost all organizations.
C. Control will clearly increase as subordinates need less supervision.
D. Control will decrease as new employees join the company.

Answers

Answer:

b

Explanation:

The phrase Control will decrease as the manager climbs to higher levels in the organization and work becomes less standardized best describes a manager's need to exert tight controls on subordinates (span of control).

Thus, option A is correct.

What is the ideal span of control?

For all businesses, assessing the scope of control is a useful health check. Organizations can easily identify potential areas for improvement or issue areas by visualizing spans and layers. The number of employees directly under management is referred to as the span of control. The number of subordinates that a supervisor or manager in an organization can effectively and efficiently supervise is referred to as the span of control.

A manager with five direct reports, for instance, has a span of control of five. As long as it is considered in the context of the company's organizational structure, having too many or too few direct reports is a useful indicator of how effective an organization is.

For more information about the span of control refer to the link:

https://brainly.com/question/13678908

#SPJ2

The first step in drawing a strategic group map is Multiple choice question. assign firms occupying the same map location to a common strategic group. draw circles around each strategic group that are proportional to the group's share of industry revenues. plot firms on a two-variable map based on the strategic variables. identify the variables based on strategic approaches used in the industry.

Answers

Answer:

identify the variables based on strategic approaches used in the industry.

Explanation:

The first and foremost step while drawing the strategic group is that we have to identify the variable that should be depend upon the strategic approaches and the same should be used in the industry as the strategic groups map refer to the tool that captures the competitive landscape essence

So, the last option is correct

A(n) ________ is a hybrid between a conventional loan and a bond; at its heart it is a bond, but its terms are tailored to the borrower's individual needs, as a loan would be.

Answers

Answer:

Private placement

Explanation:

Private placement can be defined as non public offering also. This is because they are not sold through public offering but are sold through Private sales and the the number of investors are few and selected

These investors who receive the bonds are usually selected beforehand instead of doing it in the open market

g When a court awards custody of a child to one parent and not the other, this is an example of: Group of answer choices all of the answers are correct monetary relief monetary damages equitable relief

Answers

Answer:

equitable relief

Explanation:

A court refers to an enclosed space such as a hall or chamber where legal practitioners (judges, lawyers or attorneys and a jury) converge to hold judicial proceedings.

A lawyer refers to an individual who has obtained a law degree and is saddled with the responsibility of giving legal advice, initiate and execute lawsuits for his or her clients. These legal practitioners are saddled with the legal responsibility of listening to evidence and give a verdict about legal cases.

An equitable relief also referred to as equitable remedy can be defined as judicial remedies granted to an aggrieved person by a court of equity, requiring that the other party act or refrain from indulging in a specific act because ordinary legal remedies couldn't provide the aggrieved party sufficient (adequate) restitution for an offense commited against him or her. Thus, an equitable relief (remedy) is an injunction granted by a court of equity requiring a party to a contract to either act (mandamus or specific performance) or refrain from indulging in a particular act.

In this context, when a court of competent jurisdiction awards or grants custody of a child to one parent rather than awarding it to the other, this is an example of equitable relief.

In conclusion, an equitable relief or remedy is typically a nonmonetary judgement granted by a court of equity when ordinary legal remedies fail to provide sufficient (adequate) restitution to an aggrieved party.

The following labor standards have been established for a particular product: Standard labor hours per unit of output 4.4 hours Standard labor rate $ 17.70 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 6,200 hours Actual total labor cost $ 110,360 Actual output 1,300 units Required: a. What is the labor rate variance for the month? b. What is the labor efficiency variance for the month?

Answers

Answer:

Results are below.

Explanation:

To calculate the direct labor rate variance, we need to use the following formula:

Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity

Direct labor rate variance= (17.7 - 17.8)*6,200

Direct labor rate variance= $620 unfavorable

Actual rate= 110,360/6,200= $17.8

Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate

Direct labor time (efficiency) variance= (1,300*4.4 - 6,200)*17.7

Direct labor time (efficiency) variance= $8,496 unfavorable

The position in a craft union in which the holder is the chief administrator of the union hiring hall is the

Answers

Answer:

e. international union representative

Explanation:

Union representatives played a vital role with respect to supporting the employees for reporting to the union leaders when they are on the place of their peers. It acted as the main liason between the employers & employees as in this they support the employees and guidem them via the challenges that took place during the work

So at the time when the craft union position where the holder be the chief administrator of the union hiring hall so it should be the  international union representative

Which of the following instruments are traded in the capital markets? Check all that apply. Treasury bills Certificates of deposit Common stocks Commercial paper Preferred stocks

Answers

Answer:

Common stocks

Preferred stocks

Explanation:

The Capital Market is a place where bonds and stocks are traded however it is only for stocks and bonds with a maturity that lasts over a year. Corporate bonds and government bonds fall under this category as a result.

Stocks represent ownership in a company so this is a long term ownership thing which is why it is traded in the capital market. This includes both common and preferred stock.

EPS, P/E Ratio, and Dividend Ratios The Stockholders' Equity section of the balance sheet for Balla Enterprises at the end of 2017 appears as follows: 8%, $100 par, cumulative preferred stock, 200,000 shares authorized, 50,000 shares issued and outstanding $5,000,000 Additional paid-in capital on preferred 2,500,000 Common stock, $5 par, 500,000 shares authorized, 400,000 shares issued and outstanding 2,000,000 Additional paid-in capital on common 18,000,000 Retained earnings 37,500,000 Total stockholders' equity $65,000,000 Net income for the year was $1,350,000. Dividends were declared and paid on the preferred shares during the year, and a quarterly dividend of $0.40 per share was declared and paid each quarter on the common shares. The closing market price for the common shares on December 31, 2017, was $27.65 per share.
Required:
1. Compute the following ratios for the common stock:
When required, round earnings per share and price/earnings ratio answers to two decimal places. For dividend payout and dividend yield ratios, round raw calculations to 4 decimal places, but enter each answer as a percentage to two decimal places; for example, .17856 rounds to .1786 and would be entered as 17.86, indicating 17.86%.
a. Earnings per share $
b. Price/earnings ratio to 1
c. Dividend payout ratio %
d. Dividend yield ratio %
2. Before recommending the stock of Balla to a client, as a financial adviser, you would like to know:
future earnings growth.
risk of the stock.
general economic trends and how they affect the company.
all of these.

Answers

Answer:

Balla Enterprises

1. Ratios for the common stock:

a. Earnings per share = Net income after preferred dividend/ Outstanding common stock shares

= $2.38

b. Price/Earnings ratio

= 11.62x

c. Dividend payout ratio

= 67.23%

d. Dividend Yield = Dividend per share/Market price per share

= 5.79%

2.  Before recommending the stock of Balla to a client, as a financial adviser, you would like to know:

all of these.

Explanation:

a) Data and Calculations:

Balla Enterprises

The Stockholders' Equity section of the balance sheet at the end of 2017 8%, $100 par, cumulative preferred stock:

200,000 shares authorized

50,000 shares issued and outstanding $5,000,000

Additional paid-in capital on preferred     2,500,000

Common stock, $5 par, 500,000 shares authorized,

400,000 shares issued and outstanding 2,000,000

Additional paid-in capital on common     18,000,000

Retained earnings                                   37,500,000

Total stockholders' equity                   $65,000,000

Net income for the year =                    $1,350,000

Dividends:

Preferred stock =                                   $400,000 ($5,000,000 * 8%)

Earnings after preferred dividend = $950,000 ($1,350,000 -$400,000)

Common stock = $640,000 ($0.40 * 4 * 400,000)

Closing market price of common stock on Dec. 31, 2017 = $27.65

1. Ratios for the common stock:

a. Earnings per share = Net income after preferred dividend/ Outstanding common stock shares

= $2.38 ($950,000/400,000)

b. Price/Earnings ratio = Market price of common stock/Earnings per share

= 11.62x ($27.65/$2.38)

c. Dividend payout ratio = Dividend per share/Earnings per share

= $1.60/$2.38

= 0.6723

= 67.23%

d. Dividend Yield = Dividend per share/Market price per share

= $1.60/$27.65

= 0.0579

= 5.79%

2.  Before recommending the stock of Balla to a client, as a financial adviser, you would like to know:

all of these.

how can strategic leaders be successful in an industry like the airlines industry

Answers

Answer:

Strategic leaders can help any airline related issue to be solved

Explanation:

Strategic leaders are needed everywhere. An airline company would indeed benefit from a strategic leader and or manager

Select the correct answer
What is a federal budget
A
an evaluation of the government's current revenue sures
an estimate of the government's total revenue and spending
a calentation of the amount needed to make the government debt free
a comparison of the government's foreign and domestie earnings
Resol
Next

Answers

B) an estimate of the government's total revenue and spending

The Rent It Company declared a dividend of $.60 a share on October 20th to holders of record on Monday, November 1st. The dividend is payable on December 1st. You purchased 100 shares of this stock on Wednesday, October 27th. How much dividend income will you receive on December 1st as a result of this declaration

Answers

Answer:

the dividend income that should be received is $60

Explanation:

The computation of the dividend income is shown below:

= Dividend per share × number of shares of the stock purchased

= $0.60 × 100 shares

= $60

hence, the dividend income that should be received is $60

Basically we applied the above formula so that the correct value could come

In 2011, Starbucks terminated a contract with Kraft Foods that allowed Kraft to sell bagged Starbucks coffee in grocery stores. The early termination resulted in litigation between Kraft and Starbucks. After an arbitrator found in Kraft's favor, Starbucks recorded a liability for $2.8 billion.

Required:
This behavior is typical of many companies today. What is your opinion on the reasons companies behave this way? Is it realistic? Why or why not?

Answers

Answer:

Starbucks and Kraft Foods

The reasons companies terminate contracts before their expiration include impossibility of performance, material breaches of contract terms, misrepresentation, fraud, lack of capacity, mutual mistake, and frustration.

The reason for Starbucks' termination of the contract was "multiple material breaches."  These were not established by the arbitrator, who  delivered judgment in Kraft's favor.

It is not always realistic to terminate a long-standing contract without abiding by the contract termination terms because the damages and accruing interests that can be awarded against the terminating company may be too huge.

Explanation:

The "multiple material breaches" that Starbucks alleged against Kraft included the allegation that "Kraft did not always meet minimum advertising budgets or keep Starbucks involved in major initiatives."  According to Starbucks, these violations eroded its "brand equity."

According to Ghemawat's earlier observations of CAGE phenomena related to countries and relative distances measured with the framework, countries who share a common currency have a greater probablity of trading with each other than countries who share a common border.

a. True
b. False

Answers

Answer:

According to Ghemawat's CAGE framework, "countries who share a common currency have a greater probability of trading with each other than countries who share a common border."

a. True

Explanation:

The CAGE framework was developed by an international strategy guru, Pankaj Ghemawat.  CAGE is a cultural, administrative, geographic, and economic framework.  The framework offers businesses a means to evaluate the non-physical distances that exist between countries. With this more-inclusive view of distance, the CAGE framework provides another way for business to consider the location, opportunities, and risks involved in global trade or arbitrage.

Quick Cleaners, Inc. (QCI), has been in business for several years. It specializes in cleaning houses but has some small business clients as well.

a. Issued $21,000 of QCI stock for cash.
b. Incurred $840 of utilities costs this month and will pay them next month.
c. Paid wages for the current month, totaling $2,600.
d. Performed cleaning services on account worth $3,800.
e. Some of Quick Cleaners’ equipment was repaired at a total cost of $300. The company paid the full amount at the time the repair work was done.

Required:
Prepare journal entries for the above transactions, which occurred during a recent month.

Answers

Answer:

Quick Cleaners, Inc. (QCI)

Journal Entries

a. Debit Cash $21,000

Credit Common Stock $21,000

To record the issuance of QCI stock for cash.

b. Debit Utilities Expense $840

Credit Utilities Payable $840

To accrue utilities expense for the month.

c. Debit Wages Expense $2,600

Credit Cash $2,600

To record the payment of wages for the month.

d. Debit Accounts Receivable $3,800

Credit Service Revenue $3,800

To record the performance of cleaning services on account.

e. Debit Equipment Repairs $300

Credit Cash $300

To record the payment for equipment repairs.

Explanation:

a) Data and Analysis:

a. Cash $21,000 Common Stock $21,000

b. Utilities Expense $840 Utilities Payable $840

c. Wages Expense $2,600 Cash $2,800

d. Accounts Receivable $3,800 Service Revenue $3,800

e. Equipment Repairs $300 Cash $300

PERFECTLY COMPETITIVE MARKETS a. What are the characteristics of a perfectly competitive market? b. What is the criterion used by individual firms in perfectly competitive markets when deciding whether to shutdown or continue production in the short run? c. What is the criterion used by individual firms in perfectly competitive markets when deciding whether to exit the market or continue production in the long run? d. What does the market supply curve in a perfectly competitive market look like in the short run and in the long run? Explain the reason behind the shapes of these market supply curves. e. What is the theoretical justification for supporting the creation of competitive markets? (Hint: Think about welfare economics, ie: consumer surplus, producer surplus, total surplus.)

Answers

Answer:

hi im leobel gagwibeidbsisbs

Explanation:

owhshsgspjwvwpusisbsgegwuieueggsosjleob2o1i2539383536345772

Theo quan điểm hiện đại khi tiếp cận chi phí chất lượng, chi phí chất lượng thấp nhất là khi

Answers

Answer:

Translate in English please!!!!!!!!!!!!!

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FabFitFun Coupon Code
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Answers

Answer: Please don’t advertise here

Answer:

dont advertise

Explanation:

Green is self-employed as a human resources consultant and reports on the cash basis for income tax purposes. Select the appropriate tax treatment on Form 1040 (U.S. Individual Income Tax Return) for personal life insurance premiums paid by Green.

a. Fully deductible on Form 1040 to arrive at adjusted gross income
b. Reported in Schedule A, Itemized Deductions (deductibility subject to threshold of 7.5% of adjusted gross income)
c. Reported in Schedule A, Itemized Deductions (deductibility subject to threshold of 2% of adjusted gross income)
d. Not deductible

Answers

Answer:

Green (Self-Employed Human Resources Consultant)

The appropriate tax treatment on Form 1040 (U.S. Individual Income Tax Return) for personal life insurance premiums paid by Green is:

d. Not deductible

Explanation:

Green can claim business insurance premiums (regarded as business expenses by the IRS) and healthcare insurance premiums (regarded as medical expenses by the IRS) as deductions, but his personal life insurance premiums are considered as personal expenses.  They are not tax-deductible.  The IRS regards the payments for life insurance premiums as it regards the purchase of any other product or service for personal consumption.

this is essay .......​

Answers

Explanation:

that's an essay???! holy

Prepare the journal entries to record the following transactions for Reese Company, which has a calendar year end and uses the straight-line method of depreciation
On September 30, 2017, the company sold old equipment for $46,000. The equipment was purchased on January 1, 2015, for $96,000 and was estimated to have a $16,000 salvage value at the end of its 5-year life. Depreciation on the equipment has been recorded through December 31, 2016.

Answers

Answer:

To explain the answer is given as follows,

Explanation:

Number of Output Marginal Product Office Rent Labor Cost TotalCost
Workers boxes of Labor (dollars) (dollars)
0 0 --
1 220 400 200
2 250 800
3 680
4 160 1,200
5 940 1,000
6 980 1,600
Suzette's Fancy Packaging subcontracts with Sunshineland Pecans to box dried fruit and nuts for Suzette's mail order business. Suzette rents space for her factory for $400 a week in a nearby strip mall. She can hire temporary workers for $200 a week. Table 11-5 above shows her output and cost data. Use the table to answer questions a-e.
a. Complete the table.
b. In the last week of summer Suzette closes her business to go on a family vacation. What are her costs during that week?
c. In one week Suzette exactly breaks even. If her revenue for the week is $1,200, how many boxes of fruit and nuts did she produce?
d. Judging from the marginal product of labor data, would you say that Suzette had to settle for increasingly unproductive workers? Explain your answer.
e. Suzette has received an order for 1,500 boxes of nuts per week for the next 3 months. If she expects the trend in the marginal product of labor will continue in the same direction, what do you think she should do? Should she not commit until she can move to a larger space or should she just hire more workers? Explain your answer.

Answers

Answer:

a.

Number of    Output  Marginal Product Office Rent  Labor Cost Total Cost

Workers         boxes           of Labor          (dollars)       (dollars)       (dollars)

0                       0                      -                                                               -

1                      220                 220              400              200               600

2                     470                 250              400              400               800

3                    680                  210               400              600            1,000

4                    840                  160               400              800            1,200

5                   940                  100               400            1,000            1,400

6                   980                   40               400             1,200           1,600

b. The costs during the week of summer vacation are: $400

c. She produced 840 boxes.

d. Yes.  Suzette settled for increasingly unproductive workers as the marginal product of labor continued to decline.  The cost of paying the workers remained at a flat rate of $200 per week without the corresponding output to show for the labor cost.

e. Suzette will need to hire more workers.  However, their average productivity needs to be improved greatly to limit the total labor costs.

Explanation:

a) Data and Calculations:

Number of   Output   Marginal Product  Office Rent  Labor Cost Total Cost

Workers        boxes            of Labor          (dollars)       (dollars)       (dollars)

0                       0                      -                                                               -

1                      220                 220              400              200               600

2                     470                 250              400              400               800

3                    680                  210               400              600            1,000

4                    840                  160               400              800            1,200

5                   940                  100               400            1,000            1,400

6                   980                   40               400             1,200           1,600

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