3-14 A manager in charge of new product development can hire engineers and market researchers. The annual salary of an engineer is $40,000 while a market researcher receives $20,000. The marginal contribution of engineers and market researchers are: Engineers (E) Worker 3rd 5th Additional New Products 240 200 160 100 40 Market Researchers (R) Worker 1st 2nd 3rd 4th 5th Additional New Products 80 70 60 50 40 Based on the above information, How should a manager with an annual budget of $140,000, allocate this budget in order to maximize the number of new products developed?

3-14 A manager in charge of new product development can hire engineers and market researchers. The annual salary of an engineer is $40,000 while a market researcher receives $20,000. The marginal contribution of engineers and market researchers are: Engineers (E) Worker 3rd 5th Additional New Products 240 200 160 100 40 Market Researchers (R) Worker 1st 2nd 3rd 4th 5th Additional New Products 80 70 60 50 40 Based on the above information, How should a manager with an annual budget of $140,000, allocate this budget in order to maximize the number of new products developed?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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