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- 2. Solve the following Economic Production Quantity problem using the following data: A company operates 220 days per year. They use brackets at a steady rate of 50 per day. The brackets can be produced at the rate of 200 per day. Annual storage cost is $2.00 per bracket and machine setup cost is $70 per run. a. What is the Economic Production Quantity? b. How many production runs will be needed per year (approximate)? c. What is Imax? d. What is average inventory?Please answer the table and the questions below.What are diminishing marginal returns as they relate to costs?
- 6. lego spider city concity is conventioal city with diminishing returns to building height and vertical transportation in elevator within buildings. when an innovation in construction allows stackable buildings(no additional reinforcement is required for taller buildings) the city changes its name to legocity. when workers acquire new climbing skills and are able to rappel up and down the outside of the buildings, the city changes its name to legospidercity a. draw a trio of isoquuants for concity, legocity and legospider city. b. rank the tree cities with respect to the willingness to pay for land close to the city center.Additional questions:Supposed you and your friends decide to rent the four bedroom apartment and subscribe to cable. The average fixed cost per roommate will be____?If only 3 people moved into the four bedroom apartment, the average fixed cost of rent and cable will be _____, which means that you will have to pay _____ of just the rent on your own3. The company that you manage has already spent $8 million on developing a new product – awebsite that combines You Tube, Twitter, and Facebook – called You Twit Face. Thedevelopment is not quite finished. It will cost an extra $2 million to finish development andcomplete the product. Assume that this $2 million amount includes the explicit costs and anyopportunity cost that the company may have. At a recent meeting, your salespeople report thatthe expected sales of your new product (if you finish) are $6 million total. If you do not finishdeveloping the product you can sell the incomplete product to another company for $2 million. What is the MC of finishing the development? __________________ What is the MB of finishing the development? __________________ Should you finish the product? Why or why not? Use the idea of “thinking at the margin” toexplain your answer. Need details explanation
- What are the economic effects of a new technology that makes it easier for firms to produce goods and services? AsapThe LEGO Architecture Collection includes three items: the White House Model Building Kit (at $80 per kit), the U.S. Capitol Building Kit (at $40 per kit), and the Mar-a-LEGO Club Building Kit (at $20.24 per kit; empty classified document folders are extra). Total costs of production for different quantities of each item are given below. a. WHITE HOUSE Output per day 0 100 200 300 400 500 600 White House U.S. Capitol Total cost Mar-a-LEGO 1600 5000 11000 18000 27000 40000 55000 U.S. CAPITOL Output per day 0 10 20 30 40 50 60 Total cost 100 400 750 1120 1510 1920 2350 MAR-A-LEGO Output per day 0 100 200 300 400 500 600 If LEGO's goal is profit maximization and the cost of production schedules cannot be altered, what quantity of each item should be produced in the short run? Total cost 2000 3500 5500 8000 11000 14200 15000 b. Above what market price (to the nearest penny) should LEGO begin producing Mar-a-LEGO kits? That is, what is the "shutdown price" for Mar-a-LEGO kits?5
- "Product may be an idea, a physical entity or a service or any combination of the three." a. Every product has limited life span. Infact, to remain static, the organisation must continuously develop new products and manage them effectively through their life cycles. Based on the same, find out the different stages of Product Life Cycle in relationship with production system. b. A product is more than a tangible ‘thing’. A product meets the needs of a consumer and in addition to tangible value, this product also has an abstract value. Considering the same bring about the steps that are involved in the product development process with the help of suitable example. (Please answer question a and b in maximum 300 words each)19. Which of the following statements is truc? a Point A is inefficient. b. Point B is inefficient. C Point A is preferred to point B dPoint C cannot be attained with current technology. C.1. Distinguish between Microeconomics and Macroeconomics with their obiectives