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Administrators at a university are considering to offer a summer seminar. It costs $3000 to reserve a room, hire an instructor, and bring in the machine. Suppose it costs $25 per student for the administrators to provide the course materials. If we know that 20 people will attend, what price should be charged per person to break even?
Mr. Smith, has fallen behind on his work, he has asked you to help to make a letter for a local business or economic project.
Some of the electric generating plants of Tennessee Valley Authority are powered by coal. Coal is bought by a separate procurement division and is transferred to plants for use.
The Green Show Corporation is planning going to a piece rate system, where manufacturing workers are paid based on their level of output.
A European consortium has spent a considerable value of time and money making a new supersonic aircraft. The aircraft gets high marks on all performance measures except noise.
An unprofitable company has employed me to determine whether they should shut down there unprofitable operation or not.
Dale is planning an expansion of his present facilities to accomodate additional bussiness. His current income statement is as follows:
The total monthly cost for marketing this product is composed of $3000 additional administrative expenses and $50 each unit for production and distribution costs.
A drug company produces and sells generic over counter drugs in plants located throughout the country. One of its plants is trying to decide whether to automate a portion of its packaging process
Describe any two causes of economies of scale or diseconomies of scale. How is the U shape of long run ATC different from U shape of the short run ATC
If a production function is given through the equation Q=12X+ 10x2- x3 where X= input and Q=output then provide the computation for average product.
Assume that the manager of a company operating in competitive market has estimated the company's average variable cost function to be AVC=4000-5Q+0.002Q^2
Post a memo to explain the factors that contribute to the elasticity of goods. Also incorporate a real-life example of price elasticity of demand, and discuss how it impacts the economy.
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