Fixed costs are zero B. The number of firms in the industry is fixed Correct C. There is free entry and exit of firms in the industry D. Production costs for a given level of output are minimized Answer Key: C Question 7 of 19 5.0 Points Marginal product is: A. the increase in total output attributable to the employment of one more worker. Correct B. the increase in total revenue attributable to the employment of one more
Only those workers who are earning less than the minimum will be directly affected. The government believes that increasing the minimum wage will benefit the poor. It is true that some people will receive higher wages if the minimum wage rate is raised, but those receiving higher wages can only do so at the expense of others who will become unemployed. Minimum wage is a basic government-imposed price control. With the minimum wage price controls, a floor is set which indicates a minimum price that must be paid for certain goods or services.
incremental costs. None of the above | 3. (TCO A) The cost of lubricants used to grease a production machine in a manufacturing company is an example of a(n): (Points : 6) | period cost. direct material cost. indirect manufacturing cost.
By 1914 very little changed had occurred in the region. This continuity was largely due to the state of the country, being largely undeveloped they relied on other countries for the finished product and in exchanged used the natural rescores and products as payment. With many war going on the governments were not able to invest heavily in agriculture therefor no real agriculture revolution took place and the majority of the work continued to be done by manual labor all the way though the time
b. I do not think that the Springfield plant should change its current cost system. The plant is also using the production-run direct labor cost to allocate its overhead costs. However, because the plant produces one product with no customization, with materials purchased from local manufacturers all made by hand (little overhead cost-Exhibit 2) this cost system is effective and should not be changed. 2. Calculate the cost of a Geoffrey doll, the
• Preparedness for National Disaster/Fuel Crisis • Local produce taste better • Local produce is better for you • Promotes produce diversity • Is GMO free • Helps to build community • Good for local economy/supports local farmers • Beneficial for the environment 11 What are the challenges to local food in Vermont? • Diet adjustments would be needed • Production diversity is lacking • Lack of processing and storage facilities • Cheaper to import foods from agribusiness farms 16 What is currently being done to
QAIC - Midterm Q: “The agrarian world that we have been considering thus was not made by the ruling elites, but came about as a result of the interactions, understanding, and agreements (both explicit and implicit) among state agents, landowners and peasant producers”(31). A: Robert B. Marx argues that the world was created was due to the social, economic, political, and cultural structures. He believed nations trading in the commercial world brought the world into a greater contact with one another. It started with the Biological old regime which consisted of material condition, due to the old regime the population decreased and increased from 1300- 1800, which consisted of 80% of peasants. Thus there were problems with the climate change which affected the
Satoria Mckenzy Principals of Economics (Ref # 380267) Spring 2013 The Full Economic Impact of an Increase in the Minimum Wage Where minimum began - The history of minimum wage, what is minimum wage, the laws of minimum wage. The minimum wage has a strong social appeal, rooted in concern about the ability of markets to provide income equity for the least able members of the work force. For some people, the obvious solution to this concern is to redefine the wage structure politically to achieve a socially preferable distribution of income. Thus, minimum wage laws have usually been judged against the criterion of reducing poverty. Statutory minimum wages were also proposed as a way to control the proliferation of manufacturing industries.
“I pledge you, I pledge myself, a new deal for the American people.” Roosevelt’s goal was to preserve capitalism. The New Deal alleviated the financial burden of many and provided jobs through several programs. The programs also worked on railroads, forests, and improved the living standards in America. New Deal programs increased federal government regulation without altering the existing capitalist system or the distribution of wealth (657 Norton).” Such programs included the National Industrial Recovery Act of 1933 which attempted to stabilize prices and wages but the Supreme Court annulled the NRA of 1935 as too much US government power. The Agriculture Adjustment Act “established a national system of crop controls which offered subsidies to farmers who agreed to limit production of specific crops (Norton
Production costs include raw material costs as well as the cost of labor. It includes long run as well as the short term expenses incurred. Long run costs have no fixed factors of production, while short run costs have fixed factors and variables that impact production. Efficient long run costs are persistent after the combination of outputs with the purpose of a firm producing results in the preferred extent of the goods at the lowest possible cost. Long run production cost for low calorie microwavable food includes the cost of machinery and land for setting up the manufacturing unit.