Shuster Metalworks Co Required:
Calculate the Total Factor Productivity Measure

question 103

Essay

Shuster Metalworks Co.has provided the following information for last year: $$\begin{array} { | l | r | l | } \hline \text { Pounds of metal input } & 21,000 & @ \$ 12 \text { pound } \\\hline \text { Labor hours } & 8,000 & @ \$ 25 \text { hour } \\\hline \text { Overhead costs } & \$ 165,000 & \\\hline \begin{array} { l } \text { Pounds of output } \\\text { produced }\end{array} & 12,000 & \begin{array} { l } @ \text { selling price of } \\\$ 70 \text { pound }\end{array} \\\hline\end{array}$$
Required:
Calculate the total factor productivity measure.

Understand the cultural and functional context of Aegean frescoes and sculptures.

Distinguish between the artistic styles and subjects of the Minoan and Mycenaean civilizations.

Identify materials used in the creation of ancient Aegean art objects.

Understand the importance of administrative and literary documents in Mycenaean society.

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Definitions:

Opportunity Cost

The financial impact of rejecting the nearest superior alternative when deciding.

Box

A container, often square or rectangular, used for storage or shipping.

Consumer Surplus

Consumer surplus is the difference between the total amount consumers are willing to pay for a good or service and the total amount they actually pay.

Producer Surplus

The difference between what producers are willing to accept for a product because of its cost of production and what they actually receive (the market price).