Engineering Economy (17th Edition)
17th Edition
ISBN: 9780134870069
Author: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 44P
To determine
The given statements are true or false.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Q)Distinguish between explicit and implicit costs, giving examples of each.
(a) What are the explicit and implicit costs, say for example for joining university study?
(b) Why does the economist classify normal profits as a cost?
(c) Are economic profits a cost of production?
QUESTION 4
a. Explain any two process technologies for materials.
b. Discuss any three factors that will help to determine the type of production process
used.
c. Distinguish between design capacity and effective capacity. Provide a brief
example.
d. Why is the capacity decision important?
e. A regional bank training center has the physical ability to handle 1,300 participants.
However, management personnel believe that only 1,100 participants can be handled
effectively for most training sessions. The last training session, although forecasted to
have 1,000 participants, resulted in the attendance of only 990 participants. Calculate
the utilization and efficiency of the training facility.
What happen to salaries and
wages when you are in a
production/manufacturing
business that you want to operate
on and on for many production
cycles?
a. it will either be a variable and/ or
fix cost
b. it becomes fixed cost
c. It becomes variable cost
d. it is an operating expense
When there are 3 indifference
curves in a graph, what ideal point
is desired?
a. a point where budget and
satisfaction coincides with each
other
b. a point that is within the highest
budget line
c. point that is within the highest
indifference curve
d. the point where there is
satisfaction yielded
An example of business that is
servicing a captive consumers as
there is an absence of choices to
serve them.
a. Duopoly
b. Monopsony
c. Monopoly
d. Oligopoly
Chapter 2 Solutions
Engineering Economy (17th Edition)
Ch. 2 - An experimental composite engine block for an...Ch. 2 - Given below is a numbered list of cost terms. For...Ch. 2 - Prob. 3PCh. 2 - Prob. 4PCh. 2 - Prob. 5PCh. 2 - Prob. 6PCh. 2 - Prob. 7PCh. 2 - Prob. 8PCh. 2 - Prob. 9PCh. 2 - Prob. 10P
Ch. 2 - Prob. 11PCh. 2 - Prob. 12PCh. 2 - Prob. 13PCh. 2 - Prob. 14PCh. 2 - Prob. 15PCh. 2 - Prob. 16PCh. 2 - Prob. 17PCh. 2 - Prob. 18PCh. 2 - Prob. 19PCh. 2 - Prob. 20PCh. 2 - Prob. 21PCh. 2 - Prob. 22PCh. 2 - Prob. 23PCh. 2 - Prob. 24PCh. 2 - Prob. 25PCh. 2 - Prob. 26PCh. 2 - Suppose you are going on a long trip to your...Ch. 2 - Prob. 28PCh. 2 - Prob. 29PCh. 2 - A company uses a variable speed honing machine to...Ch. 2 - Prob. 31PCh. 2 - An automobile dealership offers to fill the four...Ch. 2 - Prob. 33PCh. 2 - Prob. 34PCh. 2 - Prob. 35PCh. 2 - Prob. 36PCh. 2 - Prob. 37PCh. 2 - Prob. 38PCh. 2 - Prob. 39PCh. 2 - Prob. 40PCh. 2 - Prob. 41PCh. 2 - Prob. 42PCh. 2 - Prob. 43PCh. 2 - Prob. 44PCh. 2 - A hot water leak in one of the faucets of your...Ch. 2 - Prob. 46PCh. 2 - Prob. 47PCh. 2 - Prob. 48SECh. 2 - Prob. 49SECh. 2 - Prob. 50CSCh. 2 - Prob. 51CSCh. 2 - What is the optimal number of units that should be...Ch. 2 - Prob. 53FECh. 2 - Prob. 54FECh. 2 - Prob. 55FECh. 2 - Prob. 56FECh. 2 - Prob. 57FECh. 2 - Prob. 58FE
Knowledge Booster
Similar questions
- What are explicit and implicit costs?arrow_forwardpart C Darrow_forwarda. Define explicit costs and implicit costs. b. Assume the following: * A firm buys a unit of capital for $300. * This capital generates $500 of total revenue for the firm. * This firm could have earned a 10% rate of return from the best alternative use of its $300. Determine the values of explicit cost, implicit cost, and profit. Give economic meaning to the value of profit.arrow_forward
- Capacity Utilization Rate is: A. The total amount of plant and equipment that is actually being used at any given time B. The percent of plant and equipment that is actually being used at any given time C. The percent of stocks and bonds that is actually being used at any given time D. The percent of inventory and residential housing that is actually being used at any given timearrow_forwardQUESTION 1: Calculate a plant's total cost for every day in the data, in dollars. Total cost is defined as: total_cost = total_raw_materials_cost + total_operating_cost + total_labor_cost. Which plant is the most expensive to operate, and what is the cost to operate the plant? QUESTION 2: Which cost source (or combination of sources) makes up the majority of a plants total expenditures? raw material, labor, operating, or no cost is consistently the majority of total cost across plants QUESTION 3: Calculate cost efficiency, defined as how much money is spent to produce 1 pound of release ease (i.e. total production/cost). Which plant is the least cost efficient, in lbs of release ease produced per dollar spent? What is the daily average efficiency for the plant that is most efficient? link to excel data:https://docs.google.com/spreadsheets/d/1PM9rh2DnEdKQqCjJM1cmVjcP7_YSdA0y/edit?usp=sharing&ouid=109691244462343090665&rtpof=true&sd=truearrow_forwardSuppose you have t = 5 hours in total to spend on some projects to make some money. The table below shows how many dollars you can make (Total Revenue) in each of the three projects I, II, III if you spend the corresponding number of hours on that project: a. How would you allocate your time across the projects? b. What is the maximum total money you could make?arrow_forward
- Which of the following would be categorized as an implicit cost? a. not being able to spend your $10,000 savings if you sink the money in your business b. the cost of purchasing supplies for your house-cleaning business c. the cost of purchasing auto insurance for your dry-cleaning delivery business Ob and c only O all of the above O a only Oa and c onlyarrow_forwardFixed cost is a. Any cost that does not vary with the quantity of output. b. The ratio of total cost to total quantity of output. c. The market value of an asset at the end of its life less its disposal costs. d. The incremental cost of producing one more unit of output.arrow_forwardQ1. Which cost increases continuously with the increase in production? (a) Average cost. (b) Marginal cost. (c) Fixed cost. (d) Variable cost.arrow_forward
- Please answer the question at the bottom about the four hours of study time.arrow_forwardAnswer the following Questions. Include referencing where additional sources have been used a. Why will firms in most markets be located at or close to the bottom of the long-run average cost curve? b. Distinguish between implicit and explicit costs. How is it possible to have positive accounting profit and negative economic profit concurrently? c. Distinguish between economies of scale and constant returns to scale. What shape will the long-run average cost curve have for economies of scale and constant returns to scale. d. What is the difference between production in the short run and production in the long run? Explain the shape of the long-run cost curve in relation to short-run cost curves?arrow_forwardPlease provide a correct answer the problem. Attached is the image of the question. Thank you!arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax