Snacknow,a Food Service Firm,is Calculating Its Monthly Productivity Report

question 67

Multiple Choice

Snacknow,a food service firm,is calculating its monthly productivity report.From the following data calculate the multifactor productivity. Labor rate $20
Units produced 10,000
Labor hours 1,000
Cost of materials $2000
Cost of energy $500

• A)0.220
• B)0.476
• C)0.800
• D)1.000

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Definitions:

Absolute Advantage

The ability of an individual, firm, or country to produce more of a good or service with the same amount of resources compared to others.

Absolute Advantage

The capacity of a person, company, or nation to generate a greater quantity of a product or service using an identical quantity of inputs as compared to competitors.

Broccoli

A green plant from the cabbage family, known for its nutritional benefits and widely consumed as a vegetable.

Opportunity Cost

The cost attached to not opting for the immediately lesser favorable choice when making a decision.