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The nation’s largest jams and jellies processor has a major Midwestern production facility that can produce both items. Its current production capacity is four million pounds of jam per month (any variety of jam) or six million pounds of grape jelly per month. Due to some efficiencies in joint production (i.e. production possibilities), the facility is currently producing four million pounds of grape jelly and three million pounds of jam per month. The Operations VP of the company has indicated that the plant is currently operating both efficiently and at maximum production potential. Answer the following questions regarding the economics of the plant.
b. A new “extrusion” process is being considered for grape jelly production.Although engineers have not been able to pinpoint specific production increases, they are estimating it to be in the ten to 15 percent range. It would not affect the jam production potential as the fruit bits are not extruded for the jams.Using an illustration only (no specific numbers), demonstrate how the new extrusion process would affect the production possibility curve constructed in (a) above
q.according to the rule of most favorable input usage a firm should hire a person as long as her marginal revenue
Your brother has decided to purchase a new automobile with a hybrid-fueled engine and a six-speed transmission. After the trade-in of his present car, the purchase price of the new automobile is $30,000. This balance can be financed by the auto deale..
The following graph shows the market for loanable funds in a closed economy. The upward-sloping orange line represents the supply of loanable funds, and the downward-sloping blue line represents the demand for loanable funds.
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Most members of labor unions work in the public sector, industries that are regulated, or industries in which production is concentrated into a few firms.
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What is the relationship between a perfectly competitive firm's MRP curve for an input and that firm's demand curve for that input?
George is going to replace his car in 3 years when he graduates, but now he needs a radiator repair. The local shop has a used radiator, which will be guaranteed for 2 years, or they can install a new one, which is "guaranteed for as long as you own ..
Chimnesia has two equally sized groups of people: smokers and nonsmokers. Both types of people have utility U = ln(C), where C is the amount of consumption that people have in any period. So long as they are healthy, individuals will consume their en..
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