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Production

Engineering Economics

Please show me the steps involved to solve the attached problems. --- 10. For a given operation the fixed costs are 4,000,000. The semi-variable costs are 20% of the fixed costs plus $5.20 per unit. The variable costs are $16.00 per unit. The business unit is looking for a 15% markup. If the units sell for $28.00 per uni

optimal level of production for the firm

A firms output level is 3,000 units. Their market price for its output is $1.00 per unit. Their production function is q=10*K^.5L^.5 K is fixed at 225 hours and L is 400 hours. the hourly wage rate is $6 and hourly rental rate for K is $8. Should the firm shutdown?

Making a cartel

The marginal cost of mining a diamond is a constant $1,000. The following schedule shows demand for diamonds that are mined in South Africa and Russia. Price ($) Quantity 8,000 5,000 7,000 6,000 6,000 7,000 5,000 8,000 4,000 9,000 3,000 10,000 2,000 11,000 1,000 12,000 a. If Russia and South Africa formed a cart

Production possibilities frontier

Construct a production possibilities frontier for a nation facing increasing opportunity costs for producing food and video games. Explain how this curve represents the most efficient use of this nation's resources. Show how the frontier changes, given the following events: ? A new and better fertilizer is invented. ? Th

Current Practice of Bundling Golf Option with Luxury Option

Need help on an optimal bundling strategy for the golf, luxury, and family options. Discuss profits under each alternative. Thanks. To: Corporate Strategy Analyst From: Marketing Department Subject: Customer Demand for Blue Jet The marketing department has extensively researched the habits of Blue Jet customers. We w

Express the difference between elastic and inelastic demand

1. a.Can you please define opportunity cost? With the aid of a carefully labelled production possibility curve, could you illustrate the concept of increasing oportunity cost. Why does opportunity cost increase? b. i.What is the difference between elastic and inelastic demand. Please be precise. ii.If a restaurant incre

Operating/production Costs Analysis - MicroEconomics

Q: Two small airlines provide shuttle service between Las Vegas and Reno. The services are alike in every respect except that Fly Right bought its airplane for $500,000, while Fly by Night rents its plane for $30,000 per year. Analyze which airline has lower costs, and explain your reasoning clearly. Be sure to include defin

Output of Profit Maximizing Monopolist

See the attached file. 1. Explain what, if any, each of the following government actions will have on the output of a profit maximizing monopolist, assuming that none of the actions is so severe as to make the monopolist shut down. Use a graphical model to demonstrate each of the following effects. a. A license fee to be paid

Problems on Productivity

1. Use the information supplied to completely evaluate the trend in productivity for the company that furnished the information (table shown below). 2. You have been presented with the approximate figures for service jobs in certain countries (as shown on the table below). You have also discovered that overal productivity inc

Solow Model Neoclassical Production

1. Verify that, for the neoclassical production function, the marginal product of capital and the marginalproduct of labor are in fact given by (respectively), ∂Y/∂K =f'(K) and ∂Y/∂L= f(k)- kf'(K) (Minimum requirement: a serious attempt at deriving these expressions.) the professor gave as a clue to k

Optimization Problem (Profit Maximizing Production)

The Stock Corporation makes two products, paper and cardboard. The relationship between p, the firm's annual profit (in thousands of dollars) and its output of each good is {see attachment}, where Q1 is the firm's annual output of paper (in tons) and Q2 is the firm's annual output of cardboard (in tons). a) Find the profit m

Define various organizations

Define the following: functional organization, product organization, geographic organization, matrix organization, and network organization.

Productivity and Costs

Can you please give me an example of a company that has made a strategic decision based on productivity and costs. Can you also explain to me how to incorporate the law of diminishing marginal productivity and the relationship between productivity and cost in relation to the organization?

MicroEconomic Questions

1.What should Cosgrove recommend regarding next year's total output and price per unit of the incis-a-matic? (See attachment for all questions)

Total Economic Profit Computed

Here is the Scenerio- Labor is only variable input. Output is 4000 unit Marginal Product of labor is 10 Average Product of labor is 50 Price of labor is $150 Marginal product of capital is 40 Average product of capital is 60 Price of capital is $240 Total Fixed Cost is $16000. Output is 4000. Have to find out MC, AVC, AFC, ATC

Finding Short Run, Long Run movement

Suppose Labor is a Variable Input. Capital and Land are the inputs that requires the longest time period before they can be adjusted. Explain the movement of the resources in both SHORT RUN and LONG RUN Labor Capital Land

Production and Cost in the Short Run summary

Subject: Production and Cost in the Short Run Details: 1) At a management luncheon, two managers were overheard arguing about the following statement,"a manager should never hire another worker if the new person causes diminishing returns". Is this statement Correct? If so why? If not explain why not? In detail. 2) Explain

Production and Cost in the Short Run problem

Category: Economics > Microeconomics Subject: Production and Cost in the Short Run Details: 1) At a management luncheon, two managers were overheard arguing about the following statement,"a manager should never hire another worker if the new person causes diminishing returns". Is this statement Correct? If so why? If not exp

Production & Cost in the Short Run

Details: 1) At a management luncheon, two managers were overheard arguing about the following statement,"a manager should never hire another worker if the new person causes diminishing returns". Is this statement Correct? If so why? If not explain why not? In detail. 2) Explain why it would cost Pete Sampras or Venus Willi

Production Costs

If the total cost of producing 10 units is $100 and the marginal cost of the eleventh unit is $21, then which of the following is NECESSARILY true? A) Total variable costs of 11 units are $121. B) Total fixed costs are $79. C) The marginal cost of the tenth unit is more than $21. D) The average total cost of 11 units

Production Possibilities Frontier

12. Movement from frontier AE in the figure on the previous page to frontier A'E' would not be the result of A) an increase in the stock of capital. B) an increase in the labor force. C) an increase in all prices at the same rate at the same time. D) an increase in the supply of inexpensive energy. E) none of the

Production Possibilities Frontier

11. Of the following points, which point reflects the most efficient use of available resources in relation to frontier AE in the figure above? A) F. B) G. C) C. D) H. E) Cannot tell from the information provided PlS SEE ATTACHED FILE

Financial Management

(Please show work) 10. Support costs have increased in today's manufacturing environment because: (a) managers have let them get out of control (b) there is now a shift toward greater automation (c) fewer direct materials are being used in production (d) direct labor costs have increased

production possibilities frontiers for the U.S. and Mexico

There are 2 countries, the U.S. and Mexico, that produce 2 goods, manufacturing and agriculture. Manufacturing output in the U.S. is a function of labor and capital inputs. Agriculture output in the U.S. is a function of labor inputs only. Manufacturing output in Mexico is a function of labor input only. Agriculture outp

European economic history

In what ways does the invention and diffusion of double entry bookkeeping represent a process of productivity increase in the business activity of the 15th century

Analytical question about capital, labor, and TFP, using Cobb Douglas function

Subject: Analytical question about capital, labor, and TFP, using Cobb Douglas function Details: 4. Output in an economy is produced when labor hours (H) are combined with capital (K) in a way which reflects TFP to produce output (y). The relation is: y=TFP.K0.^0.27 * H^1-.0.27 What is the share of labor income in output? Wh