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Consider a production system consisting of 2 resources M1 and M2. These resources are used to manufacture two different products A and B. Product A requires a standard time of 4 minutes on resource M1 and 3 minutes on resource M2. Product B requires a standard time of 2 minutes on resource M1 and 8 minutes on resource M2. Assume that the resources are operated for 8 hours per day and that each resource requires a setup time of half an hour every day.
a. Assume that the daily demand for A is 90 units and the daily demand for B is 60 units. Can the daily demand be met by the current resources?
b. Assume that the firm would like to maximize its flow rate while maintaining a daily production mix of 3A's for 2B's. What is the bottleneck resource? What is the maximum flow rate?
c. What would be the flow rate if the capacity of resource 2 were doubled?
Copy the circular flow diagram onto a sheet of paper and then add a foreign country as a third agent. Draw a rough sketch of the flows of imports, exports, and the payments for each on your diagram.
Starting with the estimated demand function for Chevrolet: Qc = 100,000 - 100Pc + 2000N + 50I + 30Pf - 1000Pg +3A + 40,000Pi. Assume the average value of the independent variables changes to N= 225 million, I= 12,000, Pf= 10,000, Pg= 100 cents, A=..
Write down the equation of a utility function that corresponds to a risk-neutral decision maker. (Note: there are many possible answers to this part and the next two parts.)
Again, start with the original model, but now allow wages to differ across four groups of people: married and black, married and nonblack, single and black, and single and nonblack. What is the estimated wage differential between married blacks an..
Taxes can be progressive, regressive, or proportional. Define each and briefly offer an argument for why income taxes are usually progressive.
what is the minimum tolerable value of RL?
Review The Shell Report and summarize potential stakeholders that could be interested in this report. For each potential stakeholder formulate a financial or non-financial performance indicator.
If you were the owner of an automobile company and decided to market internationally, would you face imperfect, monopolistic, oligopolistic, or perfect competition? Please justify your answer.
Supposed a firm faces an inverse demand function of p(y)=20-y and a total cost function of c(y) = a + y^2 What would be the economic interpretation of the variable a
Compare the forecast accuracy of at least two alternative forecasting methods.
Assume that Y = real GDP. Then from the expenditure approach, Y = C I G NX. On p. 306 Exhibit 14.10 of the textbook, all C, I, G, and NX are the non-price determinants of AD. Suppose we use C, I, G, and NX as indicators during business cycles, the..
Do these assumptions, in your opinion, bring the model closer to or further from the world as you know it?
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