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A manufacturing firm is trying to decide if it should purchase an automated assembly line. The firm currently has employees completing the assembly portion of its production process. The workers are very efficient; a single worker can produce 5 assembled products per hour. An average worker earns $42.50 per eight hour day. The automated assembly line can produce 1600 assembled products in eight hours. The company estimates that the capital costs associated with the automated assembly line total $250 per hour.
a. Should the company use the automated assembly line? Why or why not?
b. Labor negotiations are beginning next month with the employees union. What would you as a negotiator propose as a maximum average wage per hour under a new contract? (In other words, at what hourly rate would it become more efficient to use the automated assembly line?)
A large, well-established home insurance company writes insurance policies to cover losses from fire, theft, and vandalism. In a recent financial review, managers discovered that company performance was lagging behind projections. Do the actuaries ha..
q.analyze the various ways in which property rights encourage economic development and make at least one recommendation
Suppose the authorities are considering either a tradable emission permit system, in which they give half the permits to each firm, or a tax system. If both systems work perfectly, how much will the firms have to pay, in total, for pollution reductio..
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As control variables, Quinn's data also includes income the individual earned in the month the data was collected, and the amount that it rained in the month the data was collected.
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The marginal cost of producing the 101st unit of output is $300. Illustrate what is the total cost of producing 101 units
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