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You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below.
No. of workers Total Labor Cost Output Total Revenue 1 $145 100 $190 2 290 105 480 3 435 111 840 4 580 120 1320 5 725 125 1650 6 870 129 1780 7 1015 131 1800
What is the marginal product of the third worker?What is the marginal revenue product of the fourth worker?What is the marginal cost of the sixth worker?Based on your knowledge of marginal analysis, how many workers should you hire?
Suppose the demand for a product is given by P = 50 - Q. Also, the supply is given by P = 10 + 3Q. If a $12 per unit excise tax is levied on the buyers of a good, after the tax,what is the total quantity of the good sold.
find the diagonal and off-diagonal elements of b 2- find the transpose b' 3- show that the transpose of b' equal b that is (b')'=b
What is the percentage increase in production when valued at 2009 prices is ___21.6______percent. Answer to 1 decimal place.2008: Lattes 97/$7 each Cappuccinos 53/$5 each 2009: Lattes 114/$8 each Cappuccinos 69/7$ each
What single sum of money at t=6 is equivalent to the following cash flow profile if i=10%? N cash flow 1 -400 2 100 3 100 4 100 5 0..
The supply curve for product X is given by QXS = -340 + 10PX . a. Find the inverse supply curve. P = + Q b. How much surplus do producers receive when Qx = 350? When Qx = 1,000?
how many bushels of apples should the farmer produce? If the government imposes a tax on the sellers which results in the sellers receiving $1 less per bushel sold, what amount of apples should the farmer choose to produce?
If the price of blue toy cars is $5 and the price of pink toy cars is $2, then which of the following consumers will make the same choices if their income is the same (assuming maximization of income) Gloria, utility is U(b,p) = b^2 * p
Suppose the inverse demand for a product is Q = ?P 1/2 + 10. Write the expression for the demand curve, i.e., P = f(Q). What kind of expression is this?
Your cat's summer kitty-cottage needs a new roof. You are considering the following two proposals and feel a 15-year analysis period is in line with your cat' remaining lives. (There is no salvage value for old roofs.) Construct a choice table..
Suppose a pizza parlor has the following production costs: $3.00 in labor per pizza, $1.oo in ingredients per pizza, $0.20 in electricity per pizza, $2000 in restaurant rent per month, and $450 in insurance per month. Assume the pizza parlor produ..
A mining company plans to invest $50,000 in a project. The annual operating cost is expected to be $6,000, and the annual income is expected to be $22,000. THe salvage value will be $5,000 at the end of 5 year life.
A company's marketing dept. obtained information from 10 of the firm's outlets. The information consists of the qty. and price of the products sold at each outlet from the distribution center.
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