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When a worker specializes in one task, he focuses on that one function in the production process, ignoring the whole system. This is likely to: A. increase the cross-training costs. B. eliminate trade-offs since only one task is undertaken by each employee. C. lead to greater complementarity between one task and another. D. result in functional myopia that reduces overall productivity.
The most famous story about organizing tasks into jobs comes from Adam Smith's tale of the pin factory. In that story, he argues that: A. specialization of jobs into simple tasks increases productivity. B. cross-training is critical for productivity. C. coordination is the biggest problem for factory efficiency. D. one worker should be assigned all the tasks in pin construction.
Many maximum problems have an associated dual minimum problem. An imperfectly firm wishes to minimize the cost of producing a given level of output Q^0. Output is produced according to the production function: Q=(AK^1/2)(L^3/4)
An automobile factory sold $10,000,000 in automobiles to final consumers. Given these events, calculate the GDP of Autoland using a. the final goods approach. b. the value-added approach.
John lives for three periods. He is currently considering two alternative education-work options. Alternative 1: he can start working immediately, earning $100,000 in period 1, $110,000 in period 2, and $120,000 in period 3. Alternative 2: he can spe..
q1. discuss about the effects of the economic crisis of 1997 on the korean society and business.q2. explicate explain
For the last several years, the money supply in the fictitious nation of Mauritania has been rising by 10% annually, and inflation has been running at 8%. The central bank is going to cut growth of the money supply back to 3% annually. Which of the f..
explain why does not just one state produce all of the orange juice for the U.S. market? Can you answer this question without the simulation.
Find the profit-maximizing price and quantity in each market and in which market is demand more elastic?
Western County Bank is a small community bank that makes a modest profit by providing small business and personal loans to customers within the county and surrounding areas.
Dream, Inc., has debt outstanding with a face value of $4 million. The value of the firm if it were entirely financed by equity would be $18.35 million. The company also has 460,000 shares of stock outstanding that sell at a price of $33 per share. T..
Firms A and B are duopolist producers of widgets. The cost function for producing widgets is C(Q) = Q2, with marginal cost MC = 2Q. The market demand function for widgets is Qd = 40 − 0.5P , where Q measures thousands of widgets per year. What are th..
Social Business Networking and E-Commerce. Select one of the social networking sites for business professionals listed in Insights and Additions box 3.2 in Chapter 3 of your text. Discuss why you believe it has been successful in creating community. ..
What empirical method generally is used to measure the degree to which products substitute for each other?
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