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Streets in Bellevue are maintained by Public Works Division; "Street Maintenance". Public Works administrators are planning the workforce of this division for next year. Labor hour requirements for the next year are 8,000, 14,000, 29,000, and 18,000, for quarters 1 to 4 respectively. Each of the current 15 workers on the workforce can contribute 500 hours per quarter. Overtime is limited to 20 percent of the regular-time capacity in any quarter. Subcontracting is not permitted. Payroll costs are $7,000 in wages per worker for regular time worked up to 500 hours, with an overtime pay rate of $21 for each overtime hour. Although unused overtime capacity has no cost, unused regular time is paid at $14 per hour. The cost of hiring a worker is $3,500, and the cost of laying off a worker is $2,800. a. Find a level workforce plan that uses overtime and the minimum amount of undertime (idle time for workers) possible. Overtime can be used to its limits (20%). What is the total cost of this plan? b. Plan for a chase strategy to with variable workforce levels adjusted each quarter. What is the total cost of this plan? c. Propose a mix strategy. Compare your plan to plans “a” and “b” and show the differences. Is your plan better than plan “a” or “b”? Why or why not?
Assume the following data for the economy in the United States: Inflation is at 4.5% and has been rising for the last 3 years from a low of 1.2% Unemployment is at 4.8% and has been falling for the last 6 years from a high of 7.8% Which tool(s) would..
The desire to maximize profits can work against racial and other types of discrimination. To see this, consider two equally productive accountants named Ted and Jared. Ted is black, and Jared is white. Both can complete 10 audits per month. If the fi..
Using the ideas we discuss this week, we are able to make clear statements on when a firm should operate and when it should shut down. When is it sensible for a firm to shutdown? What actions might a firm take to stay in operation in the long run? Do..
A student spends all of her income on pizza and books. When pizzas cost $3 each and books cost $10 each, she consumed 30 pizzas and 3 books per month. The price of pizzas fell to $2.90 each while the price of books rose to $11 each.
Economists’ models generally produce solutions that allow polluters to continue polluting to some degree. Why do economists favor allowing some pollution to continue? Provide a simple model that yields that result, explain the argument, and comme..
It is impossible for a price change to cause no substitution, income, or toal effects. If you believe the statement is false, sketch a graph demonstrating how a price change could cause no substitution, income, or total effects. A large pharmaceutica..
You retire at age 60 and expect to live another 27 years. On the day you retire, you have $464,900 in your retirement savings account. You are conservative and expect to earn 4.5% on your money during your retirement. How much can you withdraw from y..
Government sometimes restricts international borrowing and lending by taxing them. In a two-period, two-country endowment model, if the Home's position is r^A
The Globe-Ex Corporation produces industrial-use gamma ray lasers. It is the only producer of these lasers in the U.S. In the first quarter of 2015, Globe-Ex reported accounting profits = $348 million. Calculate Globe-Exs economic profits. Use the ap..
How does a government budget deficit affect the economy? Identify two periods in recent history in which the United States has run budget deficits. What were the reasons for the deficits during those time periods?
Select the most serious disadvantage of globalization (in your opinion) and make at least one recommendation
Let’s suppose the situation where the newly formed government act to cut government spending and, by doing so, eliminate the current federal government budget deficit. What happens to private investment as a result of this change in policy? What effe..
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