2. Suppose a firm has the following production function 1 9 = f(K, L) = LiK! and a total cost function as TC = wL + rK The rental cost of capital is 2 euros per hour and the labor wage is 4 euros per hour. Suppose also that in the short-run the firm uses 8 machines in the production process. (a) Show that the firm's short-run average cost (SRAC) is SRACK=8 16 + 4/9 (b) Draw the SRAC curve (c) By solving the first order conditions that the global minimum of production is 4 (d) Show that the firm's long-run average cost (LRAC) is 12. Hint: Start by obtaining the firm's long-run expansion path (e) Draw both the SRAC and the LRAC and explain why the SRAC is always equal or above the LRAC

Tuff-Rider, Inc., manufactures touring bikes and mountainbikes in a variety of frame sizes, colors, and component com-binations. Identical bicycles are produced in lots of 100. Theprojected demand, lot size, and time standards are shown inthe following table: Item Touring MountainDemand forecast 5,000 units/year 10,000 units/yearLot size 100 units 100 unitsStandard processing time .25 hour/unit .50 hour/unitStandard setup time 2 hours/lot 3 hours/lot The shop currently works 8 hours a day, 5 days a week,50 weeks a year. It operates five workstations, each producingone bicycle in the time shown in the table. The shop main-tains a 15 percent capacity cushion. How many workstationswill be required next year to meet expected demand withoutusing overtime and without decreasing the firm’s currentcapacity cushion?

1. Foxie Owl’s Besty Bagel shop makes fresh bagels. She has to buy raw materials fresh every day for selling on that day. She wants to know exactly how much should she spend on raw materials. Foxie did some analysis over the past month and came back with the following numbers: Daily demand was equally likely to be 200, 225, 250, 275, or 300 bagels. What should be the number of bagels on hand to satisfy a Fill Rate requirement of 96%, rounded to next integer value? Group of answer choices 300 275 286 263   2. Suppose that instead of a discrete demand distribution, Foxie’s shop determines that the daily demand for bagels is normally distributed, with a mean of 250 and a standard deviation of 35. Foxie still wants a Fill Rate of 98%. What is the appropriate level of on-hand inventory for Foxie’s shop? Group of answer choices 263 274 257 270

The term in the airline industry may be used to refer to s situation where an empty seat is recorded on a flight. Select one: a. Marginal cost b. Overhead cost c. Marginal loss d. Revenue loss Widner Industries reports annual sales of Ghc160 million, cost of goods sold of Ghc120 million, inventory of Ghc20 million, and net income of Ghc5 million. What is Widner's annual inventory turns? Select one: a. 8 turns per year b. 6 turns per year c. 0.17 turns per year d. 4 turns per year

Old Pueblo Engineering Contractors creates six-month “rolling” schedules, which are recomputed monthly. For competitive reasons (it would need to divulge proprietary design criteria, methods, and so on), Old Pueblo does not subcontract. Therefore, its only options to meet customer requirements are (1) work on regular time; (2) work on overtime, which is limited to 30 percent of regular time; (3) do customers’ work early, which would costan additional $5 per hour per month; and (4) perform customers’ work late, which would cost an additional $10 per hour per month penalty, as provided by their contract. Old Pueblo has 25 engineers on its staff at an hourly rate of $30. The overtime rate is $45. Customers’ hourly requirements for the six months from January to June are January 5000 February 4000 March 6000 April 6000 May 5000 June 4000 Develop an aggregate plan using a spreadsheet. Assume 20 working days in each month. 12. Alan Industries is expanding its product line to include three…

On the average, a firm has an 8-week lead time for work-in-process, and annual cost of goods sold is $12 million. Assuming that the company works 50 weeks a year: a. What is the dollar value of the work-in-process? b. If the lead time could be reduced to 6 weeks, what would be the reduction in WIP?

c. Compute and tabulate the daily demand for each month in the table below (round off to the nearest whole number). MONTH PRODUCTION DAYS DEMAND FORECAST DEMAND PER DAY JAN 2022 16 150 ? FEB 2022 16 150 ? MAR 2022 23 250 ? APR 2022 21 250 ? MAY 2022 22 400 ? JUN 2022 22 500 ? JUL 2022 21 600 ? AUG 2022 20 750 ? SEP 2022 20 450 ? OCT 2022 20 250 ? NOV 2022 16 150 ? DEC 2022 16 150 ? TOTAL ? ?     d. Assuming that MPQ Limited had adopted a level strategy for the year ended 31 December 2022, compute the average daily demand for the year (round off to the nearest whole number).  e. Prepare a graph showing the monthly forecasts and average daily forecast (in units per day) for MPQ Limited.

Please do not give solution in image format thanku In 2018, the government of Ghana launched operation one district one factory (IDIE). Based on IDIF, Ekumfi Pineapple Factory Co. Ltd (EPF) was launched. In 2019 the management of ERF started production with 100 workers per shift, each of the three shifts working 8 hours per day. Every working day the payroll cost was GHIC 20,000 and overhead expenses amounted to GHC 5000 and material cost GHC 4000. At the end of the first year, the company produced 1,000,000 boxes of pineapple juice. During the second year, EPF acquired a loan from Exim Bank to purchase a new plant. After the introduction of the new plant, the management reduced the size of its workers per shift to 80, each working 8 hours per day, with the payroll cost reducing to GHC 18,000 and overhead expenses also reducing to GHC 4000 and material cost rising to GHC 6000. Production rose to 1,200,000 boxes. Regard yourself as the Operations Manager of EPF: a) What are the…

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Given the demand forecast, cost, and operating data shown below; evaluate the following production plans. $100 $110 $12 $18 Manufacturing cost per unit Subcontracting cost per unit Regular hourly wage rate Overtime hourly wage rate Regular hours per day per worker Labor hours per unit Layoff cost per worker Hiring cost per worker Inventory holding cost per unit per month Initial workforce 8 $500 $400 $2 250 Month Demand Working days 22 January February 11,000 15,000 19 March 32,000 21 21 April Мay June 25,000 30,000 14.500 a) Produce to meet demand by varying the size of the workforce. Satisfy demand for part-time work with overtime. Find the total cost. Workers Workers Fired Hr Available /Worker days×8 hr) (22x8)=176 | (44000/176)=250 Hours Workers Needed Month Demand Req. Hired Jan. 11,000 15,000 (11000×4)=44,000 60,000 Feb. 152 394 32,000 25,000 March 128,000 April May June 30,000 14.500 127,500 597 485 Hours Required Regular Hours azailable 44,000 59,888 127,848 99,960 119,856…