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Two alternative designs are under consideration for a tapered fastening pin. The fastening pins are sold for $0.70 each. Either design will serve equally well and will involve the same material and manufacturing cost except for the lathe and drill operations. Design A will require 12 hours of lathe time and 5 hours of drill time per 1,000 units. Design B will require 7 hours of lathe time and 8 hours of drill time per 1,000 units. The variable operating cost of the lathe, including labor, is $18.60 per hour. The variable operating cost of the drill, including labor, is $16.90 per hour. Finally, there is a sunk cost of $5,000 for Design A and $9,000 for Design B due to obsolete tooling. (2.4) a. Which design should be adopted if 125,000 units are sold each year? -. What is the annual saving over the other design? Please need correct answers
What is the implication of the efficiency wage theory for unemployment? In what way are piece rates, commissions, and royalties, profit sharing, and stock options substitutes for efficiency wages?
Suppose a monopolist faces demand of Q = 300 – 2P and has a total cost curve of TC = 75Q + Q2. What is the firm’s marginal revenue? What is the firm’s marginal cost? Find the firm’s profit-maximizing price and profit.
What a man needs to help provide a college education for his young daughter. He can afford to invest $800/yr for the next four years, beginning on the girl's fourth birthday.
Suppose that there are freezing temperatures in Florida. At the same time the press reports that drinking orange juice significantly reduces the risk of stomach cancer. Predict the effect on equilibrium price and quantity.
From an economic standpoint, evaluate the effect of a minimum wage on the market for low-wage labor. Include the following:
Suppose a wage increase from $11 to $13 an hour increases the number of job applicants from 42 to 56. What is the price elasticity of labor supply?
What are some of the reasons that the U.S. has greater degrees of income and wealth inequality than other high-income market capitalist economies?
Suppose that Michelle buys a cappuccino from Paul\'s Cafe and Bakery for $6.25. Michelle was willing to pay up to $8.75 for the cappuccino and Paul\'s Cafe and Bakery was willing to accept $2.25 for the cappuccino. Producer surplus is the difference ..
In which market model would there be a unique product for which there are no close substitutes? In which two market models would advertising be used most often?
Dogs kept in a backyard and are barking constantantly are notorious in most city neighborhoods. Do these dogs pose a negative or positive externality? What (if anything) should the city do about these externalities?
Use the green line (triangle symbols) to show the impact of this additional change in the exchange rate on the economy.
Supply-side economics has a long history, dating back to at least the fourteenth century. The greatest of medieval historians, Abu Zayd Abd-ar-Rahman Ibn Khaldun (1332–1406), included in his book, The Muqaddimah (1377), an Islamic view of supply-side..
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