Answer: mental models.
Explanation: A mental model is an explanation of someone's thought process about how something works in the real world and learning a new mental model gives you a new way to see the world. Furthermore, It’s represent the surrounding world, the relationships between its several parts and an individual intuitive perception about his or her own acts and their consequences.
Answer:
a. No, the firm is not minimizing the cost of production.
b. The firm should continue to increase the units of labor by reducing the unit of capital until when the ratio of Marginal product of labor to Marginal product of capital of is equal to the ratio of w to r.
Explanation:
a. Is the firm minimizing the cost of production?
The firm minimizing the cost of production where:
Marginal product of labor / Marginal product of capital = w / r
From the question, we have:
40 / 28 = 6 / 3
1.43 = 2
Since the ratio of Marginal product of labor to Marginal product of capital of 1.43 is not equal to the ratio of w to r, the firm is not minimizing the cost of production.
b. What should the firm do, if anything, to produce the same level of output at lower cost?
The firm should continue to increase the units of labor by reducing the unit of capital until when the ratio of Marginal product of labor to Marginal product of capital of is equal to the ratio of w to r.
The closest point at which this will happen is when the Marginal product of labor is 45 and Marginal product of capital is 23 where we have:
45 / 23 = 1.96, or 2 approximately.
Answer:
resources
Explanation:
The resources include both the financial aspect (budget), the human aspect (employees), and the supplies (scheduling). Do we have enough money to continue producing goods (budget)? Do we have enough employees to do so ? Do we have all the supplies we need to produce this week?
The role of the administrators (as a team) is to ensure the organisation produces the goods and services they're supposed to and that they're delivered to their customers in a timely and cost-effective manner. That means ensuring they respect the budget and have enough employees to do the job.
Of course, some administrators will have a specific task oriented to one of the aspect of the company... like finances, employee management, and so on.
Jack Welch would be characterized as a leader because he's invested in long term change and inspiring his employees.
