Answered: QUESTION 11 If a person pays to own a…

QUESTION 11 If a person pays to own a factor of production indefinitely then he or she must have paid the a. rental price b. manufactured suggested retail price c. purchase price O d.ownership price

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Direct laborrate: $15.00perhour Production material: $375 per 100 items Factory overhead: 125% of direct labor Packing costs: 75%ofdirectlabor Desiredproﬁt: 20%oftotalmanufacturing cost use the above information to answer how many units must be sold to achieve a proﬁt of $25,000? [Note that the units sold must account for total production costs (direct and overhead) plus desired proﬁt. 2. A small textile plant was constructed in 2004. The major equipment, costs, and factors are shown below. Estimate the cost to build a new plant in 2014 if the index for this type of equipment has increased at an average rate of 12% per year for the past 10 years. Show work and Select the closest answer. a) $4,618,000 b) $10,623,000 c) $14,342,000 d) $ 14,891,000
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3. A company in the US has traditionally been outsourcing toy production to Vietnam The table below shows the cost breakdown of its total landed cost on DDP Cost components $ $ $ $ $ $ $ Process Product price at factory Transport to port Customs clearance documentation at Vietnam port Ocean freight Insurance for ocean freight Customs duties at US port (assume 10% average) Inland trucking within US per trip $ 8,000 500 50 1,000 160 800 300 Total landed cost The company is looking into the use of robotics and automation to make the toys in the US. What is the maximum production price of the factory in order to be cost competitive with the import from Vietnam? ms. 10,810
Mika eams $340 per week which she spends entirely at the grocery store. purchasing either food or akohol The price of food is $1Aunit, while the price of alcohal is $4/unit. IT Mika receives an additional S65/week in todd stamas thut can be used to buy anyttiog at the grocery store so, this money could be used to buy food and alcoho what is the etical coortinate of the vertical tercept of Mika's budget constraint if she were to graph quantity of food on the horizental as and quantity of alcohol on the vertical aist (Note The amwermay not be a whole number, so round to the nearest hundredth
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QUESTION 29 PRODUCT product X b) product Y product Z 153 1988 price: $2.00 2,000 O c) 1.2 O d) 150 O e) 200 quantity: price: $1.00 1,000 quantity: price: quantity: $5.00 1,000 1989 $4.00 2.500 $1.00 1,500 $4.00 1,000 YEAR 1990 $6.00 2.000 $1.00 2,500 29. Given the data in the above table, what is the price index for 1991, using 1988 as the base year and using the 1988 consumption pattern (market basket)? O a) 100 $2.00 1,000 1991 $8.00 1.500 $1.00 3,000 $3.00 1,000
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Output Average Fixed Average Variable Average Total 1 2 3 4 5 6 7 8 9 10 Cost $300 150 100 75 60 50 43 38 33 30 Cost $100 75 70 73 80 90 103 119 138 160 I Cost $400 225 170 148 140 140 146 tel:7%2043%20103%20146 % 20180 171 190 If the market price for the firm's product is $180, the firm will produce A) 7 units and earn economic profits of $278. B) 7 units and earn economic profits of $238. C) 8 units and earn economic profits of $120. D) 8 units and earn economic profits of $278. Marginal Cost $100 50 60 80 110 140 180- 230 290 360
Question 15 Joel Tuoroniemi, a US. citizen, purchases a phone from AT&T for $300. The following table gives costs associated with the phone supply chain Source Component/process Cost country Hard dnve Japan S75 Display module Video chip Controller chip Taiwan $25 US $20 U.S $10 Assembly China $20 US (Apple) US (AT&T) Wholesale distrnbution $100 Retail distribution S50 Retail price $300 By how much did Joel's purchase change the US trade balance with China? Answer a. $300 b. S150 e S120 d $30
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