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A machine that produces a certain piece must be turned off by the operator after each piece is completed. The machine "coasts" for 15 seconds after it is turned off, thus preventing the operator from removing the piece quickly before producing the next piece. An engineer has suggested installing a brake that would reduce the coasting time to 3 seconds.
The machine produces 50,000 pieces a year. The time to produce one piece is 1 minute 45 seconds, excluding coastint time. The operator earns $13 an hour and other direct costs for operating the machine are $5 an hour. The brake will require servicing every 550 hours of operation. It will take the operator 30 minutes to perform the necessary maintenance and will require $45 in parts and material. The brake is expected to last 7,500 hours of operation (with proper maintenance) and will have no salvage value.
How much could be spent for the brake if the Minimum Attractive Rate of Return is 10% compounded annually?
What is the profit-maximizing output of the monopolist shown below? What is the monopolist’s markup over the competitive price? Levi’s has an advertising slogan: “Quality never goes out of style.” Consumers can buy other kinds of jeans, including off..
The following is information from the national income accounts for a hypothetical country: Net exports? Government taxes minus transfers? Disposable personal income? Personal saving?
Suppose a perfectly competitive firm sees that price is $23 in the market place. It notices that the cost of producing the next unit of output is $26. What advice would you give to this firm?
Use Excel's regression option to perform the regression. Use one Excel spreadsheet file for the calculations and explanations, with one worksheet per problem. Use the problem number for each worksheet name. Cells should contain the formulas (i.e., if..
Suppose the demand for paper is given by Qd = 360 – 4p and the industry marginal cost of production is given by Qs = 6p. In addition, the firm’s production imposes an externality with an associated marginal damage (MD) = 2. Please include a graph wit..
Duopolists A and B face the following demand curves: QA = 100 - 2PA + 5PB and QB = 120 - 3PB + 4PA. If both firms have zero marginal cost, what are the profit-maximizing prices and quantities?
Which of the following are likely to increase the demand for heroin? Suppose that Jane Margolis is an addicted heroin user. Ceteris paribus, if the murder of some of the heroin dealers in town causes the price of heroin to rise, we would expect that ..
In the long run with free entry and exit, is the price in a market equal to marginal cost, average total cost, both, or neither?
Discuss within your Learning Team how and why the U.S.'s deficit, surplus and debt have an effect on the following
Describe the characteristics of optimal contracts in principal-agent problems when the agent (manager) is risk neutral.
Find firm's profit-maximizing price and quantity. Illustrate what is profit. firm's production manager claims that firm's average cost of production is minimized at an output of 40 units.
The law of demand implies that when the price of a good rises, people buy less of it. This makes the demand curve slope monotonically downwards. A textbook exception is the so-called Giffen good that by definition behaves in the opposite way.
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