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Burger Office Equipment produces two type of desk, standard and deluxe. Deluxe desks have oak tops and more expensive hardware and require additional time for finishing and polishing. Standard desks require 70 board feet of pine and 10 hours of labor, whereas deluxe desks require 60 board feet of pine, 18 square feet of oak, and 15 hours of labor. For the next week, the company has 5,000 board feet of pine, 750 square feet of oak, and 400 hours of labor available. Standard desks net profit of $225, and deluxe desks net a profit of $320. All desks can be sold to national chains such as Staples or Office Depot.
A. Identify the decision variables, objective functions, and constraints in simple verbal statements.
B. Mathematically formulae a linear optimization model.
For several decades the labor force participation rate of women increased steadily but average hours worked per employed woman decreased steadily. Holding all other factors constant, could rising wage rates of women explain both phenomena? Explain.
If her goal is to maximize the amount of money she can make every week, explain how many hours will she work at the bookstore.
The base year is 2009. Real GDP in 2009 was $10 trillion (2009 dollars). The GDP price index in 2009 was 112, and real GDP in 2013 was $11 trillion (2009 dollars). Calculate nominal GDP in 2009 and in 2013 and the percentage increase in nominal GDP f..
Industry demand is given by: QD = 1000 - P All firms in the industry have identical and constant marginal and average costs of $50 per unit. If the industry is perfectly competitive, what will industry output be? What will be the equilibrium price? W..
Find the equilibrium price also quantity, then find elasticity of demand. Which should the federal government consider when evaluating the rising cost of college.
A country’s national saving is 20% of its national income and it needs $4 worth of capital for producing $1 worth of goods and services on the average. The economic planners want the country to grow at the rate of 10% per annum and expect that there ..
After a spike last week as Hurricane Irene threatened East Coast oil refineries, Atlanta gas prices have started falling, according to a website that tracks how much we pay to fill up our tanks. What caused prices to rise and then to fall? Are there ..
Raising tariffs on imported goods in order to reduce our trade deficit with other countries, (i.e. NXUSA
Explain the phenomenon of market foreclosure. Specifically, explain how a vertical merger may “substantially lessen competition or tend to create a monopoly” by virtue of market foreclosure. Explain how the following mergers might result in market fo..
Preventive maintenance and services of a mining machine costs $8,000 per year. If the machine will be repaired every year for 6 years starting 3 years after purchase, calculate the 8-year equivalent series at 10% per year.
How do segmentation of global financial markets, government incentives to attract direct foreign investment (DFI) and variation in national tax rates allow multinational corporations to lower their cost of capital compared to single country corporati..
And in this market there are two firms with MC=AV= $10. Perfect competition price, quantity, and consumer surplus?
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