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Consider a cruise liner provisioning a certain consumable item for her next trip. In the first stage, the cruise liner procures from the home port region right before the start of the trip. The unit cost for the item at home port is c1. The trip duration is T days. From the provisioning stand point, the trip is completed in two legs. At the end of the first leg, which takes t1 days, the cruise liner arrives at her port-of-call (midpoint). This is when she has a chance to replenish her inventory for this item. The unit cost at this location is c2, where c2 > c1. In the second leg, which takes t2 days, the liner goes back to the home port to complete her voyage. Clearly, T = t1 + t2. The daily demand for this item during the cruise follows a normal distribution with a mean of µ and a standard deviation of σ. The demand across days are assumed to be independent. Stock-out cost for the liner is p per unit. Any excess inventory at the end of the trip costs h per unit for landing and salvaging. Let y1 and y2 denote the replenishment amounts at home port and port-of-call respectively. Compute the optimal replenishment policy that minimizes the cruise liner’s expected cost.
The great 18th century economist Adam Smith wrote, "Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought abo..
Would you expect expansionary fiscal policy to make interest rates in the economy higher, lower or unchanged? Sketch a diagram of the market for borrowing and lending in the economy to illustrate your answer. How will the affect on interest rates tha..
Suppose you have the following demand and supply schedules: Qd = 900-10p+2Y and Qs= -50+25P where Qd and Qs are quantity demanded and supplied, respectively, Y is average income (in 1000s) in the area and P is the price of the good. Suppose Y=50. Fin..
In 2016, economists forecast the U.S. MPS will be 0.15 and the MPM will be 0.10. Estimate the maximum overall total effect on national income of the following two changes in fiscal policy If a decrease in govt spending of $100 billion and a decrease ..
Enlighten these concepts in terms of specialization, opportunity cost, trade as well as comparative advantage.
Name at least one reason why an insurance company might set a deductible. Explain when can forcing everybody to buy full insurance at market rates help everybody?
A $25,000 bank loan is to be repaid in equal yearly payment over 15 years at an effective annual interest rate of 7%. You did the calculation and found that your annual payment is $2745. What is the unpaid principal after you made your 8th payment?
If the supply curve shifts to the right what happens to the equilibrium point (ceteris paribus)? If the supply curve shifts to the right, what does the resulting equilibrium point show us in terms of market price and the amount produced (ceteris pari..
A manufacturing company produces steel housings for electrical equipment. The main component part of the housing is a steel trough that is made out of a 14-gauge steel coil. Construct a frequency distribution and a percentage distribution. Construct ..
Guided Response: Review the discussion board posts of your classmates. Note their analysis of those who gain and lose from a tariff. Respond to at least two of your classmates.
A firm uses capital and labor to produce output according to the production function q =4 rad(KL) , for which MP L= 2 rad(K/L) and MP K= 2 rad(L/K). If the wage w=$1/labor-hr. and the rental rate of capital r=$4/machine-hr., what is the least expensi..
In neoclassical economics, based on the cost and the demand, a firm is assumed to choose its profit maximizing level of output. According to Hayek, what’s the problem with these assumptions?
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