While making choice for machinery, should we use average based on family size or lifestyle? Analyze the lifestyle. Consider an example, in which there is a family of two, one or both work outdoor and have larger laundry demands compared to the family of four in which the parents work in offices. Explain the impact of geography and climate.

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Answer 1

Question

Chapter 6, Problem 1QTC

To determine

While making choice for machinery, should we use average based on family size or lifestyle? Analyze the lifestyle. Consider an example, in which there is a family of two, one or both work outdoor and have larger laundry demands compared to the family of four in which the parents work in offices. Explain the impact of geography and climate.

Expert Solution & Answer

Answer to Problem 1QTC

Our average should be based on both, family size and lifestyle.

The geography and climate change would not make much difference in laundry demands.

Explanation of Solution

The reason for using family size and lifestyle for calculating average is necessary because we cannot ignore the one factor while considering average, both are equally important. As given in the example, a family of two working outdoors need frequent laundry service may be two to three pair of clothes per day. On the other hand, the family of four, in which parents work in offices, may not need frequent laundry service, but on an average the quantity of clothes in one day would be proportional to quantity of laundry needed by the family of two working outdoors in construction firm.

As far as geography and climate is considered, on an average they also not make significant difference in laundry demands. The family living in hot climate needs frequent laundry service because of heavy sweating they need to wash and change their clothes. While comparing to the family living in cold climate may not need frequent laundry but they require more clothes to wear, to keep themselves warm in the cold climate. Therefore, on an average it does not make much difference.

Conclusion:

So, above is the explanation whether we should use family size and lifestyle while making then choice of machinery.

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A firm operates with the production function Q = K2 L. Q is the number of units of output per day when the firm rents K units of capital and employs L workers each day. The manager has been given a production target: to produce 8,000 units per day. She knows that the daily rental price of capital is $400 per unit and the wage rate is $200 day. a. What is the returns to scale of this production function? Show mathematically. b. Currently the firm employs 80 workers per day. What is the firm’s daily total cost if it rents just enough capital to produce at its target? c. Compare the marginal product per dollar spent on K and on L when the firm operates at the input choice in part (b). What does this suggest about the way the firm might change its choice of K and L if it wants to reduce the total cost in meeting its target? Explain your answer very clearly. d. In the long run, how much K and L should the firm choose if it wants to minimize the cost of producing 8,000 units of output a day?…

Answer 2

Question

Chapter 6, Problem 1QTC

To determine

While making choice for machinery, should we use average based on family size or lifestyle? Analyze the lifestyle. Consider an example, in which there is a family of two, one or both work outdoor and have larger laundry demands compared to the family of four in which the parents work in offices. Explain the impact of geography and climate.

Expert Solution & Answer

Answer to Problem 1QTC

Our average should be based on both, family size and lifestyle.

The geography and climate change would not make much difference in laundry demands.

Explanation of Solution

The reason for using family size and lifestyle for calculating average is necessary because we cannot ignore the one factor while considering average, both are equally important. As given in the example, a family of two working outdoors need frequent laundry service may be two to three pair of clothes per day. On the other hand, the family of four, in which parents work in offices, may not need frequent laundry service, but on an average the quantity of clothes in one day would be proportional to quantity of laundry needed by the family of two working outdoors in construction firm.

As far as geography and climate is considered, on an average they also not make significant difference in laundry demands. The family living in hot climate needs frequent laundry service because of heavy sweating they need to wash and change their clothes. While comparing to the family living in cold climate may not need frequent laundry but they require more clothes to wear, to keep themselves warm in the cold climate. Therefore, on an average it does not make much difference.

Conclusion:

So, above is the explanation whether we should use family size and lifestyle while making then choice of machinery.

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Answer 3

Question

Chapter 6, Problem 1QTC

To determine

While making choice for machinery, should we use average based on family size or lifestyle? Analyze the lifestyle. Consider an example, in which there is a family of two, one or both work outdoor and have larger laundry demands compared to the family of four in which the parents work in offices. Explain the impact of geography and climate.

Expert Solution & Answer

Answer to Problem 1QTC

Our average should be based on both, family size and lifestyle.

The geography and climate change would not make much difference in laundry demands.

Explanation of Solution

The reason for using family size and lifestyle for calculating average is necessary because we cannot ignore the one factor while considering average, both are equally important. As given in the example, a family of two working outdoors need frequent laundry service may be two to three pair of clothes per day. On the other hand, the family of four, in which parents work in offices, may not need frequent laundry service, but on an average the quantity of clothes in one day would be proportional to quantity of laundry needed by the family of two working outdoors in construction firm.

As far as geography and climate is considered, on an average they also not make significant difference in laundry demands. The family living in hot climate needs frequent laundry service because of heavy sweating they need to wash and change their clothes. While comparing to the family living in cold climate may not need frequent laundry but they require more clothes to wear, to keep themselves warm in the cold climate. Therefore, on an average it does not make much difference.

Conclusion:

So, above is the explanation whether we should use family size and lifestyle while making then choice of machinery.

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Answer 4

Question

Chapter 6, Problem 1QTC

To determine

While making choice for machinery, should we use average based on family size or lifestyle? Analyze the lifestyle. Consider an example, in which there is a family of two, one or both work outdoor and have larger laundry demands compared to the family of four in which the parents work in offices. Explain the impact of geography and climate.

Expert Solution & Answer

Answer to Problem 1QTC

Our average should be based on both, family size and lifestyle.

The geography and climate change would not make much difference in laundry demands.

Explanation of Solution

The reason for using family size and lifestyle for calculating average is necessary because we cannot ignore the one factor while considering average, both are equally important. As given in the example, a family of two working outdoors need frequent laundry service may be two to three pair of clothes per day. On the other hand, the family of four, in which parents work in offices, may not need frequent laundry service, but on an average the quantity of clothes in one day would be proportional to quantity of laundry needed by the family of two working outdoors in construction firm.

As far as geography and climate is considered, on an average they also not make significant difference in laundry demands. The family living in hot climate needs frequent laundry service because of heavy sweating they need to wash and change their clothes. While comparing to the family living in cold climate may not need frequent laundry but they require more clothes to wear, to keep themselves warm in the cold climate. Therefore, on an average it does not make much difference.

Conclusion:

So, above is the explanation whether we should use family size and lifestyle while making then choice of machinery.

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Answer 5

Chapter 6, Problem 1QTC

To determine

While making choice for machinery, should we use average based on family size or lifestyle? Analyze the lifestyle. Consider an example, in which there is a family of two, one or both work outdoor and have larger laundry demands compared to the family of four in which the parents work in offices. Explain the impact of geography and climate.

Expert Solution & Answer

Answer to Problem 1QTC

Our average should be based on both, family size and lifestyle.

The geography and climate change would not make much difference in laundry demands.

Explanation of Solution

The reason for using family size and lifestyle for calculating average is necessary because we cannot ignore the one factor while considering average, both are equally important. As given in the example, a family of two working outdoors need frequent laundry service may be two to three pair of clothes per day. On the other hand, the family of four, in which parents work in offices, may not need frequent laundry service, but on an average the quantity of clothes in one day would be proportional to quantity of laundry needed by the family of two working outdoors in construction firm.

As far as geography and climate is considered, on an average they also not make significant difference in laundry demands. The family living in hot climate needs frequent laundry service because of heavy sweating they need to wash and change their clothes. While comparing to the family living in cold climate may not need frequent laundry but they require more clothes to wear, to keep themselves warm in the cold climate. Therefore, on an average it does not make much difference.

Conclusion:

So, above is the explanation whether we should use family size and lifestyle while making then choice of machinery.

Answer 6

Chapter 6, Problem 1QTC

To determine

While making choice for machinery, should we use average based on family size or lifestyle? Analyze the lifestyle. Consider an example, in which there is a family of two, one or both work outdoor and have larger laundry demands compared to the family of four in which the parents work in offices. Explain the impact of geography and climate.

Expert Solution & Answer

Answer to Problem 1QTC

Our average should be based on both, family size and lifestyle.

The geography and climate change would not make much difference in laundry demands.

Explanation of Solution

The reason for using family size and lifestyle for calculating average is necessary because we cannot ignore the one factor while considering average, both are equally important. As given in the example, a family of two working outdoors need frequent laundry service may be two to three pair of clothes per day. On the other hand, the family of four, in which parents work in offices, may not need frequent laundry service, but on an average the quantity of clothes in one day would be proportional to quantity of laundry needed by the family of two working outdoors in construction firm.

As far as geography and climate is considered, on an average they also not make significant difference in laundry demands. The family living in hot climate needs frequent laundry service because of heavy sweating they need to wash and change their clothes. While comparing to the family living in cold climate may not need frequent laundry but they require more clothes to wear, to keep themselves warm in the cold climate. Therefore, on an average it does not make much difference.

Conclusion:

So, above is the explanation whether we should use family size and lifestyle while making then choice of machinery.

Answer 7

Chapter 6, Problem 1QTC

To determine

While making choice for machinery, should we use average based on family size or lifestyle? Analyze the lifestyle. Consider an example, in which there is a family of two, one or both work outdoor and have larger laundry demands compared to the family of four in which the parents work in offices. Explain the impact of geography and climate.

Answer 8

Expert Solution & Answer

Answer to Problem 1QTC

Our average should be based on both, family size and lifestyle.

The geography and climate change would not make much difference in laundry demands.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

The reason for using family size and lifestyle for calculating average is necessary because we cannot ignore the one factor while considering average, both are equally important. As given in the example, a family of two working outdoors need frequent laundry service may be two to three pair of clothes per day. On the other hand, the family of four, in which parents work in offices, may not need frequent laundry service, but on an average the quantity of clothes in one day would be proportional to quantity of laundry needed by the family of two working outdoors in construction firm.

As far as geography and climate is considered, on an average they also not make significant difference in laundry demands. The family living in hot climate needs frequent laundry service because of heavy sweating they need to wash and change their clothes. While comparing to the family living in cold climate may not need frequent laundry but they require more clothes to wear, to keep themselves warm in the cold climate. Therefore, on an average it does not make much difference.

Conclusion:

So, above is the explanation whether we should use family size and lifestyle while making then choice of machinery.

Answer 12

Ch. 6 - Prob. 1QTC Ch. 6 - Prob. 2QTC Ch. 6 - Prob. 3QTC Ch. 6 - Prob. 4QTC Ch. 6 - Prob. 5QTC Ch. 6 - Prob. 1P Ch. 6 - Prob. 2P Ch. 6 - Prob. 3P Ch. 6 - Prob. 4P Ch. 6 - Prob. 5P

Answer to Problem 1QTC

Explanation of Solution

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Chapter 6 Solutions