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The Houston Port Authority has engaged you as a consultant to advise it on possible changes in the handling of wheat exports. At present, a crew of dockworkers using conventional belt conveyors unloads hopper cars containing wheat into cargo ships bound overseas. The crew is known to take an average of 30 minutes to unload a car. The crew is paid a total wage of $50 per hour. Hopper car arrivals have averaged 12 per 8-hour shift. The railroad assesses a demurrage charge from time of arrival to release at a rate of $15 per hour on rolling stock not in service. Partially unloaded cars from one shift are first in line for the following shift.
A chi-square "goodness-of-fit" analysis of arrival rates for the past months indicates a Poisson distribution. Data on unloading times for this period may be assumed to follow a negative exponential distribution.Because of excessive demurrage charges, adding another work crew has been proposed. A visit to the work area indicates that both crews will be unable to work together on the same car because of congestion; however, two cars may be unloaded simultaneously with one crew per car
During your deliberations, the industrial engineering staff reports that a pneumatic handling system has become available. This system can transfer wheat from cars to cargo ships at a constant rate of three cars per hour, 24 hours per day, with the assistance of a skilled operator earning $15 per hour. Such a system would cost $400,000 installed. The Port Authority uses a 10 percent discount rate for capital improvement projects. The port is in operation 24 hours per day, 365 days per year. For this analysis, assume a 10-year planning horizon, and prepare a recommendation for the Port Authority.
Some people make the same claim about more marketoriented forms of economic systems. What do they mean? Do you agree or disagree?
A company is considering replacing its asphalt parking lots with concrete, at first cost of $1,200,000, and an annual maintenance cost of $15,000. Another option is also available, which is resurfacing the parking lots with asphalt with a first co..
A monopsonist's demand curve for labor is given by w = 12 - 2L, where w is the hourly wage rate and L is the number of person-hours hired. a. If the monopsonist's supply (AFC) curve is given by w = 2L, which gives rise to a marginal factor cost cur..
Characterize the equilibrium number of varieties (at which all monopolistically competitive variety producers make zero profits) and compare this number with the answers to the previous two parts. Explain the sources of differences between the equ..
A project generates decreasing cash flows, $10,000 one year from now, decreases $1,000 every year and the project at the end of year 6 (6 years from now). At an annual interest rate of 12%.what type of Gradient is this
Ten bidders in an oral auction have the following values for an antique clock ($10, $9, $8, $7, $6, $5, $4, $3, $2, $1). If bidders of the $10 and $9 bids collude and bidders of the $3, $4, and $5 bids collude, what will the winning price be?
Assuming you continue to earn $30,000 starting in period t 1, graph the value of your permanent income in each period, using equation (P1).
The InterCell Company wants to participate in the upcoming World Fair. To participate, the firm needs to spend $1 million in year zero to develop a showcase. The showcase will produce a cash flow of $2.5 million at the end of year one.
The Oceanic Pacific fleet has just decided to use a pole-and-line method of fishing instead of gill netting to catch tuna. The latter method involves the use of miles of net strung out across the ocean and therefore entraps other sea creatures be..
A real estate agent bought some farming lands for $100,000 five years ago. He sold the property this year for $500,000. If the annual inflation rate for the past 5 years has been at 6%, what is the after-tax real interest rate for this investment.
You determine the critical path consists of only five activities. You then compute the variances for the five critical path activities and these variances are 3,4,2,1 and 6 days. what is the probability that the project will be completed.
Alpha and Beta, two tiny islands off the east coast of Tricoli, produce pearls and pineapples. The following production possibilities schedules describe in their potential output in tons per years. Do not graph or illustrate - only provide numerica..
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