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Sheet Metal-Forming Machines Workers Number of Panels Produced 5 0 5 1 600 5 2 1,000 3 1,290 4 1,480 5 5 1.600 5 6 1,680

Sheet Metal-Forming Machines Workers Number of Panels Produced 5 0 5 1 600 5 2 1,000 3 1,290 4 1,480 5 5 1.600 5 6 1,680

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The A-1 Corporation supplies airplane manufacturers with preformed sheet metal panels that are used on the exterior of aircraft. Manufacturing these panels requires only five sheet metal–forming machines, which cost $500 each, and workers. These workers can be hired on an as-needed basis in the labor market at $9,000 each. Given the simplicity of the manufacturing process, the preformed sheet metal panel market is highly competitive. Therefore, the market price for one of A-1’s panels is $80. Based on the production data in the accompanying table, how many workers should A-1 hire to maximize its profits? 

 

Sheet Metal-Forming Machines Workers Number of Panels Produced 5 0 5 1 600 5 2 1,000 3 1,290 4 1,480 5 5 1.600 5 6 1,680
Transcribed Image Text:Sheet Metal-Forming Machines Workers Number of Panels Produced 5 0 5 1 600 5 2 1,000 3 1,290 4 1,480 5 5 1.600 5 6 1,680
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