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Hatshy [7]
3 years ago
13

The production function is a mathematical function that shows: 1. the relationship between output and the factors of production.

2. the most cost-efficient means of producing output.3. how various inputs are produced. 4. the most efficient level of output produced in an economy.
Business
1 answer:
mars1129 [50]3 years ago
6 0

Answer:

1. The relationship between output and the factors  of production

Explanation:

The production function is mathematical equation that express the relationship between the resources or input devoted towards production (e.g labour and capital ) and the output (i.e amount of product obtained.  

It shows  the amount of output  that is obtainable from every combination of resources of production , assuming that the most efficient available methods of production are used.

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One of the huge benefits of just-in-time production is that the need for _______________ is eliminated.
dsp73

One of the huge benefits of just-in-time production is that the need for "time" is eliminated.

<h3>What is just-in-time production?</h3>

With just-in-time (JIT) manufacturing, products are produced as needed, rather than in excess or ahead of schedule.

Some characteristics of just-in-time are-

  • With just-in-time (JIT) manufacturing, products are produced as needed, rather than just-in-time (JIT) inventory system is a management strategy that aligns raw-material orders from suppliers directly with production schedules in excess or ahead of schedule.
  • Because Toyota, a vehicle manufacturer, introduced just-in-time manufacturing in the 1970s, the practise is often referred to as the Toyota Production System (TPS).
  • To prevent work-in-process overcapacity, JIT is frequently used in conjunction with the scheduling technique known as kanban.
  • The JIT production method depends on consistent output, excellent craftsmanship, no equipment failures, and trustworthy suppliers for its success.
  • The JIT system is also known as short-cycle manufacturing (as used by Motorola) and continuous-flow manufacturing (as used by IBM).

To know more about just-in-time inventory management, here

brainly.com/question/8842151

#SPJ4

4 0
2 years ago
Assume that a company uses a standard cost system and applies overhead to production based on direct labor-hours. It provided th
g100num [7]

Answer:

$289,000

Explanation:

Predetermined overhead rate (Fixed) = Budgeted Fixed overhead cost / Budgeted hours

Predetermined overhead rate (Fixed) = 300,000/60,000

Predetermined overhead rate (Fixed) = $5 per hours

Applied Fixed overhead = Standard hours allowed × Predetermined overhead rate(fixed)

Applied Fixed overhead = 57,800 * $5 per hours

Applied Fixed overhead = $289,000

So, the fixed overhead applied to production during the period is $289,000

8 0
3 years ago
At the end of its first year, the trial balance of Ivanhoe Company shows Equipment $30,600 and zero balances in Accumulated Depr
Bas_tet [7]

Answer:

Dr Depreciation Expense $3,620

Cr Accumulated Depreciation-Equipment $3,620

Explanation:

Based on the information given we were told that the company had zero balances in both Accumulated Depreciation -Equipment as well as the Depreciation Expense in which the Depreciation amount for the year is estimated to be $3,620 which means that the adjusting entry for depreciation at December 31 will be recorded as:

Preparation of Journal entry

Dec. 31

Dr Depreciation Expense $3,620

Cr Accumulated Depreciation-Equipment $3,620

5 0
3 years ago
Suppose that due to a fear that the United States is about to enter a long period of stagnant growth, stock prices fall by 50% o
densk [106]

Answer:

spending would increase

Explanation:

Disposable income is either saved (invested) or spent.

If stock prices are expected to fall, individuals would be less willing to save their income and would prefer to spend their income instead.

As a result, spending would increase

6 0
3 years ago
A new study shows that onions improve cognitive and heart health. This causes the demand curve to shift to the right, so that co
Deffense [45]

The complete question with diagram is attached

Answer:

($3.00, 420 lbs) and ($2.10, 510 lbs)

Explanation:

A shift in demand occurs when the quantity of a product consumers wants changes at all price levels.

A shift to the right indicates an increase in quantity demanded at all prices, while a shift to the left indicates a reduction in quantity demanded at all prices.

In the given scenario there is a shift in demand to the right with increase in 20 lbs of onions.

So at every price level there will be an increase in quantity demanded by 20 lbs.

According to the diagram at price $3 quantity initially demanded was 400 lbs. With the demand shift it will now be 400 + 20 = 420 lbs.

At price $2.10 demand was initially 490 lbs now it will be 490 + 20 = 510 lbs

5 0
3 years ago
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