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Gina Picaretto is production manager at the Rich Manufacturing Company. Each year her unit buys up to 100,000 machine parts from Bhagat Incorporated. The contract specifies that Rich will pay Bhagat its production costs plus a $5 markup (cost- plus pricing). Currently, Bhagat's costs per part are $10 for labor and $10 for other costs. Thus the current price is $25 per part. The contract provides an option to Rich to buy up to 100,000 parts at this price. It must purchase a minimum volume of 50,000 pasts. Bhagat's workforce is heavily unionized. During recent contract negotiations, Bhagat agreed to a 30 percent raise for workers. In this labor contract, wages and benefits are specified. However, Bhagat is free to choose the quantity of labor it employs. Bhagat has announced a $3 price increase for its machine parts. This figure represents the projected $3 increase in labor costs due to its new union contract. It is Gina's responsibility to evaluate this announcement. 3. Should Gina contest the price increase? Explain.
Assume a fixed cost for a process of $15k. The variable cost to produce each unit of product is $10 and the selling price for the finished product is $25. which of the following is the number of units that has to be produced and sold to break-even..
Consider a perfectly competitive market where demand is given by P=84.20-2.15Q and supply is given by P=12.78+1.20Q. Calculate the equilibrium quantity.
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Illustrate what are the costs associated with this non-native species.
An industry said to be characterized by monopolistic competition is the apparel industry. In May 2015, a Wall Street Journal article on apparel pricing began this way: “Remember all the nifty bargains you found shopping for clothes last year?
Prepare a composite (weighted) index for housing construction costs in 2008 with the following data:
Participate in a discussion with your classmates regarding the expenditure multiplier effect within your local community, state, or region which magnifies or multiplies expenditures that increase the real GD. Discuss an event in your home city or sta..
Compute various indicators of the state of the labour market using the following information. Please show all of your working. If you do not, you will receive zero marks for the question(s).
Crepe Creations is considering franchising its unique brand of crepes to stall-holders on Hermoza Beach, which is five miles long. CC estimates that on an average day there are 1,000 sunbathers evenly spread along the beach and that each sunbather wi..
The price elasticity of demand is -0.20, and each clinic has fixed costs of $100,000. One clinic has a volume of 9,200, marginal costs of $70, and a market share of 3 percent. The other clinic has a volume of 15,800, marginal costs of $80, and a mark..
We are interested in checking if larger cities have higher rates of influenza than we would expect just from them being larger (Does a 1% increase in population result in a more than 1% increase in Influenza). Compute the t-statistic and determine if..
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