Please help with the following problem. The total costs for Morris Industries are summarized in the following table. Based on this information, fill in the missing entries in the table for fixed cost, variable cost, average fixed cost, average variable cost, average total cost, and marginal cost. 1 (2) (3) (4
1. New Balance Inc. has spent $10 million developing a new line of Tennis shoes. Production engineers have determined that it will cost $6 million to retrofit the existing plants to produce the new line of tennis shoes. Marketing suggests that the present value of net profits from all future sales of tennis shoes will be $14 m
How would you define â??division of labor,â? and why is this important in our economic system? In your answers, provide examples from your personal experience. Also, how is there division of labor in the military?
If you were a manager of a large manufacturing company and decided to offshore labor-intensive production to another country, how would you justify the decision to your employees and the community where your plants are located? What economic arguments would you make? What social or ethical argument could you make? What is the most important challenge that a multinational corporation faces?What strategies might the corporation employ to manage that challenge?
Please help me understand If you were a manager of a large manufacturing company and decided to offshore labor-intensive production to another country, how would you justify the decision to your employees and the community where your plants are located? What economic arguments would you make? What social or ethical argument coul
Tall Paul Stewart Brewery produces beer. The most popular style is Tall Paul Stewart Stout. The MBA's in marketing estimate TPS Stoutâ??s production function to be Q = 400L2B, where Q is the number of bottles of TPS Stout produced each week, L is the weekly labor hours, and B is weekly total hours running the bottling line. Eac
On the first day of the new year to get her business started, the owner/photographer of Exquisite Portraits Inc. paid $200 for business cards, $1,000 for a listing in Yellow Pages, and $250 for an annual business license. She also leased a professional portrait camera and studio lighting equipment by signing an agreement to pay
The effective capacity and efficiency for the next quarter at MMU Mfg. in Waco, Texas, for each of three departments are shown. Department Effective Capacity Recent Efficiency Deign 93,600 .95 Fabrication
Radovilsky Manufacturing Company, in Hayward, California, makes flashing lights for toys. The company operates its production facility 300 days per year. It has orders for about 12,000 flashing lights per year and has the capability of producing 100 per day. Setting up the light production costs $ 50. The cost of each light is $
A software producer has fixed costs of $20,000 per month and her Total Variable Costs (TVC) as a function of output Q are given below: Q TVC Price 2,000 $5,000 $20 4,000 7,000 15
Degree of Operating Leverage. DynaLinear, Ltd., produces digital-to-analog converters for compact disk players used by radio stations and audio enthusiasts. It is contemplating an expansion into the moderately-priced home audio market by producing a CD player that would sell at a price of $300. The production of each CD player w
The Copy Center specializes in high-volume printing and color copying for small businesses. This is a fiercely competitive market. The following relation exists between output and total production costs: Total Output Total Cost 0 $ 500 10,000 3,500 20,000 7,500 30,000 12,50
Text book publishers evaluate market size, degree competition, expected revenues, and costs for all prospective titles. With these data in mind, they estimate the probability that a given book will reach or exceed the breakeven point. If the publisher estimates that a book will not exceed the breakeven point based upon standar
The El Dorado Star is the only newspaper in El Dorado, New Mexico. Certainly, the Star competes with The Wall Street Journal, USA Today, and the New York Times for national news reporting, but the Star offers readers stories of local interest, such as local news, weather, high- school sporting events, and so on. The El Dorado St
A firm with two factories, one in Michigan and one in Texas, has decided that it should produce a total of 500 units to maximize profit. The firm is currently producing 200 units in the Michigan factory and 300 units in the Texas factory. At this allocation between plants, the last unit of output produced in Michigan added $5 to
1. You operate a company that produces high-end aftermarket iPod speakers for sale in electronics stores. The demand for your speakers has dropped 25% in the last year due to increasing competition. Your sales department has located one potential new customer, who has already received price quotes from several of your competit
Problem 1 In what specific ways (if any) does a college education increase a worker's productivity? Take some special care with this problem. Problem 2 In what way is Per Capita GDP a better measure of economic well being than GDP? How does this relate to economic problems in the undeveloped world? Problem 3 Is limitles
Suppose that a firm comes to you with the following information: P=1.5 TC=(1/70)q^2-(25/35)q+100 MC=(1/35)q-(25/35) i.What is the total profit/loss if the firm stays in business? ii.What is the total profit/loss if the firm shuts down? iii.Would you recommend that the firm stay in business or shutdown? Why? iv.Please
At the deli counter, during the busy lunch hour (12-1 pm), the amount of sandwiches (Q) that can be made is determined by the number of workers (L). Suppose each worker makes $6 per hour and sandwiches sell for $4. Further, you have observed the number of workers and quantity of sandwiches over several days and have estimated th
Discuss whether economies of scale have any relevance to such companies as Wal-Mart.
One of the basic premises in Economics is that we have unlimited wants but limited resources that can be used to satisfy these wants. Accordingly, we have to make choices in terms of what resources we use and what products we will produce with those resources. In 100-200 words, describe how the Production Possibilities Fronti
Tasty Snacks Inc. a regional snack foods company (corn chips, potato chips, etc). in the northeast, is considering two alternative proposals for expansion into southeastern states. Alternative 1: Construct a single plant in Chattanooga, TN. with a monthly production capacity of 250,000 cases, a monthly fixed cost of $265,000 and
The manager of a meat-packing plant can use either butchers (labor) or meat saws (capital) to prepare packages of sirloin steak. Based on estimates provided by an efficiency expert, the firm's production function for sirloin steak is given by Q=K+L. a. Graph the linear production function corresponding to 5 units of output.
I need help with this problem: (a) From table 6-1 constrcut a table similar to table 6-2 showing the total product, the marginal product, and the average product of lablor, as well as the output elasticity of lablr, when capital is kept constant at 4 units rather than at 1 unit. (b) Draw a figure similar to figure 6-4 showing
According to data obtained by the U.S Department of Agriculture, the relationship between a cow's total output of milk and the amount of grain it is fed is as follow: Amount of Grain(Pounds) Amount of Milk(Pounds) 1,200 5,917 1,800 7,250
See attached document.
Quality Uniform Total Marginal Variable Sold Price Revenue Revenue Cost 0 $50.00 $0 $0 $28 1 $48.00 $48 $48 $28 2 $46.00 $92 $44 $28 3 $45.00 $135 $43 $28 4 $44.00 $176 $41 $28 5 $42.00 $210 $34 $28 6 $40.00 $240 $30 $28 7 $38.31 $268 $28 $28 8 $36.50 $292 $24 $28 9 $
I have 7 hectares of land in the Philippines which can be planted to rice (X1) and/or corn (X2). I also have 72 days of labor and 72 tons of fertilizer. One hectare of rice requires 6 days f labor and 12 tons of fertilizer. One hectare of corn requires 12 days of labor and 6 tons of fertilizer. The cost of water is $10 per ton,
A civil engineer has been promoted to manager of engineered public systems. One of the products is an emergency intercept pump for potable water. If the tested water quality or volume varies by a preset percentage, the pump automatically switches to preselected options of treatments or water sources. The manufacturing process fo
The Business Situation Greetings Inc. has operated for many years as a nationally recognized retailer of greeting cards and small gift items. It has 1,500 stores throughout the United States located in high-traffic malls. As the stock price of many other companies soared, Greetings' stock price remained flat. As a
Putnam Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials-1 pound plastic at $7.00 per pound $ 7.00 Direct labor-1.5 hours at $12.00 per hour 18.00 Variable manufacturing overhead 11.25 Fixed manufacturing overhead 3.75 Total standard cost per unit $40