How much should the price of product 2 be increasedto make it profitable to produce? How much of product 2 shouldbe produced in the new optimal plan? 2. Consider a resource allocation (product mix) problem with the follow-ing optimal tableau:13 S1S2S3S1-212-810-212-5811.25-0.5 1.521010 6001

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Answered: How much should the price of product 2…

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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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.
herseys makes chocolate. the old way 6gm sugar and 3 gm chocolate per liter. the new process uses 2gm sugar and 4gm chocolate per liter. herseys makes a profit of 25cents per liter the old way and 16cents per liter the new way. no more than 18000gm of sugar and 12000gm of choclate can be used daily. how many liters should be made daily under each process to maximize profits? what is the maximum profit? using contraints by simplex.
3. The chief economist for Argus Corporation, a large appliance manufacturer, estimated the firm's short-run cost function for vacuum cleaners using an average variable cost function of the form AVC = a + bQ + cQ² where AVC = dollars per vacuum cleaner and Q = number of vacuum cleaners pro- duced each month. Total fixed cost each month is $180,000. The following results were obtained: DEPENDENT VARIABLE: AVC R-SQUARE F-RATIO P-VALUE ON F OBSERVATIONS: 19 VARIABLE INTERCEPT Q Q2 Show Transcribed Text PARAMETER ESTIMATE 191.93 -0.0305 0.0000024 Ĵ 0.7360 STANDARD ERROR 54.65 39.428 T-RATIO 3.512 0.00789 23.866 0.00000098 2.449 0.0001 P-VALUE 0.0029 0.0014 0.0262 a. Are the estimates â, b, and ĉ statistically significant at the 2 percent level of significance? b. Do the results indicate that the average variable cost curve is U-shaped? How do you know? c. If Argus Corporation produces 8,000 vacuum cleaners per month, what is the estimated average variable cost? Marginal cost? Total…
2.b. Given a monopsony's production function Q = 45L - 0.25L², market wage function w = 10 + 3L, and price of the Q in the product market P = 10, calculate the extent of monopsonistic exploitation if firm is profit maximizing. Using your calculated values, graphically illustrate and discuss your results.
A firm faces the following total revenue and total cost functions: TR = 150 - 0.20² and TC = 60 + 0.1Q + 0.05Q². Determine the profit maximising level of output. 39.8 19.8 20.8 29.8
5) A factory owner has 100 employees that produce 6000 computers per day. For each additional employee that the owner highers, the average production per employee decreases by 8 computers. How many employees should the owner have in order to maximize production?
6. The start up are running business and want to minimize equipment expenses. For a particular piece of equipment, the costs can be broken into initial outlays to buy the equipment, fixed annual expenses to keep the equipment in the inventory, and repair costs which we anticipate rising as the equipment gets older. A widget press costs 10,000B to buy, and the operating expenses are 500 per year, and the total repair costs are 300t² over the first t years. What is the optimal length of time to use a widget press before replacing it? You should shown your answer algebraically and graphically.
Refer to the production possibilities curves for Chairland and Tableland. Chairland can produce 36 chairs per day and no tables, or 18 tables table per day and no chairs. Tableland can produce 40 chairs per day and no tables, or 40 tables per day and no chairs. If the two countries split the difference between the buyer's willingness to pay for tables and the seller's willingness to accept, in terms of the number of chairs for 1 table, the terms of trade will be . (Enter your response rounded to one decimal place.) Country Quantity per day Opportunity cost of chairs Opportuity cost of tables Tableland 40 chairs, 40 tables 1 table 1 chair Chairland 36 chairs, 18 tables 1/2 table 2 chairs

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How much should the price of product 2 be increased to make it profitable to produce? How much of product 2 should be produced in the new optimal plan?