ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- You manage two chocolate factories. Using only these two factories, you must produce exactly 420 kgs of chocolate daily at lowest possible cost. Mathematically, you have: Q1 = Quantity produced at Chocolate Factory #1 Q2 = Quantity produced at Chocolate Factory #2 Daily total overall production: Q1 – Q2 = 420 At present, each factory produces half the overall requirement. This means that Q1 = 210, Q2 = 210 a) Following your logic , you realize that as long as the marginal cost is different between the two factories, you can lower overall cost while maintaining production at 420 kgs. So, to reduce the overall cost to the lowest possible, you decide to move more than 1 kilogram from one factory to another. As a result, each factory will produce a different quantity of chocolate while the overall daily production remains at 420 kgs. To minimize overall cost, how many kilograms will you order/instruct Factory #1 to produce? Q1 = ____________kgs And how many kilograms would you…arrow_forwardA small community has 20 people, each of whom has a wealth of $12,000. Each individual must choose whether to contribute $300 or $0 to the support of public entertainment for their community. The money value of the benefit that a person gets from this public entertainment is b times the total amount of money contributed by individuals in the community. Question 3 options: If 20b > 1, everybody is better off if all contribute to the public entertainment fund than if nobody contributes, but if 20b < 1, everybody is better off if nobody contributes than if all contribute Everybody is worse off if all contribute than if nobody contributes if b > 1, but if b < 1, everybody is better off if nobody contributes. This game has a dominant strategy equilibrium in which nobody contributes anything for public entertainment. If 20b > 1, there is a dominant strategy equilibrium in which everybody contributes. In order for there to be a dominant strategy equilibrium in which all…arrow_forwardThe manager of a hockey arena is pricing tickets for an upcoming game. She knows that if she increases the ticket price she will sell fewer tickets. The situation is modelled by the relation, R = -88.9p^2 + 2667p, where R is the total revenue and p is the ticket price, both in dollars. The graph is given.arrow_forward
- Given the following values: P(A) = 0.25 P(A and B) = 0.14 P(B) = 0.32 Find the P(B | A) (Leave answer in decimal form with 2 decimals)arrow_forwardSolve the following system by the substitution method. x+y=5 y3x² -7 The solution set is (Type an ordered pair. Use a comma to separate answers as needed. Simplify your answer.)arrow_forwardThe time path of resources is described by X(t) = X(0)e*". If you graphed In X(t) on the y-axis, and had time (t) on the x-axis, then what would be the intercept of the line you drew? In X(0) There isn't enough information to tell gxarrow_forward
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