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olya-2409 [2.1K]
3 years ago
12

Answer the question using the following data, which show all available techniques for producing 20 units of a particular commodi

ty Resource Resource prices Possible production Techniques #1 #2 #3 #4 #5 Land $4 2 4 2 4 4 Labor 3 1 2 4 1 3 Capital 3 5 2 3 1 2 Entrepreneurial Ability 2 3 1 1 4 1 If a new production technique is developed that enables a firm to produce 20 units of output with 3 units of land, 3 of labor, 1 of capital, and 2 of entrepreneurial ability, this technique would
Business
1 answer:
Nana76 [90]3 years ago
5 0

Answer:

This technique would be adopted because it would lower production costs and increase economic profit.

Explanation:

Consider the given problem here there are “4 factors” of production these are “Land”, “labor”, “capital” and “entrepreneurial ability”. Now, price of each input is given in the question.

given the price and the cost adopting “technique 1” is given by.

=> C1 = 4*2 + 3*1 + 3*5 + 2*3

         = 32

Similarly, given the price and the cost adopting “technique 2” is given by.

=> C2 = 4*4 + 3*2 + 3*2 + 2*1

          = 30  

Similarly, given the price and the cost adopting “technique 3” is given by.

=> C3 = 4*2 + 3*4 + 3*3 + 2*1

          = 31  

Now, given the price and the cost adopting “technique 4” is given by.

=> C4 = 4*4 + 3*1 + 3*1 + 2*4

          = 30

Finally, given the price and the cost adopting “technique 5” is given by.

=> C5 = 4*4 + 3*3 + 3*2 + 2*1

         = 33  

here the most efficient technique is “2 and 4” having least cost.

Now, for new technology the cost of using it is given by.

=> 4*3 + 3*3 + 3*1 + 2*2 = 28 < 30

Therefore, This technique would be adopted because it would lower production costs and increase economic profit.

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Before the year began, Milkway Manufacturing estimated that manufacturing overhead for the year would be $175,000 and that 25,00
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Answer:

Manufacturing overheads allocated based on hourly rate = $140,000

Explanation:

As for the information provided, the following is available,

Standard or budgeted manufacturing overhead = $175,000 based on working of 25,000 labor hours.

That means budgeted rate for the activity = $175,000/25,000 = $7 per hour.

Provided actual overheads = $182,000 for 20,000 hours.

Had the overheads been charged based on standard basis of hourly rate, overheads would be = 20,000 \times $7 = $140,000

As with this it means actual overheads are over absorbed, by $182,000 - $140,000 = $42,000

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Answer:

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Answer:

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