Timeline By When? What Will Who Will Do It? (Day/Month) Be Done? Action Steps Responsibiliti es Resources Resources Available Resources Needed (financial, human, political & other) Potential Barriers What individuals or organizations might resist? How? Communicatio ns Plan Who is involved? What methods? How often?

Timeline By When? What Will Who Will Do It? (Day/Month) Be Done? Action Steps Responsibiliti es Resources Resources Available Resources Needed (financial, human, political & other) Potential Barriers What individuals or organizations might resist? How? Communicatio ns Plan Who is involved? What methods? How often?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose Nicholas owns a business making Christmas tree ornaments. Currently, he makes 300 ornaments a month. At this level of production, each additional ornament takes him 30 minutes to make and costs him $5 in materials. Nicholas makes his ornaments in a small studio that he rents for $300 a month. Nicholas can easily increase or decrease the amount of time he spends making ornaments, and he can easily go to the store to buy additional materials to make the ornaments, but he has a year-long lease on his studio, so he has to pay his monthly rent no matter how many ornaments he produces each month. Nicholas values his time at $10 per hour. Other than his time, the cost of the materials and the rent on his studio, Nicholas has no additional production costs. a At Nicholas's current level of production, what is the marginal cost of making an additional ornament each month? b. At Nicholas's current level of production, what is the monthly average fixed cost of each ornament? c. Assuming…
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