Consider a firm that produces glass. Glass production involves melting sand, soda ash, and limestone at a very high temperature. Consider the following factors that a glass manufacturer faces, and determine whether each represents a technological constraint or a market constraint: Items (7 items) (Drag and drop into the appropriate area below) No more items Categories Market constraint Hourly wage of workers in the industry The number of other firms selling similar products The number of buyers in the market Cost per pound of limestone Cost per pound of sand Cost per hour of keeping the furnace at the required temperature Technology constraint Maximum amount of output per hour that can be produced

Consider a firm that produces glass. Glass production involves melting sand, soda ash, and limestone at a very high temperature. Consider the following factors that a glass manufacturer faces, and determine whether each represents a technological constraint or a market constraint: Items (7 items) (Drag and drop into the appropriate area below) No more items Categories Market constraint Hourly wage of workers in the industry The number of other firms selling similar products The number of buyers in the market Cost per pound of limestone Cost per pound of sand Cost per hour of keeping the furnace at the required temperature Technology constraint Maximum amount of output per hour that can be produced

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter16: Labor Markets

Section: Chapter Questions

Problem 16.7P

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Consider a firm that produces glass. Glass production involves melting sand, soda ash, and limestone at a very high temperature. Consider the following factors that a glass manufacturer faces, and determine whether each represents a technological constraint or a market constraint: Items (7 items) (Drag and drop into the appropriate area below) The number of buyers in the market Categories Cost per hour of keeping the furnace at the required temperature The number of other firms selling similar products Market constraint Drag and drop here Cost per pound of limestone Cost per pound of sand Technology constraint Drag and drop here Maximum amount of output per hour that can be produced Hourly wage of workers in the industry
Distinguish between technical efficiency and economic efficiency
A gardener is trying to maximize profit by growing tomatoes (T) and carrots(C) with fertilizer(F). The production functions are: Tomatoes: T = 70F₁ - 1.5F-² Carrots: C = 90Fc - 2Fc² Constraint: FT + Fc = 60 The profit is $0.50 per tomato and $0.25 per carrot. There are 60 units of fertilizer available. How much fertilizer should go to the tomatoes?
A food manufacturer is trying to maximize profit by selling wheat-based cereal (C) and wheat bread(B) with raw wheat (W). The production functions are: Cereal: Bread: Constraint: C = 40WC 1.5WC2 B = 80WB2WB2 WC + WB = 8,000 Profit is $1.00 per box of cereal and $0.50 per pack of wheat bread. There are 8,000 units of raw wheat available. How much wheat should go to the bread? Enter as a value.
Saved From 2010 to 2012, Johnny Deer exclusively grew com. Under the Food, Conservation, and Energy Act of 2008, Deer Multiple Choice was allowed to grow whatever crop he wanted in the next year, but would only receive direct payments from the federal government if the price of com fell below a targeted price had to grow something other than com the next year to qualify for direct payments from the federal government. was required to grow.com in the next year in order to receive direct payments from the federal government was eligible to receive countercyclical payments of the price of com fell below a targeted price, even though he did not grow corn in the next year
Student Enterprises sells two sizes of wall posters, a large 3- by 4-foot poster and a smaller 2- by 3-foot poster. The profit earned from the sale of each large poster is $3; each smaller poster earns $2. The firm, although profitable, is not large; it consists of one art student, Jan Meising, at the University of Kentucky. Because of her classroom schedule, Jan has the following weekly constraints: (1) up to three large posters can be sold, (2) up to five smaller posters can be sold, and (3) up to 10 hours can be spent on posters during the week, with each large poster requiring 2 hours of work and each smaller one taking 1 hour. With the semester almost over, Jan plans on taking a 3-month summer vacation to England and doesn’t want to leave any unfinished posters behind. Find the integer solution that will maximize her profit.
THIS EXERCISE FOR MATHEMATICAL ECONOMIC : Question (1): Suppose the estimated quantity demand for potato chips is Q = 140 – 15p and the quantity supply function for potato chips is Q = 115 + 10p. Find the equilibrium price and quantity for the number of bags of potato chips. Suppose that the main costs of producing potato chips are labor and potatoes. On a per unit basis, the cost of producing and manufacturing a bag of potato chips rises by $1.50. The firms are citing higher labor costs and fewer potatoes are grown due to the poor climate. What will be the new equilibrium price and quantity? Whichever curve you think a shift will occur, derive the new function. Suppose that a health news piece has been published indicating the ill effects of consuming potato chips. The news has been published after the firms incurred the higher costs of production. Consumers are being advised to consume popcorn or pretzels instead of potato chips. How would that affect the market for potato…
A food manufacturer is trying to maximize profit by selling wheat-based cereal (C) and wheat bread(B) with raw wheat (W). The production functions are: Cereal: Bread: Constraint: C=36Wc-1.5Wc² B = 65WB - 2WB² Wc+WB = 5,195 Profit is $1.00 per box of cereal and $0.50 per pack of wheat bread. There are 5,195 units of raw wheat available. How much wheat should go to the cereal (WC)? Enter as a value. ROUND TO THE NEAREST WHOLE NUMBER.
Consider the following tasks that must be assigned to four workers on a conveyor-paced assembly line (i.e., a machine-paced line flow). Each worker must perform at least one task. There exists unlimited demand unless stated otherwise. Time to Complete Task (seconds): Task 1: 30 Task 2: 25 Task 3: 15 Task 4: 20 Task 5: 15 Task 6: 20 Task 7: 50 Task 8: 15 Task 9: 20 Task 10: 25 Task 11: 15 Task 12: 20 The current conveyor-paced assembly-line configuration assigns the workers in the following way: • Worker 1: Tasks 1, 2, 3 • Worker 2: Tasks 4, 5, 6 • Worker 3: Tasks 7, 8, 9 • Worker 4: Tasks 10, 11, 12 Assume a demand rate of 20 units per minute. What would be the takt time of the process (in seconds per unit)?
Hi! Can you help me with the question below? Northside Social (NS) sells cups of coffee and amazing breakfast sandwiches. The current price of a cup of coffee is $3.00 and the current price of an amazing breakfast sandwich is $8.00. At those prices, NS sells 1000 cups of coffee and 200 breakfast sandwiches daily. NS faces a constant marginal cost for each cup of coffee of 50 cents and the constant marginal cost of breakfast sandwiches is $2. NS increases the price of coffee 5%, to $3.15. After the price increase, NS sells 900 cups of coffee, a decrease of 10% in cups of coffee. Demand for coffee at NS at this price interval is best described as:A) ElasticB) InelasticC) Unitary ElasticD) Perfectly Elastic
What is the cost of operations in the factors of production determines the price such organizations quote on the market?
K Given the input-output matrix below, find the output matrix if final demand changes to 400 for water, 180 for electric power, and 700 for agriculture. Industry: Water Electric Power Agriculture Other Water 120 120 240 720 The output matrix is X = (Round to two decimal places as needed.) Industry Electric Power 400 200 100 300 8 Agriculture Final Demand 180 240 120 60 260 170 500