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Decatron Mills has contracted to deliver 20 tons of a special coarsely ground wheat flour at the end of the current month, and 140 tons at the end of the next month. The production cost, based on which the Sales Department has bargained with prospective customers, is c1(x1) = 7500 + (x1 - 50)2 per ton for the first month, and c2(x2) = 7500 + (x2 - 40) 2 per ton for the second month; x1 and x2are the number of tons of the flour produced in the first and second months, respectively. If the company chooses to produce more than 20 tons in the first month, any excess production can be carried to the second month at a storage cost of $3 per ton.
Assuming that there is no initial inventory and that the contracted demands must be satisfied in each month (that is, no back-ordering is allowed), derive the production plan that minimizes total cost. Solve by both backward and forward induction. Consider x1 and x2 as continuous variables, since any fraction of a ton may be produced in either month.
There are three industrial firms in Happy Valley. FIRM INITIAL COST OF REDUCING POLLUTION LEVEL POLLUTION BY 1 UNIT A 70 units $20 B 80 25 C 50 10 The government wants to reduce pollution to 120 units, so it gives each firm 40 tradable pollution p..
A professor's rule of thumb is that students should spend 2 hours studying for each 1 hour spent in class. Professor Bob teaches a class that meets 3 hours per week. He randomly selects 8 students and finds that they study the following amounts pe..
Alchem (L) is the price leader in the polyglue market. All 10 other manufacturers (follower [F] firms) sell polyglue at the same price as Alchem. Alchem allows the other firms to sell as much as they wish at the established price and supplies the ..
If income elasticity of demand of good X is 0.89, what will happen to equilibrium price if there is an increase in income of consumers. Draw a diagram to support your answer.
Consider an economy with just one technique available for the production of each good, food and cloth: Good Food Cloth labor per unit output 1 1 a. supposing land is unlimited but labor equals 100, write and sketch the production possibility frontier..
Carefully look at the facts and explain your answers to the issues in a formal memorandum by using search and seizure law, the facts and reasonable inferences from those facts.
Consider the market for soft drinks. You know that the demand curve in this market contains the points (Q, P) = (100,000, $1.00) and (50,000, $2.00). How big an excise tax will the government need to implement in order to reduce consumption to 50,0..
Assume that the demand curve is given by the following: p=20 and the supply curve is given by Q=p-5. If the government puts in place a tax of 5 that must be paid by the seller the total amount of tax revenue raised is equal to what
Perform a logarithmic regression of expenditure on your commodity on income and relative price, first using OLS and then using the option for AR(1) regression. Compare the coefficients and standard errors of the two regressions and comment.
What was the motivation behind the attack?
Each month, an airline sells 1,500 business-class tickets from London to Paris at $200 a ticket, and 6,000 economy-class tickets at $80 a ticket. Use this information to construct the demand curves of business travelers and tourists respectively, ..
Your coworkers think that the money being spent to remodel the emergency department should go to securing raises. How would you explain use of funds?
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