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Joy Land Toys, a toy manufacturer, is experiencing quality problems on its assembly line. The marketing division estimates that each defective toy that leaves the plant costs the firm $10, on average, for replacement or repair. The engineering department recommends hiring quality inspectors to sample for defective toys. In this way many quality problems can be caught and prevented before shipping. After visiting other companies, a management team derives the following schedule showing the approximate number of defective toys that would be produced for several levels of inspection: Average number Number of of defective toys Inspectors (per day) . 0 92 1 62 2 42 3 27 4 17 5 10 6 5 The daily wage of inspectors is $70. How many inspectors should the firm hire? What would your answer to (a) be if the wage rate is $90? What if the average cost of a defective toy is $5 and the wage rate of inspectors is $70?
It has been estimated that the price elasticity for cigarettes is 0.164. Assuming there are currently no taxes on cigarettes, to reduce cigarette purchases 5%, government would need to tax cigarettes enough t.:
Illustrate what is the difference among the short-run also the long-run for a perfectly competitive firm in terms of costs also profits.
Perform a statistical analysis of its short-run production costs to estimate its total variable cost function.
Name a specific event to be expected to cause the equilibrium price of ice cream to increase.
Rain spoils the strawberry crop, the price raises from $4 to $6 a box, and the quantity demanded decreases from 1,000 to 600 boxes a week
assume that government establishes a cost floor below market equilibrium for rents on how utilizing. Illustrate what will be main effects of this cost floor. Demonstrate your answer graphically.
Why Is government intervention needed for our economy to run well. If Xavier keeps the tutor until his grade actually begins to fall, his marginal utility will be.
The damage (to cigarette makers) is generally under control." Illustrate what action do you suppose the cigarette companies took to avoid bankruptcy.
The firm output sells competitively explain how many tons of output will be produced.
From an economic perspective, reprocessing is a money loosing proposition since we derive negative profits from it.
What is the MRS Is this consumer at an optimum. If not at an optimum should the consumer buy more of the X good or more of the Y good.
Appalachian Coal Mining should minimize net cost by choosing that level of pollution
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