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A warehouse storage company must determine how many storage sheds of each size- large or small- to build in its new 8000 square foot facility to maximize rental income. Each large shed is 150 square feet in size, requires $1 per week in advertising, and rents for $50 per week. Each small shed is 50 square feet in size, requires $1 per week in advertising, and rents for $20 a week. The company has a weekly advertising budget of $100 and estimates that it can rent no more than 40 sheds in any given week.
1) Formulate the LP problem. Must show work.
2) Provide the graphical solution to this problem following the procedure discussed in class. Must show work.
3) At the optimal solution, which constraint is not binding, what is the value of the slack? Provide an economic interpretation of the slack value. Must show work.
4) Suppose the large size shed can be rented for $60 per week, what is the new object function, and new optimal solution(s)? Must show work.
A sum of $16,000 per year will be recieved uniformly over a five year period beginning two years from today. What is the present value of this deferred-funds flow if interest is compounded continuously at a nominal rate of 9%
The first provides foundation and structural details so that two additional stories can be added to the required initial two stories at a later date and without modifications to the original structure. by what time would the additional two stories ..
In you are given a pair of equations, one representing a supply curve and the other a demand curve, where p is the per unit price for x items.
What would you say to someone whose beliefs are unfounded and possibly dangerous to their health?
Why is it said that decisions on fiscal and monetary policy are, at least in part, political decisions that cannot be made on "objective" economic criteria?
estimate the level of production which minimizes the cost and estimate the minimum cost.
The 2003 Zagat Restaurant Survey provides food, décor, and service ratings for some of the top restaurants across the United States. For 15 top-ranked restaurants located in New York, the average price of a dinner including, one drink and tip, wa..
a. Warner is selling in a perfectly competitive market at a price of $40. What is the profit maximizing or loss-minimizing output b. Calculate the firm's profit or loss. Show computation. c. Should the firm continue to produce in the short run
A monopolist faces a demand curve given by: P = 70 - 2Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $6. There are no fixed costs of production.
What is the minimum increase in income necessary for the consumer to be as well off under price px = 1, py = 2, as she/he was at prices px = 1, py = 1 Explain why the percentage increase is smaller than the increase in the CPI for the consumer
Explain how built-in (or automatic) stabilizers work. What are the differences between proportional, progressive, and regressive tax systems as they relate to an economy's built-in stability?
Consider a three-type economy like the one described in Section 20.1.3. Assume that θH is 10, θM is 4 and θL is 2.
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