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The nation’s largest jams and jellies processor has a major Midwestern production facility that can produce both items. Its current production capacity is four million pounds of jam per month (any variety of jam) or six million pounds of grape jelly per month. Due to some efficiencies in joint production (i.e. production possibilities), the facility is currently producing four million pounds of grape jelly and three million pounds of jam per month. The Operations VP of the company has indicated that the plant is currently operating both efficiently and at maximum production potential. Answer the following questions regarding the economics of the plant.
b. A new “extrusion” process is being considered for grape jelly production.Although engineers have not been able to pinpoint specific production increases, they are estimating it to be in the ten to 15 percent range. It would not affect the jam production potential as the fruit bits are not extruded for the jams.Using an illustration only (no specific numbers), demonstrate how the new extrusion process would affect the production possibility curve constructed in (a) above
Assume that a consumer has the utility function U(x,y) = (3x+1)y, where x and y represent the quantities of two goods, X and Y. For parts (a)-(h), assume that good X costs pX=$3 per unit and good Y costs pY=$4 per unit. “Wealth” and “income” have the..
In the move from a below equilibrium interest rate to the equilibrium interest rate, what happens in the bond market and the loan market? In the move from an above equilibrium interest rate to the equilibrium interest rate, what happens in the bond m..
Which of the following signals to firm owners that scarce resources might be better allocated to a different industry?
Suppose in 2012 you buy 3% coupon rate, $100 face value bond for $100 that has 2 years left till maturity. If in 2013 interest rates decrease to 1%, what will be the price of your bond and what will be your rate of return if you decide to sell it?
If Anne is planning to invest her loan in an asset which she hopes to turn a profit on, Illustrate what is the minimum rate of return she needs to earn.
Soundscape Enterprises manufactures Sonoblast, a device that produces a high-pitched reminder to telemarketers that they have once again disturbed you just when you were sitting 1⁄2 down to dinner. Give the formulas for the short-run production funct..
A decrease in demand for labor decreases the quantity of labor demanded at all price levels. Assuming the shift in demand is due to a slowing economy, what is the result?
Suppose the impact on the interest rate of a $3 increase in government spending can be eliminated by a $1 increase in the money supply. If "the" multiplier is 4 and the income multiplier with respect to the money supply is 3, what mix of monetary and..
The Chief Financial Officer, Mr. Smith told him it was impractical because it would require the issue of common stock at a cost of 16 percent to finance the purchase. Is the company following a logical approach to using cost of capital?
A score of 898 is the best? (highest) score possible. Thirty-nine percent of the FICO score is based on payment history for credit? cards, car? loans, home? mortgages, and so on. Suppose your current FICO score is 740 and you have just missed a credi..
In the Solow model with taxation, the government’s budget is in balance, i.e., its expenditures are equal to the tax revenues collected (Lty). Suppose that the government runs persistent budget deficits financed by additional direct and indirect taxa..
The only change which happened between the previous and the current year is that while in the previous year all of the 100 million worth of imports were used for consumption, now all imports are directed exclusively to investment. Therefore this will..
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