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Each of the n lathes available in a machine shop can be used to produce two types of parts. If z lathes are used to produce the first part, the expected profit is 3z and if z of them are used to produce the second part, the expected profit is 2.5z. The lathes are subject to attrition so that after completing the first part, only z/3 out of z remain available for further work. Similarly, after completing the second part, only 2z/3 out of z remain available for further work.
The process is repeated with the remaining lathes for two more stages. Find the number of lathes to be allocated to each part at each stage to maximize the total expected profit. Assume that any nonnegative real number of lathes can be assigned at each stage.
George has $100 in income to be spent on hamburgers (H) and milk (M). Draw George's budget line in a graph with milk measured on the horizontal axis and hamburgers on the vertical axis. Label this graph clearly and completely
10. According to Solow's model of economic growth, what determines the rate at which a nation's income per person grows? Based on that model, what sort of public policies would be able to increase the growth rate of income per person? Give at l..
write a 2-3 page paper using apa formatting responding to the following questions. how will a an unexpected 3 percent
mampo construction has the production function q6l36k. the price of capital r30.a what would the price of labour w have
An oligopoly contains N identical firms. The cost function is convex in output. Show that if the firms act as Cournot competitors then as N increases the market price will approach the competitive price.
What are the primary types of risk that investors or companies exposed to when dealing in the international financial markets What are the primary ways one can protect themselves from this risk
suppose the equation for demand can be expressed as p 120 -.65q p price of a good and q is the quantity of the good
The U.S. Bureau of Economic Statistics reports
Such "market failures" provide a justification for private conservation efforts and public land use planning and regulation. What does the author mean by market failures and inefficient land allocation? Explain why the author describes inefficient..
Suppose that you are on the board of directors of a firm which is the dominant firm in the industry. That is, it lets all of the other firms, which are much smaller, sell all they want at the existing market price. In other words the smaller firms..
Graph the firm’s long-run average cost and show that it reaches a minimum where q =1. Determine the long-run equilibrium price (p*) and the firm’s long-run equilibrium output (q*).
What is economic stability objective of a budget and when price of the foreign currency rises what is the affect on its supply?
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