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In this article, we’ll discuss the different factors of production as well as the cost function of goods. In addition, we will show how to calculate some production functions and then create a spreadsheet with a formula that calculates the output. Finally, we will discuss how to import data into Microsoft excel and use it to complete these calculations for a company. Producer surplus is the portion of total sales revenue gained by producers. The amount of producer surplus reflects the proportion of revenue that producers take as profit. The producer surplus is observed in agriculture, manufacturing, and services.The cost function can be expressed as: whereas the cost function can be expressed as: Example 1: Shortage of Raw materials i) Using Lagrangian framework, calculate producer surplus for B&R Company. The firm produces different types of raw materials, which are used to produce various products, including sneakers and bicycles. The following table shows the setup of the cost function. ii) Using Lagrangian framework, calculate producer surplus for B&R Company. The firm produces different types of raw materials, which are used to produce various products, including sneakers and bicycles. The following table shows the setup of the cost function. Using the above knowledge, calculate surplus for B&R Company. Example 2: Government works with three types of skilled workers (engineers, architects, and physicians) to manage their projects. The government plans to hire one hundred engineers to work on particular projects. The government allocates $100 million US dollars per year for salaries of these engineers. The government also plans to hire two hundred architects to work on particular projects for which $300 million US dollars are allocated yearly in salaries. Finally, the government plans to hire forty physicians who will be paid $300 thousand USD yearly salary. The following table shows the setting up of this problem. Example 3: A company produces different types of products (sneakers, bicycles, and skateboards). Each product has its own set of inputs. However, they share the same two factors of production (labor and natural) that are needed to produce their outputs. The following table is used to show the production function for each product. The following graph shows the setting up of this problem.Example 4: An aluminum company has three workers who work on three projects for their customers. The two factors of productions needed to complete these projects are labor and natural energy. cfa1e77820
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