Minimum cost, Business Management

Assignment Help:

Sid and Nancy both need to buy pens for school. The bookstore has only two types of pens:

Basic blue pens (B), which cost $.60 each.

Long-lasting green pens (G), which have twice as much ink as the blue pens, and cost $1.00 each.

Nancy needs the pens to draw multi-colored graphs in her Economics class. For Nancy, these two types of pens are perfect complements. The graphs Nancy must draw require the ink of two basic blue pens for every one long-lasting green pen, and her production function is: q = min(25B,50G). Nancy will need to draw 100 graphs.

Sid needs the pens to write essays in his English class. One essay requires the ink of one basic blue pen or ½ of a long-lasting pen, and ink color is irrelevant. So, for Sid, these two types of pens are perfect substitutes, and his production function is: q = B + 2G. Sid will need to write 10 essays.


Related Discussions:- Minimum cost

Describe organizational development and its process, Question 1 What is cu...

Question 1 What is culture? Explain its characteristics and list out the various types of culture Question 2 What is conflict in an organization? What are the sources and

Describe the relevance of herzberg theory of motivation, QUESTION 1 Des...

QUESTION 1 Describe the relevance of Herzberg theory of motivation in motivating employees in practice QUESTION 2 (a) Why do you think organizations are giving increase

Marketing, short note on marketing

short note on marketing

How cultural differences can affect communication patterns, In the past, do...

In the past, doing business in Japan was a difficult, complicated, and often unsuccessful venture. In addition to different languages, social customs, and histories, the United S

How is the leadership affected in the organization, How is the Leadership a...

How is the Leadership affected in the organization? Leadership: It is the knack of getting other people to obey you and do willingly the things which you need them to do.

Discuss the steps of the writing process, Question 1: (a) Explain the ...

Question 1: (a) Explain the Communication Process Model and elaborate sequentially through the use of this model the various stages that can ensure effective business communic

objectives of materials handling, Objectives of Materials Handling 1. ...

Objectives of Materials Handling 1. Reduction in Wastage of Machine  time: Proper material handling  system would  ensure  regular  supply  and distribution  of raw  material

Analyze the weaknesses of the eia process, Question : (i) With the grow...

Question : (i) With the growth of the tourism industry, coastal development projects have the potential to cause significant negative environmental impacts. Using appropriate

Categories of ratios for financial position and performance, What are categ...

What are categories of ratios for financial position and performance? Usually, there are four main categories of ratios every attempting to measure the financial position and p

Write Your Message!

Captcha
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