The Managers at Aberdeen Factory Attended a Meeting to Discuss

question 86

Multiple Choice

The managers at Aberdeen Factory attended a meeting to discuss an existing agenda topic,whether to reorganize its manufacturing labor costs,but they need to determine the historical hourly wage rate of the employees.The manager reported the following historical cost information in 2012:

Required:
Compute the total past (historical) manufacturing labor costs at the Aberdeen Factory.

• A)$53,750
• B)$750,260
• C)$806,250
• D)$854,285
• E)$905,260

Calculate the marginal cost and value of marginal products for decision-making in hiring and production.

Distinguish between marginal product, average product, and their impact on production and hiring decisions.

Understand the concept of diminishing returns to labor and its effect on production.

Recognize the role of factor incomes in the economy and their distribution among different factors of production.

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Definitions:

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