-SELECTION IN PRESENT ECONOMY PROBLEMS Problem 1 A contractor has a construction company that is currently handling a 2- storey residential building construction that should be completed 150 days. At present the said contractor has 100 men on the job and it is estimated that they will finish the work in 216 days. If of the 100 men, 60 are paid Php 300 a day, 30 are paid Php 350 a day and 10 are paid Php 550 a day and if for each day beyond the original 100 days, the contractor has to pay Php 1,800 liquidated damages. How many total men should the contractor have to complete the work on time and without paying any liquidated damages? If the additional men of 10 are paid Php 550 a day and the rest are paid Php 300 a day, would the contractor save money by employing more men and not paying the fine?
-SELECTION IN PRESENT ECONOMY PROBLEMS Problem 1 A contractor has a construction company that is currently handling a 2- storey residential building construction that should be completed 150 days. At present the said contractor has 100 men on the job and it is estimated that they will finish the work in 216 days. If of the 100 men, 60 are paid Php 300 a day, 30 are paid Php 350 a day and 10 are paid Php 550 a day and if for each day beyond the original 100 days, the contractor has to pay Php 1,800 liquidated damages. How many total men should the contractor have to complete the work on time and without paying any liquidated damages? If the additional men of 10 are paid Php 550 a day and the rest are paid Php 300 a day, would the contractor save money by employing more men and not paying the fine?
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter8: Cost Analysis
Section: Chapter Questions
Problem 3E
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning