Purchase Solution

Cost and Production Problem

Not what you're looking for?

Ask Custom Question

The Best Plane Company supplies airplane sheet metal panels that are used in exterior of the planes. Making these panels require 5 sheet metal forming machines, which costs $300 each and workers. These workers can be hired on an as needed basis in the market at $7,000.00 each.

Market price is each panel is $50.00 dollars each.

How many workers should the best plane company hire?

See table below:

sheet metal machines Workers # of panels produced
5 0 0
5 1 600
5 2 1000
5 3 1290
5 4 1480
5 5 1600
5 6 1680

Purchase this Solution

Solution Summary

Help is given to solve a cost and production problem.

Purchase this Solution


Free BrainMass Quizzes
Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.