Minimum cost, Business Management

Assignment Help:

Sid and Nancy both need to buy pens for school. The bookstore has only two types of pens:

Basic blue pens (B), which cost $.60 each.

Long-lasting green pens (G), which have twice as much ink as the blue pens, and cost $1.00 each.

Nancy needs the pens to draw multi-colored graphs in her Economics class. For Nancy, these two types of pens are perfect complements. The graphs Nancy must draw require the ink of two basic blue pens for every one long-lasting green pen, and her production function is: q = min(25B,50G). Nancy will need to draw 100 graphs.

Sid needs the pens to write essays in his English class. One essay requires the ink of one basic blue pen or ½ of a long-lasting pen, and ink color is irrelevant. So, for Sid, these two types of pens are perfect substitutes, and his production function is: q = B + 2G. Sid will need to write 10 essays.


Related Discussions:- Minimum cost

International business, VK Ltd a multi product company, furnishes you the f...

VK Ltd a multi product company, furnishes you the following data relating to the year 2000. First half sales Second half sales Sales Rs.45000 Rs.50000 Total cost Rs.40000 Rs.4

Companywide involvement, Autonomous maintenance by operators. Small group ...

Autonomous maintenance by operators. Small group activities by R& D engineering, manufacturing logistics marketing and such various departments at all levels companywide ( co

Explain Relationship-marketing concept, Question 1: Discuss the importa...

Question 1: Discuss the importance of applying the relationship-marketing concept to the marketing activities of Wal-Mart. Question 2: Explain how Wal-mart can monitor

Plant layout - product oriented vs. process oriented, Plant Layout: Product...

Plant Layout: Product Oriented Vs. Process Oriented The argument is never going to end and we don't claim either to solve the issue. The simplest explanation to choice of layou

Organisation decision to invest in a new enterprise system, (a) When measur...

(a) When measuring the returns on technology investments, Douglas Hubbard (2007) argues that "Everything Is Measurable". Discuss this statement in relation to an organisation's dec

Project management skills, You should present a reflective review of the pr...

You should present a reflective review of the project as a whole. You should make specific comments about how the project was managed? What was done well? What could be improved? W

How is pricing affected in marketing management, How is pricing affected in...

How is pricing affected in marketing management? Pricing: The price of the products is implies whereby manufacturers acquire a fair return for their labour and replace/ra

Evaluate the pros and cons of the various modes, Question: Imagine you ...

Question: Imagine you are a local entrepreneur that has developed a revolutionary new personal computer that can perform the same functions as IBM, Apple and Acer computers an

BSBMGT616A, ? Develop a separate summary statement for each potential ally ...

? Develop a separate summary statement for each potential ally for a co-operative venture that describes their alignment with MacVille’s vision, mission, values and attributes, as

In-door bank services, Modeling and simulation mean using models, prototype...

Modeling and simulation mean using models, prototypes, attributes, and strategies in order to get results that help to choose the right decision. Recently, simulation becomes a maj

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd