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Problem 1.
a) i) Determine the breakeven volume from the data below. Total fixed cost = $450, Variable cost/unit = $25, Revenue/unit = $35. ii) For the data in (i), determine the profit that can be made for a volume of 50.
b) In a complex assembly operation, it is found the learning curve rate is 70%. The standard time of 6 minutes per assembly is reached after the 60th unit. Find the time required for the very first unit.
1. How is economics a science? 2. Why do economists make assumptions? 3. Should an economic model describe reality exactly?
It is clear that productive inefficiency is a waste since resources are being used in a way that produces less goods and services than a nation is capable of.
What are common stereotypes of the specific minority groups explained in the training guide? How may one differentiate those stereotypes from accurate descriptions of the minority groups?
If demand for the company's product at a zero price level is 100 units, complete the table below and determine the company's demand schedule.
You have been asked to provide a high level summary, in memo format, of three key cost-effectiveness analyses which a hospital Board of Directors should consider in order to assess the effectiveness and cost of a new diagnostic imaging device which t..
Using supply and demand analysis, show graphically and explain verbally some of the factors that may have led to rising health care cost in the United States from 1960 to present.
A business has $35,000 available to invest. Use a PW analysis. MARR = 6% Life = 3 years. How many bundles are there that do not exceed the maximum expenditure amount in initial investments?
Freshman Jim Student only consumes two goods: paper (P) and cups of coffee (C). Suppose that currently Jim has $300 of spending money for the semester. The price of coffee is $3.00 per cup and the price of paper is $5 per 100 sheets. On your budget l..
1. The following relates to the choices, firms can make regarding the allocation of profits.
How could you use the concepts of marginal cost and marginal revenue to maximize profit? What information do you need to determine this? Without this information, how would you make a decision?
government official proposed which gasoline price controls be imposed to protect the poor from rising gasoline prices.
Julio is a good engineer, but he is uninterested in earning a promotion. Thus, his salary will stay at $60,000 per year until he retires.
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