Table 7.5 -Refer to Table 7.5.Suzette's Fancy Packaging Subcontracts with Sunshineland Pecans

question 65

Essay

Table 7.5
-Refer to Table 7.5.Suzette's Fancy Packaging subcontracts with Sunshineland Pecans to box dried fruit and nuts for Suzette's mail order business.Suzette rents space for her factory for $400 a week in a nearby strip mall.She can hire temporary workers for $200 a week.Table 7-5 above shows her output and cost data.Use the table to answer questions a-e.
a.Complete the table.
b.In the last week of summer Suzette closes her business to go on a family vacation.What are her costs during that week?
c.In one week Suzette exactly breaks even.If her revenue for the week is $1200, how many boxes of fruit and nuts did she produce?
d.Judging from the marginal product of labour data, would you say that Suzette had to settle for increasingly unproductive workers? Explain your answer.
e.Suzette has received an order for 1500 boxes of nuts per week for the next 3 months.If she expects the trend in the marginal product of labour will continue in the same direction, what do you think she should do? Should she not commit until she can move to a larger space or should she just hire more workers? Explain your answer.
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Understand the concept of production possibility frontier and its implications for opportunity cost and economic efficiency.

Comprehend the idea of opportunity cost in various trade-offs and its calculation in different scenarios.

Grasp the concept of autarky, its definitions, and implications for a country's economy.

Identify and differentiate between goods and services traded internationally.

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Definitions:

Union Activities

Actions or events organized by labor unions, aimed at advocating for workers' rights, such as strikes, negotiations, or educational campaigns.

Terminate-At-Will

An employment arrangement where either the employer or employee can end the employment relationship without needing to provide a reason, subject to any legal restrictions.

Employee Rights

Legal or ethical entitlements associated with employment, including fair pay, safe working conditions, and freedom from discrimination or harassment.

Discrimination

Unfair or prejudicial treatment of individuals based on characteristics such as age, gender, race, or religion.