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A manufacturer of outdoor clothing makes wax jackets and trousers. Each jacket requires 1 hour to manufacture, whereas each pair of trousers takes 40 minutes. The material for a jacket cost £32 and those for a pair of trousers cost £40. The company can devote only 34 hours per week to the production of jackets and trousers, and the firm's total weekly cost for materials must not exceed £1200. The company sells the jackets at a profit of £12 each and the trousers at a profit of £14 per pair. Market research indicates that the firm can sell all of the jackets that are produced, but that it can sell at most half as many pairs of trousers as jackets.
How many jackets and trousers should the firm produce each week to maximize profit?
If the firm could obtain one more unit of production time, what would be the effect on the production mix? Hence, determine the value to the firm of that one extra unit of input.
Due to the changes in demand, the company has to change its profit margin on a pair of trousers. Assuming that the profit margin on a jacket remains at £12 and the manufacturing constraints are unchanged, find the minimum and maximum profit margins on a pair of trousers which the company can allow before it should change its strategy for optimum output.
If the total cost of producing 20 units of output is $1000 and the average variable cost is $35, what is the firm's average fixed cost at that level of output?
Briefly list and elaborate on the factors that will be affecting the demand for the following products in the next several years. Do you think these factors will cause the demand to increase or decrease?
Explain the difference between the demand curve facing the monopoly firm and demand curve facing the perfectly competitive firm.
Solve the partial derivative
Draw the diagram showing the cost structure of price taker and a market price well above minimum average cost. Given that any firm is price taker, how can a firm capture any economic rent (profits in excess of opportunity cost of capital)?
Explain the relationship between AP and MP. Be sure to use graphs to help support your answer. Calculate the MP and the AP for each worker
Consider the relationship given by QCars = 100 + 4xPCars - 2xPSteel - 0.2xPWorkers, where QCars is the quantity of cars (in thousands), PCars is the price of cars and PWorkers is the wage earned by autoworkers.
At a price of $24, should a perfectly competitive firm operate or shut down in a the short run if its TC is given as:
Use arc-approximation formula to compute the price-elasticity of demand coefficient of the firm's product demand between the (quantity, price) points of (100, $20) and (300, $10).
Assume a manager of a profitable department store you're confronted with the pricing problem. You've two types of customers
Am I right in saying an isoquant for an output produced using 2 inputs that can be perfectly substituted for each other can be represented by a straight line
The demand for energy in the United States is often stated as persistently non-cyclical and not sensitive to both prices effects. Given such characteristics, explain the effect of each of the following on the demand or supply for gasoline.
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