Supervisor on an offshore drilling platform

Assignment Help Business Economics
Reference no: EM131381452

A petroleum drilling supervisor on an offshore drilling platform decides to add an extra six-hour shift each day to keep the drill rig running 24 hours per day. Determine whether the mananger is concern with a short-run or long-run production decision. Explain briefly in each case.

Reference no: EM131381452

Questions Cloud

Case in perfect competition : Firms charging an identical price will always be the case in perfect competition since any firm that charges more than the going market price will sell nothing. In price-setting among oligopolists there is usually a bit of dispersion among the pri..
Calculate the real effective exchange values of the dollar : Calculate the real effective exchange values of the dollar. Do the values you calculated indicate an appreciation or depreciation of the U.S. dollar? What is the rate of appreciation or depieciation?
What are the limitations of given analysis : Based on these limited data, is there a relationship between age and average price of an Aston Martin? What are the limitations of this analysis? Can you think of some hidden variables that could affect what you are seeing in the data?
Production of street tacos and cuban sandwiches : If each of them worked 20 hours per week, how should they split their time between the production of street tacos and Cuban sandwiches, if they wanted to maximize their revenue (recall they split the revenue equally)?
Supervisor on an offshore drilling platform : A petroleum drilling supervisor on an offshore drilling platform decides to add an extra six-hour shift each day to keep the drill rig running 24 hours per day. Determine whether the mananger is concern with a short-run or long-run production dec..
What''s the expected shape of the sample''s distribution : How is the variability of sample means related to the standard deviation of the population? Does the size of the sample matter?
Suppose that you go to in and out burger : Suppose that you go to "In and Out Burger" on your birthday to get a burger and find out that your first burger is $1 off if it is your birthday. In 2 sentences or less, indicate how total surplus is affected and justify your answer.
Main reason that embargoes : What is the main reason that embargoes have been used throughout history?
Find a 95% confidence interval for this statistic : Pew reports that 82% of the 470 Net-Newsers in their survey get news during the course of the day, far more than other respondents. Find a 95% confidence interval for this statistic.

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd