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Wyandotte Chemical Corporation sells many chemicals to automobile industry. Wyandotte currently sells 30,000 gallons of polyol per year at an average price of $15 per gallon. Fixed costs of manufacturing polyol are $90,000 per year and total variable costs equal $180,000. The operations research department has estimated that a 15 percent increase in output would not affect fixed costs but would reduce average variable costs by 60 cents per gallon. The marketing department has estimated the arc elasticity of demand for polyol to be -2.0.
a) How much would Wyandotte have to reduce the price of polyol to achieve a 15 percent increase in the quantity sold?b) Evaluate the impact of such a price cut on (i) total revenue, (ii) total costs, and (iii) total profits.
Assume a company is operating at the minimum point of its short-run average total cost curve, so that marginal cost equals average total cost.
American Linen is a company that has multiple salespersons. In 2008, it changed the compensation method for its sales force, moving from a system of fixed wages to one of base wage plus charge.
Draw the individual cost curves on one graph: marginal cost, average total cost, average ?xed cost, and average variable cost. Place costs ($) on the y-axis and quantity (Q) on the x-axis.
Business Week, in an article dealing with management, wrote, "When he took over furniture factory three years ago. Realized almost immediately that it was throwing away at least $100,000 a year worth of wood scrap.
Suppose a company employs 10 workers and pays each $15 per hour. Further assume that the MP of the 10th worker is five unit of output and that the price of output is $4.
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The manufacturer of high quality flatbed scanners is trying to decide what price to set for product. The cost of production and the demand for product are assumed to be as follows:
ABC corporation is a holding company with three subsidiaries. The following information pertains to these subsidiaries:
In Chicago 120 people are wants to work as cashiers if the wage is $6 a hour. For each $1 that the wage rises above $6 an additional 40 people are wants to work as cashiers.
Describe why a company in a perfectly competitive market would choose to remain in business, if its profit is zero at equilibrium.
College A is planning outsourcing their groundskeeping. They have been given a bid from Groundskeeper Willie for $250,000 a year, with the claim that he will keep school grounds in the same condition they are in now.
Using the data in the following table, Complete the last two columns by replacing the * with the correct values and create the following curves in one chart.
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