Twentyfirst Century Electronics has discovered a theft problem at its warehouse and hasd decided to hiresecurity guards. The firm wants to hire the optimal number of security guards. The following table showshow the number of security guards affects the number of radios stolen per week.Number of GuardsO12345Number of Radios Stolen per week5030201486a) If each security guard is paid $200 a week and the cost of a stolen radio is $25, how many securityguards should the firm hire?b) If the cost of a stolen radio is $25, what is the most the firm would be willing to pay to hire the firstsecuirty guard?c) If each security guard is paid $200 a week and the cost of a stolen radio is $50, how many securityguards should the firm hire?

The objective of the question is to determine the optimal number of security guards the firm should…

Answered: Twentyfirst Century Electronics has…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A chair manufacturer hires its assembly-line labor for $20 an hour and calculates that the rental cost of its machinery is $10 per hour. Suppose that a chair can be produced using 4 hours of labor or machinery in any combination. If the firm is currently using 2 hours of labor for every two hours of machine time, is it minimizing its cost of production? If so, why? If not, how can it improve the situation? The firm O A. is not currently minimizing its cost of production because the ratio of the marginal product of labor to the marginal product capital is equal to the ratio of the wage rate to the rental cost. O B. is currently minimizing its cost of production because its marginal rate of technical substitution less than the ratio of input prices. C. is not currently minimizing its cost of production because the marginal product of labor divided by the wage is less than the marginal product of capital divided by the rental cost. O D. is currently minimizing its cost of production…
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If the average revenue is given by AR = 400 – 20x, then the quantity that maximiz the revenue is Select one: O a 10 Ob 20 Oc 100 Od. 200 Oe None of the above
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2:34 PM A A O D 2 B/s Ee com Sr Rebecca Rashid QUESTToday, 12:02 PM A firm has the following total cost function TC = 120 + 50g - 10q2 + q° Find the equations for a) Total Variable Cost b) Average Variable Cost c) Marginal Cost XQUESTION THREE Mary's utility is given by the following Cobb-Dougias functic U = VX. Y. You are further told thai X and Y represent bread a) Write down Mary's constraint. b) Set ap the Lagrangian expression for Mary. c) Find the maximising quantities of bread (X) and sausa d) Show that the demand obtained in (C) above have neg c) Derive the Indirect utility function. f) Derive the Expenditure function. g) Given that the price of bread (X) is K25 and sausage is K2000. Find Mary's maximum utility. ...
The accompanying table shows how total donations, average donations, total labor costs, and average labor costs vary depending on the number of employees State U hires for its fundraising activities: Number of Employees Total DonationsAverage Donations Total Labor CostsAverage Labor Costs 1 2 $ 30,000 42,426 $ 8,000 3 $ 17,321 $ 17,000 27,000 4 60,000 9,500 5 13,416 50,000 The net benefit of hiring fundraisers is largest when employees are hired. Select one: a. 1 b. 2 c. 3 d. 4
Should a Heart Surgeon Do Her Own Plumbing? A heart surgeon is skilful at unplugging artenes and rerouting the flow of blood, and these skills also make her a very skilful plumber. She can clear a clogged drain in 6 minutes, about 10 times faster than the most skillful plumber in town Suppose the surgeon earns $20 per minute in heart surgery and the best plumber in town charges $100 per hour. a. Should the surgeon clear her own clogged drains? O A. No, her opportunity cost is too low. O B. No, her opportunity cost is too high. OC. Yes, her opportunity cost is too high. OD. Yes, her opportunity cost is too low b. How much does the surgeon gain by hiring the plumber to clear a clogged drain? S (Enter your response as an integer )
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