All categories

1 year ago

the relationship between the factors of production used by a firm and the maximum output possible is called the

1 answer:

3 0

In economics, a factor of production, resource, or input is what is used in a production process to produce products, i.e. goods or services.

The amounts of various inputs used determine the amount of output according to a relationship known as the production function. The relationship between the inputs a firm uses and the maximum output it can produce with those inputs is called the firm's production function. Factors of production are outputs or inputs used to produce goods and services. They are the resources a business needs to make a profit by producing goods and services. Factors of production fall into four categories: Land, Labor, Capital, Entrepreneurship.

Learn more about production here-

brainly.com/question/27028012

#SPJ4

You might be interested in

You manage the worksheet shown below and it contains information for the company's 1500 employees,

marshall27 [118]

The best way for you to create the list of those who make more than $45000 a year and are full time is by using the filter option.

The filter option would be used to highlight the people that are in full employment. After this you have to use the sort to check the compensation column in order to establish those that make more than 45000.

The filter in a spreadsheet helps to put data in a particular category then arrange them based on the criteria that you selected.

The sorting method helps to arrange data based on ascending order or descending order.

5 0

3 years ago

Read 2 more answers

Nicholas, Inc. has provided the following unit data for review: Simple ProductAdvanced Product Selling price$22.75$55.00 Variabl

Margarita [4]

The most profitable product for Nicholas, Inc. to manufacture based on unit data and contribution margin per unit of a scarce resource is <u>Advanced Product.</u>

<h3>What is a profitable product?</h3>

A profitable product is one whose sales revenue covers the costs of production, selling, and administrative support.

A profitable product can be determined by determining the contribution margin per unit and dividing this by the units of a scarce resource that it consumes. The result is the contribution margin per unit of the scarce resource.

Thus, the product that yields the higher contribution margin per unit of a scarce resource is preferable to the rest.

<h3>Data and Calculations:</h3>

Simple Product Advanced Product

Selling price $22.75 $55.00

Variable cost 10.00 34.50

Contribution margin per unit $12.75 $20.50

Pounds of scarce raw material per unit 35 35

Contribution margin per scare resource $0.364 $0.586

Thus, the most profitable product for Nicholas, Inc. to manufacture based on the given unit data and the contribution margin per unit of a scarce resource is the Advanced Product.

Learn more about contribution margin per unit of scarce resource at brainly.com/question/15550773

6 0

2 years ago

If there were 60,000 pounds of raw materials on hand on January 1, 120,000 pounds are desired for inventory at January 31, and 4

grin007 [14]

Answer:

Purchases= 470,000 pounds

Explanation:

Giving the following information:

Beginning inventory= 60,000 pounds

Desired ending inventory= 120,00 pounds

Direct material for production= 410,000 pounds.

Purchases= production + ending inventory - beginning inventory

Purchases= 410,000 + 120,000 - 60,000

Purchases= 470,000 pounds

4 0

4 years ago

Mark and Rasheed are at the bookstore buying new calculators for the semester. Mark is willing to pay $75 and Rasheed is willing

Romashka [77]

Answer:

Mark's individual consumer surplus is $10.

Explanation:

Mark and Rasheed are at the bookstore buying new calculators for the semester.

Mark is willing to pay $75 and Rasheed is willing to pay $100 for a graphing calculator.

The price for a calculator at the bookstore is $65.

The consumer surplus is the difference between the maximum price that a consumer is willing to pay and the price he actually has to pay.

Mark's individual consumer surplus

= Price mark was willing to pay - Price he actually has to pay

= $75 - $65

= $10

4 0

3 years ago

Ending cash balance is shown on which of the following financial statements?

ELEN [110]

Answer:

Explanation:

The ending cash balance is listed on the Statement of Cash Flows and Cash listed on the Balance Sheet is the balance as of the end of the year.

The balance sheet and Statement of Cash Flows are financial statements that companies issue to report their financial performance

The Statement of Cash Flowst shows the amount of cash and cash equivalents coming in and going out in the company.

The balance sheet lists the assets, liabilities, and equity of a company at a specific moment in time and proves the accounting equation

8 0

4 years ago

Read 2 more answers