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Interpret the components of mathematical equations that explain the linear programming problem for each of the following:
[A] The double-subscripted notation for the objective function for transportation costs (Town B): 3x11+ 2x12 + 7x13 + 6x14[B] The double-subscripted notation for the supply constraint at Town B: x11 + x12 + x13 + x14 ≤ 5,000[C] The inequality symbol in the supply constraint[D] The double-subscripted notation for the demand constraint for Town C: x11 + x21 + x31 = 8,000[E] The variable x in these equations
There is only town B and town C
Given production function Q= 100(L^0.5)(K^0.5), where L = labor hours per unit time, K=machine hours per unit time, and Q=output per unit time.
Questions: : Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice.
What are some ways public policymakers can reduce demand of cigarettes (shift of the demand curve)? Assume the government decides to implement the tax on cigarette manufacturers in order to raise the price of cigarettes. How much does the amount of..
Citrus Speculation and Forecasting, Corporation, has been employed by a private consortium of orange growers to forecast what will happen to the price and output of oranges under the situations listed below.
Describe benefit and cost externalities. List the reasons for lack of optimal allocation of resources in each case. Explain the need for government intervention in case of market failure due to externalities. Explain why government intervention may n..
Draw a standard supply and demand diagram which shows the demand for new housing units that are purchased each month, and the supply of new units built and put on the market each month.
In the absence of a quota, what is the equation for the total supply of wine? Show your work - what are the equilibrium price and quantity of wine? Show your work.
Suppose your product is Wendy's hamburgers. First "draw" the demand and suppy curve and see how the equilibrium price and quantity is determeined.
Determine the short run average variable cost and the marginal cost functions. Determine the output level that minimizes short run average variable costs
Consider the firms short run decision to hire workers. Suppose that a firm produces goods for sale in the perfectly competitive market. labor markets are competitive as well.
Night Timers Co. manufactures glow-in-the dark products in 10 ft. rolls. At present the company's maximum production capacity is 140,000 rolls per year. The cost is stated as: C= $50,000 + 0.25 Q.
Demand estimation and forecasting and income elasticity of demand
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