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Production

Managerial Economics

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

Market size, degree competition, expected revenues, costs for a prospective title.

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

Profit maximization

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

Economics Homework

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

Managing in Competitive Markets

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

Outsourcing production

We know that many American companies, in order to remain competitive, have been practicing outsourcing. However, there are many U.S politicians against this practice. If you are the owner/manager of a company, would you outsource some of your productions?

EXERCISES

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

Three stages of production

Identify the three stages of production and explain why the firm's short run production has only one rational stage of production.

Managerial Economics

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

Question about Maximum profit

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

Total Expenditure, Total Income, and Value of Production

During 2008 on Lotus Island, net taxes were $10 billion; consumption expenditure was $30 billion; government expenditure on goods and services was $12 billion; investment was $15 billion; and net exports were $3 billion. Calculate: a) Total expenditure. b) Total income. c) Value of production.

Maximum profit for organic manure

Problem 2 Two kinds of fertilizer are used in the production of sugar during the plantation days in Hawaii. The first fertilizer is X1 and the production function is Y = 61.95+24.1X1-15.4X1^2 The second fertilizer is organic manure and the production function is Y = 31.68+164.34X2-10X2^2

Analyzing Production: Continue or Discontinue Operations?

You've been hired as a managing consultant by an unprofitable firm to determine whether it should shut down its operation. The firm currently uses 70 workers to produce 300 units of output per day. The daily wage (per worker) is $100, and the price of the firm's output is $30. The cost of other variable inputs is $500 per day. A

Costs of Production

You are the owner of a family-owned restaurant. You do not pay yourself a salary or an hourly wage. How and why does this practice affect the economic cost of serving your patrons?

Scarcity And Choice

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. Briefly describe how the Production Possibilities Frontier illustr

Import and Export

I need assistance with the following: ** see attachment **Please use your own words **3-4 paragraphs Thank you!

Maximizing Profit on Paper and Cardboard Production

A limited partnership makes two products, paper and cardboard. The relationship between the firm's annual profit (in thousands of dollars), and its output of each good is: C(x,y)  = -50 + 40X + 30Y - 5X^2 - 4Y^2 - 3XY Where X is the firm's annual output of paper (in tons) and Y is the firm's annual output of cardboard (in

Production Possibility Frontier: Opportunity Cost

Suppose an economy's production possibility frontier is given by X^2 + 4Y^2 = 100. When production of X is increased from 6 units to 8 units of X, what is the opportunity cost of the additional 2 units of X in terms of Y?

Scarcity And Choice: The Production Possibilities Frontier

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

Multi-plant Operation

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

Economic Problem 4

*Please describe how to calculate. The fresh milk market in Honolulu is purely competitive. The typical production cost is defined by a a cubic cost schedule as shown below. Y C 0 200 1 397.06 2 518.48 3 582.62 4 607.84 5 612.5 6 614.96 7 633.58 8 686.72 9 792.74 10 970 Find (a) the cubic equation tha

The quadratic production function

*Please describe how to calculate. The harvesting of coffee is characterized by a quadratic production schedule as follows: No. of Coffee Laborers harvested in kgms 0 0 1 200 2 450 3 620 4 780 5 850 6 920 7 950 8 980 9 1000 10 950 If

Capital and labor notes

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.

Maximum Output Production Functions

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

Production schedules

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

Buying Back Merchandise from Discount Retailers

In 1981, a representative of the manufacturer along with the regional distributor of Head skis tried to buy the entire stock of their own skis being offered for sale at very low prices by a chain of discount stores. At one store the purchasers immeditaley went outside and broke all the skis in the store parking lot and dumped th

Negative and Positive Externalities

What is the distinction between a negative and a positive externality, providing examples of each. The paper is also to address how such externalities can be promotes or discouraged. The proper role of the private sector and the government is also to be addressed. (APA Format). What is the definition of an externality? Wha