Assignment Costs and Cost Minimizing Output
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Unit 4 Assignment: Costs and Cost Minimizing Output
In this Assignment, you will analyze fixed and variable costs of a small business. You will also evaluate optimal quantity of output that minimizes costs and maximizes profits.
In this Assignment, you will be assessed on the following outcome:
GEL-1.02: Demonstrate college–level communication through the composition of original materials in Standard English.
Assignment:
Before answering the following questions, review the Checklist. Then, in a separate Word document, compose a 1–2 page paper consisting of a 450-500 word expository research essay answering the following questions, including computations, based on the rule for minimizing costs of production in regard to a small business plan to minimize costs in order to increase productivity and maximize profits.
- 1. Pat’s Pizza Restaurant owner incurs various economic costs of production. Explain whether each of the following is an explicit cost or an implicit cost. Which of the two costs should Pat minimize to maximize his account profit?
- Payments for rented manufacturing equipment.
- A firm’s use of a warehouse that it owns and could rent to another firm.
- Wages paid to the firm’s workers.
- The wages the firm’s owner could earn if he/she worked for another company.
- Consider the following information in the table for Pat’s Pizza Restaurant and answer the questions below by using the cost minimization rule that takes into account the marginal product per dollar of inputs of production.
Item Cost Marginal Product of Capital 4,000 Marginal Product of Labor 100 Wage Rate $10 Rental Price of Pizza Ovens $500
- Is the owner of Pat’s Pizza Restaurant minimizing costs? Explain by computing marginal productivity per dollar using the data in the table.
- Should he rent more ovens and hire fewer workers or rent fewer ovens and hire more workers to increase productivity and lower costs of production? Explain.
- Your answer must consist of a 450–500 word expository research essay.
Consider Pat’s Pizza Restaurant’s production decision in both the short-run and long-run. Pat wants to improve the productivity of the firm in the long-run. Explain the types of input costs that might be fixed in the short-run and types of costs that may be variable in the long-run. Provide examples for fixed inputs and variable inputs, as well as fixed costs and variable costs for the restaurant in the short-run. What long-run economic decisions should Pat make to increase productivity, minimize costs, and maximize profit?
Checklist:
- This Assignment should be a separate Word document, and a 1–2 page paper consisting of a 450-500 word expository research essay, in addition to the title and reference pages.
- It must be written in Standard English and demonstrate exceptional content, organization, style, and grammar and mechanics.
- Respond to the questions in a thorough manner, providing specific examples where asked.
- Your paper should provide a highly developed viewpoint and purpose.
- Your writing should be well ordered, logical, and unified, as well as original and insightful.
- A separate page at the end of your research paper should contain a list of references, in APA format. Use your textbook, the Library, and the internet for research.
- Be sure to cite were appropriate and reference all sources. Your sources and content should follow proper APA format. Review the APA formats found in the Writing Resources accessed through the Academic Success Center within the Academic Tools area of the course.
- Review the grading rubric to ensure all points have been captured in the paper.
Directions for Submitting your Assignment
Be sure to respond to all the questions using the critical elements listed in the Assignment Checklist. Submit your Assignment in a separate Word document by the end of Unit 4 to the Unit 4 Assignment Dropbox. Make sure to save a copy of your work and be sure to confirm that your file uploaded correctly.
Unit 4 Assignment Points Possible Points Earned Content and Analysis Problem #1 Explained whether each is an explicit cost or an implicit cost. (a–d)
16 Problem #2 Computed marginal product per dollar for labor and capital for Pat’s Pizza Restaurant and answered the questions correctly. (a–b)
16 Problem #3 Considered a firm’s production decision in both the short-run and long-run.
5 Explained what type of input costs might be fixed in the short-run and which might be variable in the short-run. Provided one example of each. 5 Writing style, grammar, and APA format. Submitted a 1–2 page expository research paper, in addition to the title and reference pages. Written in Standard English and demonstrates exceptional content, organization, style, and grammar and mechanics. Includes a highly developed viewpoint and purpose. 8 Total 50
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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