A Firm Is Producing 100 Pencils Per Week

question 4

Multiple Choice

A firm is producing 100 pencils per week.The production process requires labor and capital as inputs.Labor costs $6 per labor hour, and capital costs $12 per machine hour.Currently, the marginal product of labor is 18 pencils and the marginal product of capital is 36 pencils.To minimize the cost of producing this level of output, the firm should use

• A)more capital and less labor.
• B)more labor and less capital.
• C)less labor and less capital.
• D)the current amounts of labor and capital.

Distinguish between the concepts of leisure and recreation.

Recognize how technological advancements and societal changes influence recreational activities and leisure time.

Identify the implications of increasing privatization and commercialization of leisure.

Analyze the role of demographics and changing patterns in the consumption of leisure.

---

Definitions:

Voice

The expression of opinions, concerns, or suggestions, particularly in a context where such input is solicited to encourage participation or improvement.

Forms

Refers to types or variations of something, often used in administrative, survey, or data collection contexts.

Organizations

Entities, often comprising groups of people, structured to achieve particular goals or perform specific functions.

Grapevine Information

Informal channels of communication within an organization, often based on rumored information or gossip, which can spread rapidly.