Ecn 201 - Study guides, Class notes & Summaries

Four Areas of Investigation For Farm Business Analysis correct answers Profitability, Farm Size, Financial, Efficiency Profitability correct answers Profitability is generally the first area of concern and is analyzed by comparing income and expenses. High net farm income is usually an important goal of the farm manager Farm Size correct answers Not having adequate resources is often a cause for low profits. Growing too rapidly or exceeding the size that the operator can manage effectively...

Total Product (TP) correct answers Level of output or yield received (produced) from the production process corresponding to the amount (number of units) of the variable input added. Average Product (AP) correct answers Amount of output produced by each individual unit of the variable input in the production process. How to calculate AP? correct answers TP/number of inputs Marginal Product (MP) correct answers The change in total product (output) from adding one more unit of input. H...

Case Study Report 1: THREE JAYS CORPORATION 1. Using the data in case Exhibit 4 and the 2012 annual demand, calculate the EOQ and ROP quantities for the five SKUs scheduled to be produced in the last week of June. How do these amounts compare with those calculated in 2011? Compare the increases in EOQs with the increases in annual demand. (2.5 points)