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Lobo Lighting Corporation currently employs 100 unskilled laborers, 80 factory technicians, 30 skilled machinists, and 40 skilled electricians. Lobo feels that the marginal product of the last unskilled laborer is 400 lights per week, the marginal product of the last factory technician is 450 lights per week, the marginal product of the last skilled machinist is 550 lights per week, and the marginal product of the last skilled electrician is 600 lights per week. Unskilled laborers earn $400 per week, factory technicians earn $500 per week, machinists earn $700 per week, and electricians earn $750 per week. Is Lobo using the lowest cost combination of workers to produce its targeted output? If not, what recommendations can you make to assist the company?
Suppose quotes for the dollar-euro exchange rate E$/¤ are as follows: in New York $1.50 per euro, and in Tokyo $1.55 per euro. Describe how investors use arbitrage to take advantage of the difference in exchange rates. Explain how this process wil..
However, because the saw is a mechanical device, not all the boards are 120 inches long. In fact, the distribution of lengths has a various of 0.64. The saw operator took a sample of 36 boards. What is the probability the average length of the sam..
According to a 2007 study by the Federal Trade Commission, 4.8 million U.S. consumers were victims of weight-loss fraud, ranging from a tea that promised to help you shed the pounds to fraudulent clinical trials and fat-dissolving injections.
The unity-gain buffer of Fig. 8.3 must be designed to drive a 100 Ω load with a gain error of 0.5%. Determine the required op amp gain if the op amp has an output resistance of 1 kΩ.
Evaluate the following statement: "The demand for U.S. oranges has increased because the quantity of U.S. oranges demanded in Japan has risen
As part of a marketing study, the food king supermarket chain has randomly sampled 150 customers. the average dollar volume purchased by the customers in this sample was $31.14, that is , the sample mean from a sample of size 150 was $31.14. Befor..
A credit card company wants your business, If you accept their offer and use their card, they will deposit 1% of your monetary transactions into a savings account that will earn a guaranteed 5% per year.
The total costs for Morris Industries are summarized in the following table. Based on this information, fill in the missing entries in the table for fixed cost, variable cost, average fixed cost, average variable cost, average total cost, and marg..
1. Explain why, at a Cournot equilibrium with two firms, neither firm would have any regret about its output choice after it observes the output choice of its rival. 2. What is a reaction function? Why does the Cournot equilibrium occur at the poi..
TC=200+6Q+0.5Q^2 MC=MTC/MQ=6+1Q at profit max, Q=12 and P=36 calculate output, price and economic profit (show how you get there) and point price elasticity of demand.
What are teh amin advantages of probit and logit models over linear probability models (LPM)?
the Advisability of which action to take depends on how the market will respond to the new product.If demand is high, then its worthwhile to make the extra investment for special facilities and equipment needed to produce the component internally.
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