Market constraintHourly wage of workers in theindustryThe number of other firms sellingsimilar productsThe number of buyers in themarketTechnology constraintCost per pound of limestoneCost per hour of keeping thefurnace at the requiredtemperatureMaximum amount of output perhour that can be producedCost per pound of sand Consider a firm that produces glass. Glass production involves melting sand, soda ash, and limestone at a very high temperature.Consider the following factors that a glass manufacturer faces, and determine whether each represents a technological constraint or amarket constraint:* Items (7 items) (Drag and drop into the appropriate area below)

A constraint restricts or prohibits the success of a particular production procedure. According to…

Market constraint Hourly wage of workers in the industry The number of other firms selling similar products The number of buyers in the market x Technology constraint Cost per pound of limestone Cost per hour of keeping the furnace at the required temperature Maximum amount of output per hour that can be produced Cost per pound of sand

Market constraint Hourly wage of workers in the industry The number of other firms selling similar products The number of buyers in the market x Technology constraint Cost per pound of limestone Cost per hour of keeping the furnace at the required temperature Maximum amount of output per hour that can be produced Cost per pound of sand

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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