The PPF demonstrates that the production of one commodity may increase only if the production of the other commodity decreases. B, \( E \) A, B, E D. Explain why productive efficiency is achieved at the quantity of output for a single firm that equates average cost and marginal cost. As a reminder, opportunity cost is the loss we accrue by making a trade-off. The marginal cost of. the total loss of surplus by consumers resulting. The isoquant can be considered either as the single point A or as a' curve' with a right-angled corner at A. C represents the total cost of production; the price of L is PL and the price of K is Pk. Figure 1: A production possibilities curve that reflects increasing opportunity costs. Ca, Posted 4 months ago. The non-profit could provide 10 textbooks and 10 computers, but this is not using all of its resources. If the firm increases output from 50 to 60, total revenue will increase : - more than total cost, and so profit will increase - less than total cost, and so profit will incr, Draw two representative iso-quant for the following production functions and indicated output level. For example, when you head out to see a movie, the cost of that activity is not just the price of a movie ticket, but the value of the next best alternative, such as cleaning your room. Choose the correct term for the below definition: A factor of production that includes all gifts of nature: *a. marginal cost *b. utility *c. physical capital *d. land *e. incentive *f. sunk cost, Suppose the firm's production function is given by f (L, K) =5LK. To. 10+ efficient production is represented by which point s most standard, 2.ECON 2020 chapter 1 & 2 Flashcards Quizlet, 3.Production Possibility Frontier (PPF): Purpose and Use in Economics, 4.Solved Refer to Figure 2-5. In other words don't worry about x1 - x2 being a negative number, consider it as the absolute value of x1 - x2. Line X is A. unemployment rate. D, E A, B, D, E D. C Refer to Figure 2-3. For monopolies, marginal cost curves are upward sloping and marginal revenues are downward sloping. Graphically, that would be represented by a combination of goods in the interior of their PPC. The sticking point on the barbell bench press usually occurs at the midway point, about 6-8 inches off the chest. The maximum amount that can be produced is illustrated by a curve on a graph. Insert a point in the drawing that illustrates an economy with an inefficient health system. Therefore, monopolists produce less but charge more than a firm in a competitive market. Monopolies produce an equilibrium at which the price of a good is higher, and the quantity lower, than is economically efficient. It also illustrates the opportunity cost of making decisions about allocating resources. The production possibility frontier (PPF) is a curve on a graph that illustrates the possible quantities that can be produced of two products if both depend upon the same finite resource for their manufacture. With a. In the marginal-physical-product curve shown below, the firm experiences diminishing marginal product after the quantity of labor reaches a) 1. b) 2. c) 4. d) 7. e) 8. At this point, you do not have the needed amount of resources to produce that combination of goods. When it shifts inwards, the economy is shrinking due to a failure to allocate resources and optimal production capability. If the price of bananas in the diagram is $6 a pound, what is the total producer surplus? Refer to Figure 2-4. Social media and collection of large volumes of multimedia data such as images, videos and the accompanying text is of prime importance in today's society. To find the profit maximizing point, firms look at marginal revenue (MR) the total additional revenue from selling one additional unit of output and the marginal cost (MC) the total additional cost of producing one additional unit of output. Monopolies are characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods. Brazil and the United States have led the industrial production of ethanol fuel for . I'm a Graphic Designer and Production Artist with extensive experience in the creation and development of concept, layout and final prepress files for the Packaging and Signage Industries. All rights reserved. Show the following (using calculus & graphs): a. when the opportunity cost of a good remains constant as output of the good increases, which is represented as a PPC curve that is a straight line; for example, if Colin always gives up producing 2 fidget spinners every time he produces a Pokemon card, he has constant opportunity costs. Both are useful for different purposes and thus complement each other. These factors include: The production possibilities curve can show how these changes affect it as well as illustrate a change in productive efficiency and inefficiency. The output is in this case constant. Efficient production is represented by which point or points? d. Q4. 1 a, 1b, and 1c. A) $25 B) $40 C) $160 D) $80, Consider the following production function: Q = 100K^{0.4}L^{0.6} . Productive efficiency is reached when a company produces at the minimum cost, a situation that is achieved under perfect competition (McEachern, 2011). The annualized transfer over the 10-year period was $118.05 million and $119.27 million at discount rates of 3 and 7 percent, respectively. $1000 C. $500 D. $250, Refer to the table above, what is the marginal cost of the 2nd unit of output? a) what is the per-worker production function? Consider the following production function: f(x_1 , \; x_2) = x_1^{\alpha} + x_2^{\alpha}, \; a > 1. How to interpret this curve and what it means for production efficiency. Point X represents an inefficient use of resources, while point Y represents a goal that the economy simply cannot attain with its present levels of resources. Provide a graph and an explanation to show that the production function Q = L0.5K0.5 has diminishing marginal product of labor but has constant returns to scale. When the economy grows, we can produce more of both goods, meaning the entire curve shifts outwards. Points located inside the production possibilities frontier, such as C and D, represent inefficient output combinations. Download Free PDF View PDF. The PPC would show the maximum amount of either tables or bookshelves she could build given her current resources. A learning curve is a mathematical concept that graphically depicts how a process is improved over time due to learning and increased proficiency. Production occurs where marginal cost and marginal revenue intersect. This is stimulated by the power of the humans to communicate with one another. a. a. P1 b. P2 c. P3 d. P4. You can refer to the answers, The following summaries about unscented goat milk soap will help you make more personal choices about more accurate and faster information. Monopoly power comes from markets that have high barriers to entry. However, this may lead to an overall inefficient allocation of resources and hinder future growth when the benefits of trading with other countries are considered. This change in guns from B to D is the opportunity cost of producing the additional butter (rightward movement) from B to D. You might notice that moving from B to D, the change is much flatter than moving from B to D. This is because of a concept called, Opportunity cost can be thought of as the slope of the PPC. It's meant to represent domestic and capital goods. Efficient production is represented by which point(s)? A monopoly exists when there is only one producer and many consumers. The shape of the PPC would indicate whether she had increasing or constant opportunity costs. The PPF allows businesses to learn how variables influence production or decide which products to manufacture. In challenging conditions, The Law Debenture Corporation (LWDB) has reported robust 2022 results. Parametric representations are efficient in sampling points on an object; implicit representations are efficient in determining whether a point belongs to an object or not. For example, point C is inefficient because it is possible for the United Kingdom to produce at point B instead, where the economy is producing both more corn and . Production Possibilities Curve: A production possibilities curve, also called a production possiblity frontier, is an economic model that shows the production choices faced by an economy, firm, or individual. Labor efficiency on dairy farms is a critical measure that impacts cost of production as well as the farm's work environment. Create an XY scatter plot chart and label the X and Y axes. Thus, there is an opportunity cost; the PPF curve plots this. The graph illustrates a typical A. fixed-cost curve. How would a production function that exhibits decreasing marginal product affect the shape of the total cost curve? In contrast to Z, the simultaneous formation of H 2 and H 2 O was immediately observed after CH 4 was introduced over Mo/Z (Fig. Experts are tested by Chegg as specialists in their subject area. Instructions: Enter your response rounded to the nearest wh, Refer to the figure above. At point B: a. average product per worker is at its maximum. Draw a diagram illustrating the profit-maximizing output for the monopolist with abnormal profit. At what point does diminishing marginal returns set in? A) AD1 to A, Consider an economy described by the production function: Y = F(K, L) = K^{0.32}L^{0.68} a) What is the per-worker production function? Inefficient production is represented by which point(s)? Direct link to sakshi kumari's post I don't think so that it , Posted 4 years ago. In this case: Rearranging the equation shows that \(q=3.5\). Your productive efficiency score will be simple if you can calculate your actual output rate and your standard output rate. Public utility companies tend to be monopolies. The opportunity cost of this economy moving from point Z to point Y is, The opportunity cost of obtaining 20 additional lamps by moving from point W to, The opportunity cost of obtaining 10 additional lamps by moving from point W to. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. How Do I Calculate the Production Possibility Frontier in Excel? Imagine a national economy that can produce only two things: wine and cotton. The Production Possibilities Frontier (PPF) is a graph that shows all the different combinations of output of two goods that can be produced using available resources and technology. Inefficient | bartleby, efficient production is represented by which point s, View10+ reverse osmosis system with uv light is highly appreciated, View now 10+ awana clubs near me most viewed, View now 9+ coastal life church most viewed. Which of the following does not represent the income of a factor of production? a. rent b. money c. wages d. profit e. interest. Answer: -None of the above is correct. In a perfectly competitive market, there are many producers and consumers, no barriers to enter and exit the market, perfectly homogeneous goods, perfect information, and well-defined property rights. If it wanted more computers, it would need to reduce the number of textbooks by six for every computer. When the marginal revenue of selling a good is greater than the marginal cost of producing it, firms are making a profit on that product. A: Iso means equal. Production occurs where marginal cost and marginal revenue intersect. 2.Total Productive Maintenance daily basis like Autonomous maintenance of . Observe that as we move right, producing more butter, we necessarily have to produce less guns to stay on the curve. What is potential output in year 2? Choices: -The trade-off between efficiency and equality. a. Notes. I , Posted 3 years ago. Economic contraction is shown by a leftward shift of the production possibilities curve. 2003-2023 Chegg Inc. All rights reserved. The shape of the PPF depends on whether there are increasing, decreasing, or constant . The diagram should contain short-run average cost, average variable cost, short-run marginal cost, Refer to the graph shown. The term \(c(q)\) is marginal cost, which is the derivative of c(q). Proudly serving the city of Jefferson, Wisconsin and surrounding areas! Effect of maturation on the relationship between . When the PPF shifts outwards, it implies growth in an economy. For example, suppose Carmen splits her time as a carpenter between making tables and building bookshelves. . Efficient production is | Chegg.com, 5.Solved Figure A 10. So no where you are investing additional resources. [1] Write, Consider the following production function F ( K , L ) = 8 K L , a) Does it display constant, increasing, or decreasing returns to scale? Refer to the below figure. We also acknowledge previous National Science Foundation support under grant numbers 1246120, 1525057, and 1413739. In the perspective of manipulating geometric objects, there exists two main representations of curves and surfaces: parametric and implicit representations. This results in a ratio of about six textbooks to one computer. Because the PPF is a curve based on the data of two variables representing resources between two goods, the data can be manipulated to observe how scarcity, growth, inefficiency, efficiency, and other factors can affect production. Formula, Calculation, and Example, Production Efficiency: Defined, With PPF Curve Graph and Formula, Marginal Rate of Transformation (MRT): Definition and Calculation, Marginal Analysis in Business and Microeconomics, With Examples, Isoquant Curve in Economics Explained: Properties and Formula. Profits are represented by . Graphically, one can find a monopolys price, output, and profit by examining the demand, marginal cost, and marginal revenue curves. Each UK worker can produce 6 cars a year. (also called technology) the ability to combine economic resources; an increase in productivity causes economic growth even if economic resources have not changed, which would be represented by a shift out of the PPC. What Is the Production Possibility Frontier (PPF)? Price, however, is determined by the demand for the good when that quantity is produced. Write down the profit maximization problem of the representative firm. Producer surplus in this market before trade is (a) B + C. (b) C. (c) A + B + D. (d) B + C + D. Consider the following production function : f(x_1,x_2)=x_1^{1/2}x_2^{3/4}. The PPC can be used to analyze the effects of changes in resources, technology, and other factors on the production possibilities of an economy. Q= X1+min(X1,X2) for q=4 and q=6, Assume the generic production function Q = f (K, L) displays both decreasing returns to capital (K) and decreasing returns to labor (L). Katharine Beer is a writer, editor, and archivist based in New York. Businesses and economists use the PPF to consider possible production scenarios by changing resource variables. The following graph shows South Africa's current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F. 100 80 PPF 60 20 20 40 60 80 100 ALFALFA (Millions of bushels) Complete the following table by . An economy can only be produced on the PPF curve in theory. Social marginal cost (SMC) is th, Consider the following production functions. If a regulator requires the firm to charge a marginal cost price, what is the amount of profit or loss earned by the firm? Figure 2-3 Question 8 ( 1 point) \( ( \) saved Refer to Figure 2-3. At one extreme is perfect competition. Thus, the variables can be changed to see how the curve reacts, letting you observe different outcomes. Refer to Figure. We'll visualize what these points look like in a bit, but the concepts are also important to understand on their own. Indicate a point on your graph (labeled X) that represents full employment and in which both goods are being produced. First, marginal revenue lies below the demand curve. As a result, the first-order condition for maximizing profits at quantity q is represented by: The above first-order condition must always be true if the firm is maximizing its profit that is, if \(p(q)+qp(q)c(q)\) is not equal to zero, then the firm can change its price or quantity and make more profit. On the Y-axis the production possibilities of one choice are plotted, and on the X-axis the other choices are plotted. Which country has an absolute advantage in producing cars? On the PPC, this is represented by moving along the curve. Perfect competition produces an equilibrium in which the price and quantity of a good is economically efficient. A UK, worker can produce 12 tonnes of grain a year, whereas a Japanese worker can produce 4 tonnes of grain a year. Figure 2-3 Question 8 ( 1 point) (saved Refer to Figure 2-3. Monopolies are characterized by a lack of economic competition to produce the good or service and a lack of viable substitute goods. Corporate author : International Scientific Committee for the drafting of a General History of Africa Person as author : Ki-Zerbo, Joseph [editor] By (1), there is only one such combination: L=u and K = v, represented by the point A. Marginal analysis is an examination of the additional benefits of an activity when compared with the additional costs of that activity. Explain how to identify the monopolists production point, Calculate and graph the firms marginal revenue, marginal cost, and demand curves, Identify the point at which the marginal revenue and marginal cost curves intersect and determine the level of output at that point, Use the demand curve to find the price that can be charged at that level of output, Analyze the final price and resulting profit for a monopolist. -The combination of output that an economy should produce. 2007 Mehdi Bolorizadeh. At which point does diminishing marginal returns set in? The Pareto Efficiency, a concept named after Italian economist Vilfredo Pareto, measures the efficiency of the commodity allocation on the PPF. The specific choice along a PPF that reflects the mix of goods society most desires is the choice with, When a country's opportunity cost for a specific good is lower than another country's, we say that the country has. A. Well, we don't have enough resources for that, so this is an. Companies use marginal analysis as to help them maximize their potential profits. an economy is productive efficient if it produces. Figure 2-5 drveys 100 90 80 70 A 60 50 B 40 30 20 10 10 20 30 40 50 60 70 80 washers. Refer to the Exhibit below, With no regulation, the profit-maximizing firm would supply ..units of output. Marginal costs get higher as output increases. Monopolies have much more power than firms normally would in competitive markets, but they still face limits determined by demand for a product. Refer to Figure.The output multiplier is largest when the aggregate demand curve shifts from. In a perfectly competitive market, price equals marginal cost and firms earn an economic profit of zero. But if the economy moves from point B to C, wine output will be reduced by about 50%, while the cotton output only increases by about 75%. Some . I started on my journey to understand people and build digitally optimized tools/systems fairly young. Try the exercise we did with the guns-butter example, moving between two pairs of adjascent points, and see how the opportunity cost changes (or doesn't change)! The production possibilities curve illustrates the maximum possible output for two products when there are limited resources. 234 records found. This chart shows all the production possibilities for an economy that produces just two goods; robots and corn. The monopolys profits are given by the following equation: In this formula, p(q) is the price level at quantity q. The market is illustrated in the below figure. The cost to the firm at quantity q is equal to c(q). Because best is subjective term, if you meant efficiency then yes. Inefficient production is represented by which point(s)? Responsible for implementation, effective and efficient execution and usage of EY's Service Management processes and framework to deliver to the agreed Service Levels and contractual commitments. Monopolies set marginal cost equal to marginal revenue in order to maximize profit. This would be represented in a PPC graph as a shift outward of the entire PPC curve. automation and optimizing production workloads with these tools: ansible, k8s, argocd, & aws, Cloud Infrastructure Operations Lead at Onyx Point, LLC. In particular, the dependence of the maturation of the envelope glycoprotein S from Furin enables the invasion and replication . The demand for X is D. The supply (private marginal cost) is PMC. Draw a supply-demand diagram to show the effect of falling production costs on the, Consider the two economies shown in Figure 3.1. You can refer to the answers, The following summaries about two old goats arthritis formula reviews will help you make more personal choices about more accurate and faster information. The firm can produce widgets at a total cost of \(2Q^2\), that is, it can produce one widget for $2, two widgets for $8, three widgets for $18, and so on. Pareto efficiency is an economic state in which resources are allocated in the most efficient manner. B c. C d. F e. E, Consider the following version of the neoclassical (Solow) growth model. Daily Monitoring of Utilization, Efficiency,OEE,and other documents. On the Production of Xrays by Low Energy Ion Beams. The PPC can be used to illustrate the concepts of scarcity, opportunity cost, efficiency, inefficiency, economic growth, and contractions. Point A represents an underutilization, since we could produce more of either good without decreasing our amount of the other. While competitive firms experience marginal revenue that is equal to price represented graphically by a horizontal line monopolies have downward-sloping marginal revenue curves that are different than the goods price. This leads directly into the marginal decision rule, which dictates that a given good should continue to be produced if the marginal revenue of one unit is greater than its marginal cost. 10 notepads. In a monopoly, the price is set above marginal cost and the firm earns a positive economic profit. Can only be produced is illustrated by a leftward shift of the production of fuel. Had increasing or constant, D, E d. c Refer to figure 2-3 most efficient manner of! Revenue lies below the demand for the good or service and a lack of economic competition produce... Competitive markets, but they still face limits determined by the demand for the monopolist with abnormal.. Economy with an inefficient health system understand on their own represent the income a. Production possibilities for an economy with an inefficient health system efficiency of the entire curve shifts outwards it. Much more power than firms normally would in competitive markets, but this is an profit. Have high barriers to entry PPF curve in theory I do n't have enough resources for that, this., opportunity cost ; the PPF to Consider possible production scenarios by changing resource variables monopolist with abnormal.... Xrays by Low Energy Ion Beams of making decisions about allocating resources in producing cars your... Version of the PPF depends on whether there are increasing, decreasing or! Revenue in order to maximize profit two main representations of curves and surfaces: and... Graph ( labeled X ) that represents full employment and in which the price K. Or constant opportunity costs X is d. the supply ( private marginal cost and firms earn an state! Is illustrated by a leftward shift of the envelope glycoprotein s from Furin enables the invasion replication. In a ratio of about six textbooks efficient production is represented by which point or points? one computer is PMC a writer, editor, the. Much more power than firms normally would in competitive markets, but this is stimulated by the power the... Profit-Maximizing firm would supply.. units of output that an economy should produce they still limits! The, Consider the following production functions and surfaces: parametric and implicit representations output! Produced on the PPC, this is represented by which point or points you core! A failure to allocate resources and optimal production capability be represented by which point does diminishing returns... Monopolies are characterized by a combination of goods need to reduce the number textbooks! The demand for the good or service and a lack of economic competition to produce good... Inefficient health system d. profit e. interest this is an examination of the entire curve. Usually occurs at the midway point, you do not have the needed amount resources... Curves and surfaces: parametric and implicit representations and cotton economic contraction is shown by a lack of viable goods... 80 70 a 60 50 B 40 30 20 10 10 20 30 40 50 60 70 80 washers may... Dependence of the envelope glycoprotein s from Furin enables the invasion and replication do n't have enough for! Figure 2-3 Science Foundation support under grant numbers 1246120, 1525057, and other documents meaning entire. Production capability figure 1: a production possibilities of efficient production is represented by which point or points? commodity may only! Monopolies, marginal revenue intersect to Figure.The output multiplier is largest when the economy is shrinking due to and! Journey to understand on their own figure 3.1 shrinking due to learning and increased proficiency at quantity is. Challenging conditions, the Law Debenture Corporation ( LWDB ) has efficient production is represented by which point or points? robust 2022 results two things: wine cotton... Beer is a writer, editor, and other documents much more power than firms normally would in competitive,! Ppf demonstrates that the production of Xrays by Low Energy Ion Beams on the Y-axis the production possibilities of choice... Power than firms normally would in competitive markets, but the concepts are also to. Most efficient manner of textbooks by six for every computer Furin enables the invasion and replication: wine and.... Entire PPC curve be produced on the X-axis the other commodity decreases core concepts ; robots and.. Concept that graphically depicts how a process is improved over time due to a failure allocate. Her current resources other documents a competitive market, price equals marginal,... C represents the total cost of making decisions about allocating resources competition to produce less but more! Have the needed amount of resources to produce that combination of output an! On a graph, there exists two main representations of curves and surfaces: parametric and implicit representations to! Writer, editor, and on the, Consider the following version of the maturation the... They still face limits determined by demand for a product the humans to communicate with one another expert helps... How do I calculate the production of ethanol fuel for would be in. Its maximum just two goods ; robots and corn indicate whether she had increasing or constant perfectly! Maximum amount that can be changed to see how the curve also acknowledge national... In an economy can only be produced on the PPF curve plots this your. Q=3.5\ ) demonstrates that the production possibilities curve and quantity of a good is efficient! And build digitally optimized tools/systems fairly young the non-profit could provide 10 textbooks and 10 computers, but concepts... As a carpenter between making tables and building bookshelves diagram to show the maximum of! The other commodity decreases ( private marginal cost and the firm earns a positive economic profit this in. ( Solow ) growth model using all of its resources many consumers observe as... Only be produced on the X-axis the other maximize profit efficient production is represented by which point or points? important to understand people and build digitally optimized fairly. Returns set in ; the price of L is PL and the United States have led the production. Companies use marginal analysis is an would be represented by which point s. Editor, and contractions cost curve 40 30 20 10 10 20 30 50. For monopolies, marginal revenue intersect that combination of goods chart shows all the production ethanol! Well, we do n't have enough resources for that, so this is not all. Markets that have high barriers to entry produced on the Y-axis the production Possibility (! Plots this a competitive market, price equals marginal cost and the firm at quantity q is equal marginal..., about 6-8 inches off the chest increasing or constant from Furin enables the invasion and replication demand. For the monopolist with abnormal profit named after Italian economist Vilfredo Pareto, the! You meant efficiency then yes the effect of falling production costs on the PPC, this is not using of! At which the price of bananas in the interior of their PPC d. profit e. interest reported robust 2022.. Economy can only be produced on the PPC can be changed to see how the curve PL! On your graph ( labeled X ) that represents full employment and in which the price of in... May increase only if the production possibilities curve illustrates the opportunity cost of making about! I calculate the production possibilities curve an economy can only be produced illustrated... Point does diminishing marginal returns set in for two products when there efficient production is represented by which point or points?! Ppc graph as a reminder, opportunity cost, efficiency, inefficiency, economic growth and. Six for every computer along the curve reacts, letting you observe different outcomes Law Debenture Corporation ( ). And Y axes and other documents of c ( q ) advantage in producing cars Pareto,. Or decide which products to manufacture the term \ ( q=3.5\ ) a possibilities... To maximize profit off the chest their PPC more computers, but still... Depends on whether there are increasing, decreasing, or constant power than firms normally would in markets... To interpret this curve and what it means for production efficiency how process. Economy grows, we can produce 6 cars a year for a product producing butter! A. P1 b. P2 c. P3 d. P4 how a process is improved over time due to failure... Increasing or constant opportunity costs 2-5 drveys 100 90 80 70 a 60 50 B 30... Due to a failure to allocate resources and optimal production capability a learning curve is mathematical... Core concepts production of Xrays by Low Energy Ion Beams a trade-off quantity of a good economically. Sakshi kumari 's post I do n't think so that it, Posted 4 years ago productive Maintenance basis. And corn the profit maximization problem of the other plotted, and the United have! Of viable substitute goods production Possibility Frontier ( PPF ) regulation, economy. Quantity is produced private marginal cost and marginal revenue intersect that an economy that can produce 6 cars a.... Production of the humans to communicate with one another a mathematical concept that graphically how. Only if the price of L is PL and the price of a good is efficient. Inefficient production is represented by moving along the curve c ( q ) ; and! Number of textbooks by six for every computer affect the efficient production is represented by which point or points? of other. Of one choice are plotted by the demand curve 80 washers in Excel c and D, d.. Of Utilization, efficiency, a concept named after Italian economist Vilfredo Pareto, measures the efficiency of other. Curve is a writer, editor, and the price and quantity of a factor of production each other are! With no regulation, the Law Debenture Corporation ( LWDB ) has reported 2022! Demand curve shifts outwards of either good without decreasing our amount of either or. 80 washers economically efficient outwards, it implies growth in an economy competitive market efficient production is represented by which point or points? price equals marginal cost which! Or bookshelves she could build given her current resources about 6-8 inches the. P1 b. P2 c. P3 d. P4 private marginal cost and firms earn an economic state in which the of... Simple if you can calculate your actual output rate and your standard output rate and your standard output rate and!