Need step and final answer EXAMPLE 2-10Choosing the Better ProcessProcess A produces 1,000 defect-free parts per hour. After every 2 hours, theequipment must be adjusted. This adjustment takes 15 minutes. The machineoperator, who also makes the adjustment, is paid $25 per hour (this includes fringebenefits).Process B produces 750 defect-free parts per hour. The equipment needs to beadjusted by the operator every 4 hours. This adjustment requires 10 minutes of theoperator's time (paid at $15 per hour which includes fringe benefits). Both processesare operated 8 hours a day.If erch defect-free part can be sold for $0.10, which process should be selected?Be sure 'tS list your key assumptions.

Key assumptions :Total time = 8 hours of operation +Adjustment timeThe adjustment time is not…

Answered: EXAMPLE 2-10 Choosing the Better…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Presbyopia affects most people at the age of 40 years. It does not affect the life expectancy but diminish visual functions. After vision declines at the age of 40, it does not (hypothetically) decline more with advancing age. There is a new surgical procedure for this condition that restore vision to normal with no complication and costs INR. 100000. Life expectancy at the age of 40 in the general population is assumed to be 42 years and time trade off yields a utility value of 0.9 for presbyopia. Calculate the number of QALY with intervention and without intervention.
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The long run. A chair manufacturer hires its assembly-line labour for $18 an hour and calculates that the rental cost of its machinery is $6 per hour. Suppose that a chair can be produced using 4 hours of labour or machinery in any combination. The firm is currently using 1 hour of labour for every 3 hours of machine time. (Assume that labour is on the horizontal axis and capital is on the vertical axis). 3. Graphically illustrate your answer by drawing an isoquant, an isocost line for the current combination of labour and capital and an isocost line for the optimal combination of labour and capital. An isocost corresponding to the optimal combination of labour and capital is [a vertical line, a horizontal line, an upward sloping straight line, an upward sloping curve which is not a straight line, a downward sloping straight line, a downward sloping curve which is not a straight line, L-shaped] has slope [ ] at the optimal combination of inputs An isoquant…
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At the beginning of the year a company estimated that 20.000 direct labor hours would be required for the period's estimated level of production. The company also estimated $140 000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $150 per direct laber-hour Asume that Job X used $200 in direct materials, $280 of drect labor, and 20 direct labor hours. What is the total job cost for Job X" O O 540000 $60.00 SYMUD
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If the daily availability of M1 and M2 are 30 tonnes and 12 tonnes respectively in the Reddy Mikks problem, what would be their shadow prices?
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Consider the problem of an individual that has Y dollars to spend on consuming over two periods. Let c1 denote the amount of consumption that the individual would like to purchase in period 1 and c2 denote the amount of consumption that the individual would like to consume in period 2. The individual begins period 1 with Y dollars and can purchase c, units of the consumption good at a price P1 and can save any unspent wealth. Use s, to denote the amount of savings the individual chooses to hold at the end of period 1. Any wealth that is saved earns interest at rate r so that the amount of wealth the individual has at his/her disposal to purchase consumption goods in period 2 is (1+r)s1. This principal and interest on savings is used to finance period 2 consumption. Again, for simplicity, we can assume that it costs P, dollars to buy a unit of the consumption good in period 2.

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