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A firm produces digital watches on a single production line serviced during one daily shift; The total output of watches depends directly on the # of labor hrs employed on the line. Max capacity = 120k watches per month: this output requires 60k hrs of labor per month. Total fixed cost =600k per month, wage rate =$8 per hr and variable costs avg $6 per watch. The marketing estimate of demand is P=28-Q/20000 where P denote price in s and Q is monthly demand. How many additional watches can be produced by an extra hr of labor? What is MC of any additional watch? As a profit maximizer what price and output should the firm set? Is production capacity fully utilized? What contribution does this product line provide? The firm can increase capacity to 100% by scheduling a night shift. The wage rate = $12 per hr. Answer questions in part A in light of new option Suppose demand for the firm's watches fall permanently to P=20-Q/20000. With the fall of demand, what output should the firm produce in the short run, in the long run? Explain.
When do assumptions create in conjunction with economic theorizing have to become realistic? Can unrealistic assumptions provide useful outcomes?
June 26 2008 - A recent opinion through Opinion Research Corporation found that many United States businesses are missing out on vital feedback and ideas from their own workforces.
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Give an example of how you would use this information to set the price for your product in the market place and explain one factor in detail about how shifting demand and supply curves makes market demand estimation difficult
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One way to view the law of diminishing marginal productivity is to say that, The concept of derived demand can best be illustrated by the statement:
Jeans and alligator or animal shirts: The plain pocket jeans and the Lacoste knockoffs often cost 40% less than brand-name items, yet the knockoffs are essentially identical to the brand-name items.
Mankiw discusses that if federal authorities suppose responsibility, entire financial system might well become a group of government sponsored enterprises.
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Explain what the Durbin-Watson statistic from regression indicates and Plot the residuals against time and comment on whether there is a seasonal pattern.
Suppose that Apple must pay a royalty on each mobile device that it produces. How should Apple adjust its production and price in response to the royalty?
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