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Suppose you manage a plant that produces engines by teams of workers using assembly machines. The technology is summarized by the production function Q = 4KL where Q is the number of engines produced per week, K is the number of assembling machines, and L the number of labor teams. Each assembly machine rents for r = $12,000 per week and each labor team costs w = $3,000 per week. Total engine costs are given by the cost of labor teams and assembling machines plus $2,000 per engine for raw (component) materials. Your plant currently has a fixed installation of 10 assembly machines as a part of its design. You are now asked to make recommendations for the design of a new production facility. What would you suggest? In particular, what capital/labor ratio should the new plant accommodate? If lower average cost per engine was your prime consideration, what would be the optimal capital/labor levels to produce 80 engines? What then would be the average cost per engine? And lastly, should you suggest that the new plant have more or less production capacity than the plant you currently manage? Explain why you chose as you did and the circumstances by which you answered as you did.
What is an absolute advantage? What is a comparative advantage? Give an example where you have an absolute but not a comparative advantage. Why should we specialize and trade?
On a set of axes, sketch a concave production frontier. Starting near the midpoint on the production frontier, use arrows to show that the nation incurs increasing opportunity costs in producing more of X (the commodity measured along the horizont..
"Suppose the market for oranges is disturbed by below-freezing cold weather that destroys much of the orange crop in the California. Predict what will happen to the equilibrium price and quantity in the market for oranges because of this natural d..
Beasley Worldwide Data Destruction (BWDD) purchases a new computing center for $200 million. They estimate a life of 5 years and a salvage value of $40 million. BDWW uses MACRS depreciation in the five year category. They also estimate revenue at $10..
Explain how specifically does this information affect your desire to sign a two-year contract with Toy Yachts R Us.
It is estimated that the annual sales of an energy saving device will be 20,000 the first year and increase by 10,000 per year until 50,000 units are sold during the fourth year. Proposal A is to purchase manufacturing equipment costing $120,000 with..
The agreement required the tobacco companies to pay the states $246 billion over twenty- five years. The tobacco companies are going to have raise prices to be able to pay the states.
explain how much the minimum wage was, employers would still be more likely to pay it.
Based on your own Internet research, track the changes in the Euro/USD exchange rate since the Euro was launched in 2002. Which currency has appreciated and which has depreciated over the past 13 years? Provide two reasons why this has occurred.
The great 18th century economist Adam Smith wrote, "Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought abo..
Does the following project have a positive or negative rate of return? Show how this is known to be true.
The following events occur in the market for good B, which is a normal good: Identify the impact of the event to the equilibrium price and quantity of each event.
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