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1. What is a shadow price and how can business managers use it to make decisions?
2. Formulate and write out the following linear programming problem. You do not need to solve this just specify the objective function, decision variables, and relevant constraints. A company makes three wood products (Western, English and American) using two different woods – oak and ash. Each product must be measured and cut. The profits per unit of the three products are $5, $12, and $10 respectively. There are 600 units of oak and 350 units of ash available to make the products. Western takes 4 units of oak and 1 unit of ash, English takes 6 units of oak and 5 units of ash, and American takes 3 units of oak and 3 units of ash. The company has 90 hours of measuring labor available and each product takes 1.5 hours to measure. Cutting labor availability is 110 hours; Western takes 1 hour to cut, English 1.5 hours, and American 1.25 hours to cut.
The manufacturer of Brand A automobile tires claims that its tire can save 110 gallons of fuel over 55,000 miles of driving, as compared to a popular competitor (brand B). If gasoline costs $4.00 per gallon, how much per mile driven does this tire sa..
Congress is considering legislation that will provide additional investment tax credits to existing businesses. Effectively, an investment tax credit reduces the cost to firms using captial in production. Would you expect labor unions to lobby for or..
In open economy, what is the source of demand in the foreign currency exchange market?
What are Donaldson's five guidelines to ethical leadership. Also discuss the challenges of facing some questionable practices and different ethical principles in doing international business. Please give examples
Refer to the above diagram, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product. With a PcPt per unit tariff, the quantities sold by foreign and domestic producers respectively will be
A machine that has been used for one year has a salvage value of $10,000 now , which will drop by $2000 per year. The maintenance costs for the next 4 years are $1250, $1450, $1750 and $2250. Determine the marginal cost to extend service for each of ..
Free trade will affect a country's employment in different industries. Banks can obtain funds to make loans by borrowing reserves from other banks through the federal funds market. When one individual writes a check to another individual the money su..
According to the Keynesian model, what are the two components of consumption spending? What factors determine how consumption changes when real disposable income changes? Explain.
How many people can be catagorized as frictionally unemployed? How many people can be categorized as structurally unemployed? How many people are not in the labor force? What is the unemployment rate? What is the natural rate of unemployment?
Identify one product for which consumers normally have elastic demand and one product for which consumers normally have inelastic demand.
Which of the following is NOT a shortcoming of the civilian unemployment rate reported by Statistics Canada every month.
Which of the following could explain why a firm is a monopoly?
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