2 EconomicsSprint, Ltd., has designed a fuel injector for oil-fired generators that provides a throughput of 2gallons of oil per minute. If the diameter of theindustrial injector nozzle was increased by 1centimeter, throughput would increase 1 gallonper minute. Alternatively, throughput could beincreased by 2 gallons per minute using theoriginal injector diameter with larger pumps thathad 50 more pounds of pressure (psi).a. Estimate the marginal rate of technicalsubstitution between pump psi and injectordiameter. Explain what this result tells us.b. Assuming the cost of larger pump is $10per psi (due to changing of the pump and fuelsupply peripheral), and the cost of largerdiameter fuel injector is $200 per centimeter(due to machining of combustion units), doesthe original design exhibit the propertyrequired for optimal input combinations? If so,why? If not, why not?

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a. Estimate the marginal rate of technical substitution between pump psi and injector diameter. Explain what this result tells us. b. Assuming the cost of larger pump is $10 per psi (due to changing of the pump and fuel supply peripheral), and the cost of larger

a. Estimate the marginal rate of technical substitution between pump psi and injector diameter. Explain what this result tells us. b. Assuming the cost of larger pump is $10 per psi (due to changing of the pump and fuel supply peripheral), and the cost of larger

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Chapter1: Making Economics Decisions

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Question

Economics
Sprint, Ltd., has designed a fuel injector for oil-
fired generators that provides a throughput of 2
gallons of oil per minute. If the diameter of the
industrial injector nozzle was increased by 1
centimeter, throughput would increase 1 gallon
per minute. Alternatively, throughput could be
increased by 2 gallons per minute using the
original injector diameter with larger pumps that
had 50 more pounds of pressure (psi).
a. Estimate the marginal rate of technical
substitution between pump psi and injector
diameter. Explain what this result tells us.
b. Assuming the cost of larger pump is $10
per psi (due to changing of the pump and fuel
supply peripheral), and the cost of larger
diameter fuel injector is $200 per centimeter
(due to machining of combustion units), does
the original design exhibit the property
required for optimal input combinations? If so,
why? If not, why not?

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