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olchik [2.2K]
3 years ago
13

The UJava espresso stand needs two inputs, labor and coffee beans, to produce its only output, espresso. Producing an espresso a

lways requires the same amount of coffee beans and the same amount of time. What type of production function will appropriately describe the production process at UJava, where B represents ounces of coffee beans, and L represents hours of labor? Write down the functional form of the production function.
Business
1 answer:
bezimeni [28]3 years ago
8 0

Answer:

Q = min[3B; 40L]

Explanation:

This is an example of Leontief production function in which factors of production, in this case B and L, are used in fixed proportion that is determined by the production technology which makes  substitutability between factors impossible.

If we assume that 3 ounces of B and 40 minutes of L are always required to produce one unit of espresso represented by Q, the functional form of the production function can be written as follows:

Q = min[3B; 40L].

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10 percent decrease in consumer incomes leads to a 20 percent decrease in the quantity demanded of good D. Instructions: Round y
Katyanochek1 [597]

Answer:

Income elasticity = 2

Normal good

Explanation:

Below is the given values:

Percentage decrease in consumers income = 10%

Percentage decrease in quantity demanded = 20%

Use the below formula to find the income elasticity:

Income elasticity = % change in quantity demanded / % in income

Income elasticity = -20/-10

Income elasticity = 2

Since the elasticity is 2 that means good is normal good.

4 0
2 years ago
Which investment has the highest liquidity and can be converted into cash easily?
myrzilka [38]
Stocks should be your answer
3 0
3 years ago
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A formula that calculates the total dollar value of all goods and services produced in a nation and all the goods and services p
Lina20 [59]

Answer:

Gross National Product (GNP)

Explanation:

According to Investopedia, "the Gross National Product is the value of a nation's finished domestic goods and services during a specific time period".

*Note that the GNP should NOT be confused with the GDP (Gross Domestic Product). The GDP only accounts for the value of goods and services produced within a nation's borders, while the GNP also adds the value of services produced by that country's employees and companies in other nations.

7 0
3 years ago
Inc. reported the following information about the production and sale of its only product during the first month of​ operations:
Effectus [21]

Answer:

Cost of Goods Sold = $ 400,000

Explanation:

Units Sold = $360,000/ $225= 1600

Sales ​                                                                  $360,000

Direct materials ​$176,000

Direct labor ​$100,000

Variable factory overhead ​$44,000

Fixed factory overhead ​$80,000

Total Manufacturing Costs   $ 400,000

Variable selling and administrative expenses ​$20,000

Fixed selling and administrative expenses ​$10,000

Cost of Goods Sold = $ 400,000

As ending Inventory Finished Goods is 400 units it is not included in the Cost of Goods Sold.

3 0
3 years ago
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kap26 [50]

Answer:

I have to identify the risk factors in the project and then gauge the willingness of the company to take such risks.

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Risk tolerance is the willingness of an organization or an individual to take certain risks. The risk tolerance level of a person or organization can be classified as either high or low. For a project manager who wants to determine the risk tolerances associated with his project, he has to first identify the risk factors, and then try to know the risk level and if indeed this level is acceptable within the organization's culture and standard.

The project manager would do well to plot a graph that would show the probability of a risky action happening or not. A risk tolerance line is now obtained from where the project manager can know if that risk is tolerable by organization standards. The extent of job security would also help in determining the amount of risk a manager can take. However, they are still expected to stay within the standards of the organization.

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