A manufacturing firm employs workers to monitor and maintain specialized machines making small metal parts. Which economic questions does this statement answer?

A. How much to produce? How much to charge?
B. How to produce? How much to produce?
C. What to produce? For whom to produce?
D. What to produce? How to produce?

Question

06-08-2024
Business

Answered

A manufacturing firm employs workers to monitor and maintain specialized machines making small metal parts. Which economic questions does this statement answer?

A. How much to produce? How much to charge?
B. How to produce? How much to produce?
C. What to produce? For whom to produce?
D. What to produce? How to produce?

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-08-06T14:06:28-04:00

Final answer:

The answer explains key economic questions in manufacturing, including what to produce, how to produce, how much to produce, what price to charge, and how much labor to employ.

Explanation:

Production Decisions in Manufacturing:

1. What to produce: The firm needs to decide on the specific product(s) it will manufacture.

2. How to produce: Determining the production process involves choices like labor skill level, raw material use, and location of production.

3. How much to produce: This decision involves determining the optimal level of output based on demand and cost considerations.

4. What price to charge: Setting prices involves considerations of cost, competition, and consumer demand.

5. How much labor to employ: Finding the right balance of labor input is crucial for efficiency and cost control.

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