Let's say we are producing two products, pi and p2, by using two raw materials, r1 and r2. To make one unit of p1, we use 1 unit of r1, 2 units of r2 and to make one unit of p2, we use 3 units of r1, 2 units of r2. Value of one unit of rı is $1 and value of one unit of r2 is $3 and we have a total of 100 units of r1 and 200 units of r2. Let the selling price per one pi made be $10 and per one p2 made be $15. We want to maximize the profit.

Let's say we are producing two products, pi and p2, by using two raw materials, r1 and r2. To make one unit of p1, we use 1 unit of r1, 2 units of r2 and to make one unit of p2, we use 3 units of r1, 2 units of r2. Value of one unit of rı is $1 and value of one unit of r2 is $3 and we have a total of 100 units of r1 and 200 units of r2. Let the selling price per one pi made be $10 and per one p2 made be $15. We want to maximize the profit.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider the following fixed proportions technologies:Technology A uses 3 units of labour and 6 units of capital to produce 10 units of output.Technology B uses 8 units of labour and 4 units of capital to produce 10 units of output.The firm has 6 units of labour and 8 units of capital. lt can use either of the technologies, or combine the two in its production. The maximum amount of output the firm can produce is O fewer than 10 unitsO between 10 and 15 unitsO between 15 and 20 unitsO between 20 and 25 unitsO greater than 25 units
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MNLOGS harvested logs (with no inputs from othher companies) from their property in northern Minnesota. They sold these logs to MNLumber for $1,500 and MNLumber cut and planed the logs into lumber. MNLumber then sold the lumber for $3,000 to MNFurniture. MNFurniture used the lumber to produce 100 tables that they sold to customers for $80 each. Instructions: Enter your responses as whole numbers. a. Complete the table below to calculate the value added by each firm. Cost of purchased inputs Company Revenues Value added $ MNLOGS $ $ $ MNLumber $ $ MNFurniture b. Suppose that all of these transactions took place in 2014. By how much did GDP increase because of these transactions? $ c. Suppose that MNLogs harvested the logs in October 2014 and sold them to MNLumber in December 2014. MNLumber then sold the finished lumber to MNFurniture in April 2015 and MNFurniture sold all 100 tables during the rest of 2015. By how much did GDP increase in 2014 and 2015 because of these transactions? GDP…
MNLogs harvested logs (with no inputs from other companies) from their property in northern Minnesota. They sold these logs to MNLumber for $1,000 and MNLumber cut and planed the logs into lumber. MNLumber then sold the lumber for $2,500to MNFurniture. MNFurniture used the lumber to produce 100 tables that they sold to customers for $60 each.Instructions: Enter your responses as whole numbers.a. Complete the table below to calculate the value added by each firm. Company Revenues Cost of purchased inputs Value added MNLogs $ $ $ MNLumber $ $ $ MNFurniture $ $ $ b.Suppose that all of these transactions took place in 2016. By how much did GDP increase because of these transactions?$ c.Suppose that MNLogs harvested the logs in October 2016 and sold them to MNLumber in December 2016. MNLumber then sold the finished lumber to MNFurniture in April 2017 and MNFurniture sold all 100 tables during the rest of 2017. By how much did GDP increase in 2016 and 2017 because of…
Q/ Country X and Country Y are neighbours. Both Country X and Country Y can produce two goods: food and clothing. In one week, Country X can produce 4,400 clothing units or 2,200 food units, or a mix of the two. In one week, Country Y can produce 5,000 clothing units or 2,000 food units, or a mix of the two.For both Country X and Country Y, their individual trade-offs between clothing units and food units are constant, regardless of how they allocate their time. Currently, Country X produces 2,400 clothing units and 1,000 food units per week while Country Y produces 2,500 clothing units and 1,000 food units per week. c. Which country has a comparative advantage in food production? Which country has acomparative advantage in clothing production? Illustrate your answer using the PPC and showall the calculations. d. Should Country X and Country Y specialize and trade with one another? Why?
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The table below contains information of three techniques for producing $ 15 worth of bar soap. Assume that we said " $ 15 worth of bar soap" because soap costs $ 3 per bar and all three techniques produce 5 bars of soap ( $ 15=$ 3 per bar multiply on 5 bars). So you know each techniques produces 5 bars of soap. a) What technique will you want to use if the price of a bar of soap falls to $ 2. 75? What if the price of bar of soap rises to $ 4? What if the price of bar of soap rises to $ 5? b). How many bars of soap will you want to produce if the price of a bar of soap falls to $ 2. 00 ? ( a) Five: it is profitable to produce bars of soap at this selling price; b) Zero: It is not profitable to produce bars of soap at this selling price ). c) Suppose that the bar of soap is again $ 3 per bar but that the prices of all four resources are now $ 1 per unit. Which is now the least- profitable technique? d). if the resource prices returns to their original levels (the ones shown in…
MNLOGS harvested logs (with no inputs from other companies) from their property in northern Minnesota. They sold these logs to MNLumber for $1,500 and MNLumber cut and planed the logs into lumber. MNLumber then sold the lumber for $4,000 to MNFurniture. MNFurniture used the lumber to produce 100 tables that they sold to customers for $70 each Instructions: Enter your responses as whole numbers. a. Complete the table below to calculate the value added by each firm. Cost of purchased inputs Value added Revenues Company $ MNLOGS $ MNLumber $ $ $ MNFurniture b. Suppose that all of these transactions took place in 2014. By how much did GDP increase because of these transactions? $ c. Suppose that MNLogs harvested the logs in October 2014 and sold them to MNLumber in December 2014. MNLumber then sold the finished lumber to MNFurniture in April 2015 and MNFurniture sold all 100 tables during the rest of 2015. By how much did GDP increase in 2014 and 2015 due to these transactions? GDP…
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