Imagine you have some workers and some handheld computers that you can use to take inventory at a warehouse. There are diminishing returns to taking inventory. If one worker uses one computer, he can inventory 125 items per hour. Two workers sharing a computer can together inventory 175 items per hour. Three workers sharing a computer can together inventory 185 items per hour. And four or more workers sharing a computer can together inventory fewer than 185 items per hour. Computers cost $125 each and you must pay each worker $30 per hour. Instructions: In parts a and b, round your answers to two decimal places. In part c, enter your answer as a whole number. a. If you assign one worker per computer, what is the cost of inventorying a single item? b. What is the cost if you assign two workers per computer? 86 What if you assign three? 95 c How many workers per computer should you assign if you wish to minimize the cost of inventorying a single item? workers
Imagine you have some workers and some handheld computers that you can use to take inventory at a warehouse. There are diminishing returns to taking inventory. If one worker uses one computer, he can inventory 125 items per hour. Two workers sharing a computer can together inventory 175 items per hour. Three workers sharing a computer can together inventory 185 items per hour. And four or more workers sharing a computer can together inventory fewer than 185 items per hour. Computers cost $125 each and you must pay each worker $30 per hour. Instructions: In parts a and b, round your answers to two decimal places. In part c, enter your answer as a whole number. a. If you assign one worker per computer, what is the cost of inventorying a single item? b. What is the cost if you assign two workers per computer? 86 What if you assign three? 95 c How many workers per computer should you assign if you wish to minimize the cost of inventorying a single item? workers
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 38CTQ: Do you think that the taxicab industry in large cities would be subject to significant economies of...
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Imagine you have some workers and some handheld computers that you can use to take inventory at a warehouse. There
are diminishing returns to taking inventory. If one worker uses one computer, he can inventory 125 items per hour. Two
workers sharing a computer can together inventory 175 items per hour. Three workers sharing a computer can together
inventory 185 items per hour. And four or more workers sharing a computer can together inventory fewer than 185 items per
hour. Computers cost $125 each and you must pay each worker $30 per hour.
Instructions: In parts a and b, round your answers to two decimal places. In part c, enter your answer as a whole number.
a. If you assign one worker per computer, what is the cost of inventorying a single item?
%24
b. What is the cost if you assign two workers per computer?
%24
86
What if you assign three?
%24
95
c How many workers per computer should you assign if you wish to minimize the cost of inventorying a single item?
3 workers](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F42a126bb-9497-41f3-aba1-f417c4f85af2%2Fa0fd730f-579b-4e6f-afe4-c5e033bcf24c%2Ffmuvxf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Check my work
Imagine you have some workers and some handheld computers that you can use to take inventory at a warehouse. There
are diminishing returns to taking inventory. If one worker uses one computer, he can inventory 125 items per hour. Two
workers sharing a computer can together inventory 175 items per hour. Three workers sharing a computer can together
inventory 185 items per hour. And four or more workers sharing a computer can together inventory fewer than 185 items per
hour. Computers cost $125 each and you must pay each worker $30 per hour.
Instructions: In parts a and b, round your answers to two decimal places. In part c, enter your answer as a whole number.
a. If you assign one worker per computer, what is the cost of inventorying a single item?
%24
b. What is the cost if you assign two workers per computer?
%24
86
What if you assign three?
%24
95
c How many workers per computer should you assign if you wish to minimize the cost of inventorying a single item?
3 workers
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