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The sales manager for ABC Electronics wants to maximize his profit on the sale of two portable media player models, JVD-2000 and MDP-72. The wholesale costs of these models are $310 and $100 per unit respectively. The retail sales prices are $420 and $140 per unit respectively. The total wholesale cost of all media players purchased must be less than or equal to $200,000. To meet his quotas the sales manager must purchase a minimum of 100 units of each player from his wholesaler. Find the optimal number of the two different media player models purchased to maximize the total profit by using the graphical solution method. (You can use Excel Solver to confirm your answer but please submit your graphical solution.)
Compute and indicate the area of profits on your graph. In light of your answer above, does it make sense that this firm is "maximizing profits".
An airline ticket costs the same from Casper, Wyoming to Denver, Colorado, and from Denver to Orlando, Florida. Does this make economic sense? Explain the rationale behind equal prices for unequal distances in air travel using supply, demand, and..
Derive the total supply function of X for the industry assuming that the industry operated under perfect competition.
Twenty-seven amendments have been added to the U.S. Constitution. Obviously, all are important, in their own way. However, you will select three amendments, and in a minimum of three paragraphs, you will discuss why you believe each of these amendmen..
Executive officers within an organization will often feel compelled and tempted to emphasize short-term results—net income for the current year—over long-term
If you expect to retire in 30 years, are currently comfortable living on $50,000 per year and expect inflation to average 3% over the next 30 years, what amount of annual income will you need to live at the same comfort level in 30 years?
Which computer software package should the firm's human resources office use to manage the payroll?
You are the manager of a small pharmaceutical company that received a patent on a new drug three years ago. Despite strong sales ($200 million last year) and a low marginal cost of producing the product ($0.45 per pill), your company has yet to show ..
One of the objectives of the European Union is to abolish restrictions on the free movement of all factors of production, including labor, services, and capital. Considering the latest financial crisis in Cyprus, would you suggest modifying the EU Ch..
Sophie knows nothing about any of this. Can Tasty Foods be convicted of a crime in se circumstances. Can Sophie be held personally liable.
Last year, Jarod left a job that pays $80,000 to run his own bike-repair shop. Jarod’s shop charges $65 for a repair, and last year the shop performed 5,000 repairs. Jarod’s production costs for the year included rent, wages, and equipment. Jarod spe..
How could union members’ current annual incomes decline on net even if a long-lived strike induces a firm’s management to increase the hourly wage rate? Sometimes union memberships coordinate work stoppages when all workers call in sick. From an econ..
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