QUESTION 1: Calculate a plant's total cost for every day in the data, in dollars. Total cost is defined as: total_cost = total_raw_materials_cost + total_operating_cost + total_labor_cost.Which plant is the most expensive to operate, and what is the cost to operate the plant? QUESTION 2: Which cost source (or combination of sources) makes up the majority of a plants total expenditures?raw material, labor, operating, or no cost is consistently the majority of total cost across plantsQUESTION 3: Calculate cost efficiency, defined as how much money is spent to produce 1 pound of release ease (i.e. total production/cost).Which plant is the least cost efficient, in lbs of release ease produced per dollar spent?What is the daily average efficiency for the plant that is most efficient? link to excel data:https://docs.google.com/spreadsheets/d/1PM9rh2DnEdKQqCjJM1cmVjcP7_YSdA0y/edit?usp=sharing&ouid=109691244462343090665&rtpof=true&sd=true

Total Operating Cost (TOC) refers back to the sum of all prices directly associated with the…

Answered: total cost

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter4: Extent (how Much) Decisions

Section: Chapter Questions

Problem 3MC

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QUESTION 1: Calculate a plant's total cost for every day in the data, in dollars. Total cost is defined as: total_cost = total_raw_materials_cost + total_operating_cost + total_labor_cost.

Which plant is the most expensive to operate, and what is the cost to operate the plant?

QUESTION 2: Which cost source (or combination of sources) makes up the majority of a plants total expenditures?

raw material, labor, operating, or no cost is consistently the majority of total cost across plants

QUESTION 3: Calculate cost efficiency, defined as how much money is spent to produce 1 pound of release ease (i.e. total production/cost).

Which plant is the least cost efficient, in lbs of release ease produced per dollar spent?
What is the daily average efficiency for the plant that is most efficient?

link to excel data:https://docs.google.com/spreadsheets/d/1PM9rh2DnEdKQqCjJM1cmVjcP7_YSdA0y/edit?usp=sharing&ouid=109691244462343090665&rtpof=true&sd=true

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