Using either a graph or table use two goods to construct a production possibilities curve. Clearly e… More »

Assume… Show more Marginal revenue is equal to product price if this firm is in a perfectly competitive market. Assume marginal revenue and price are both equal to $25. The firm’s fixed cost is equal to $76 per day.. The daily payroll cost is $64 Complete the missing values in the table. Labor Output Fixed Cost Variable Cost Total Cost Marginal Cost $76 Complete the missing values in the table. Labor Output Fixed Cost Variable Cost Total Cost Marginal Cost 0 0 $76 $0 $_____ 1 3 $_____ $_____ $_____ $_____ 2 8 $_____ $_____ $_____ $_____ 3 15 $_____ $_____ $268 $_____ 4 20 $_____ $256 $_____ $12.80 5 22 $_____ $_____ $_____ $_____ Output should always be increased as long as marginal product is rising or marginal cost is falling. Once marginal cost begins to rise, reflecting the law of diminishing returns, output should be increased only if marginal revenue exceeds marginal cost. Should output be increased from 15 to 20 (should the 4th worker be hired)? Use the marginal approach to explain why or why not. Should output be increased from 20 to 22 (should the 5th worker be hired)? Use the marginal approach to explain why or why not. Calculate profit assuming output is 15 (show your work): Calculate profit assuming output is 20 (show your work): Calculate profit assuming output is 22 (show your work): How many workers should you employ and how much output should be produced each day (assuming the firm’s goal is to maximize profit)? Please be detailed with the answers or NO POINTS WILL BE AWARDED, I Have my answers, but I would like to compare to see if Im wrong with mine • Show less

Task Precedence Optimistic Most Likely Pessimistic A – 6 9.9 14.49 B A … Show more Task Precedence Optimistic Most Likely Pessimistic A – 6 9.9 14.49 B A 1 3 5.2 C – 2 3.5 8 D C 1.9 4 12.3 E A, D 2 3 10.27 F A, D 3.8 4.1 15.8 G B, E 3 4.5 9 H F 1 1.7 4.3 I G, H 3.5 5.1 12 J F 5.1 12.9 15.1 a. Draw the network graph b. Compute the Expected Value for each task (show these values on the above table). c. Compute the Variance for each task (show these values on the above table). d. Compute the Earliest Start, Earliest Finish, Latest Start, Latest Finish, and Slack for each task. Show ES, EF, LS, LF on the network graph, show Slack on the above table) e. What tasks are on the Critical Path? (highlight it on the network graph) f. What is the Expected project completion time? g. What is the Standard Deviation of the project completion time? h. Draw the project probability distribution function, what is the name of this distribution? i. Label the distribution with the mean, standard deviation (positive and negative), and 2x the standard deviation (positive and negative) values. j. What is the probability that the task will be completed by 24 days? (show this on the distribution plot) k. What is the probability that the project will be completed by 33 days? (show this on the distribution plot) l. Draw a Gantt Chart for the project. Show each task (and label with task number), task slack, precedence order (arrows indicating task end to task start) and highlight tasks on the critical path. m. You realize you can put some extra resources on Task A. How much time can reduce Task A while still seeing a reduction in the overall schedule? • Show less

Task Precedence Optimistic Most Likely P… Show more Given the table below for a project consisting of 10 tasks: Task Precedence Optimistic Most Likely Pessimistic A – 6 9.9 14.49 B A 1 3 5.2 C – 2 3.5 8 D C 1.9 4 12.3 E A, D 2 3 10.27 F A, D 3.8 4.1 15.8 G B, E 3 4.5 9 H F 1 1.7 4.3 I G, H 3.5 5.1 12 J F 5.1 12.9 15.1 a. Draw the network graph b. Compute the Expected Value for each task (show these values on the above table). c. Compute the Variance for each task (show these values on the above table). d. Compute the Earliest Start, Earliest Finish, Latest Start, Latest Finish, and Slack for each task. Show ES, EF, LS, LF on the network graph, show Slack on the above table) e. What tasks are on the Critical Path? (highlight it on the network graph) f. What is the Expected project completion time? g. What is the Standard Deviation of the project completion time? h. Draw the project probability distribution function, what is the name of this distribution? i. Label the distribution with the mean, standard deviation (positive and negative), and 2x the standard deviation (positive and negative) values. j. What is the probability that the task will be completed by 24 days? (show this on the distribution plot) k. What is the probability that the project will be completed by 33 days? (show this on the distribution plot) l. Draw a Gantt Chart for the project. Show each task (and label with task number), task slack, precedence order (arrows indicating task end to task start) and highlight tasks on the critical path. m. You realize you can put some extra resources on Task A. How much time can reduce Task A while still seeing a reduction in the overall schedule? • Show less

Recal from Chapter 15 that the central bank performs several functions. Describe how each tool of mo… Show more Recal from Chapter 15 that the central bank performs several functions. Describe how each tool of monetary policy is used in fulfilling each of those roles. • Show less

For… Show more The demand for Bruce Springsteen at the Meadowlands stadium is given by … Q= 120,000 – 2000 P For this concert the stadium holds 60,000 people. The marginal cost of each additional concert goer is essentially zero up to 60,000 fans, but becomes infinite beyond that point. 1) Determine marginal revenue and marginal cost functions 2) What is the profit maximizing number of tockets and price per ticket? Please show work!! 3) Suppose the local government imposes a tax $10 per ticket on the concert promoters. Assuming nothing else changes, determine the profit maximizing ticket price. Please show work!! • Show less

Merck pharmaceuticals has a monopoly over the sale of a new drug proven effective in numerous labora… Show more Merck pharmaceuticals has a monopoly over the sale of a new drug proven effective in numerous laboratory tests. They estimated the demand funciton for this drug to be: QD= 60- (2/3)P Total cost funciton given by: TC=Q^2+50 1) If the company profit maximizes, determine the price, output and elasticity of demand at the profit max level of output. Please show all steps!! 2) Suppose Merck is forced to behave as if it was a perfectly competitive firm. Assuming no change in costs, determine the profit max level of output, price and elasticity of demand. Please show all steps!! 3) By clever market manipulation, Merck is now able to act as a perfect price discriminator. What will be the change in consumer surplus as a result of the move? 4) In a diagram, label the information gathered in #’s 1,2 and 3. • Show less

Good year tire company sells identical radical tires under the firms own brand name and to discount… Show more Good year tire company sells identical radical tires under the firms own brand name and to discount stores for private labeling. Marginal cost is constant at $10 per tire, regardless of the market its sold in. The firm has estimated the demand functions for each of it market to be: Pb= 70- 0.0005 Qb (b=brand name) Pg= 20- 0.0002 Qg (g=generic) 1) Write an equation expressing this firms total profits… Please write out the steps… 2) Determine the profit maximizing price and quantity in brand name market. I got …70-0.001 Qb=10 (why is it 0.0001) for the quantity and 70-0.0005 (60,000) for the price equation? 3) Determine the price elasticity of demand in each market I got …Eb= -2000 (40/60,000)=-80/60=-1/333 (where does the -2000 come from?) …Eg= -5000 (15/25000)=-3 (where does the -5000 come from) • Show less

Suppose that firms 1 and 2 operate under conditions of constant average and marginal cost but that… Show more Suppose that firms 1 and 2 operate under conditions of constant average and marginal cost but that firm 1’s marginal cost is c1=10 and firm 2’s is c2=8. Market demand is Q = 500 – 20P. a. Suppose ï¬rms practice Bertrand competition, that is, setting prices for their identical products simultaneously. Compute the Nash equilibrium prices. (To avoid technical problems in this question, assume that if ï¬rms charge equal prices then the low-cost ï¬rm makes all the sales.) b. Compute ï¬rm output, ï¬rm proï¬t, and market output. c. Is total welfare maximized in the Nash equilibrium? If not, suggest an outcome that would maximize total welfare, and compute the deadweight loss in the Nash equilibrium compared to your outcome. • Show less

How would you devolope your own retirement program by using one or both of the two retirement pla… Show more How would you devolope your own retirement program by using one or both of the two retirement plans listed in the prompt below? Barbara Worrell and Rita Young are neighbors in Denver. Barbara works as a software engineer for Creative Games Corporation, a computer game company, while Rita works as an executive for United Manufacturing Company. Both are married, have two children, and are well paid. Before Barbara and Rita joined their respective companies, there had been some employee unrest and strikes. To counteract these problems, their firms had developed job enrichment and employee motivation programs. Of particular interest are the portions of these programs dealing with pensions and retirement. Creative Games Corporation, the company where Barbara works, has a contributory plan in which 5% of the employees’ annual wages is deducted to meet the cost of the benefits. The firm contributes an amount equal to the employee contribution. The plan uses a 5-year graded vesting procedure; it has a normal retirement age of 60 for all employees, and the benefits at retirement are paid according to a defined contribution plan. Although United Manufacturing, where Rita works, has a minimum retirement age of 60, it provides an extension period of 5 to 6 years before compulsory retirement. Employees (full-time, hourly, or salaried) must meet participation requirements. Further, in contrast to the Creative Games plan, the United Manufacturing program has a noncontributory feature. Annual retirement benefits are computed according to the following formula: 2% of the employee’s final annual salary for each year of service with the company is paid upon retirement. The plan vests immediately. • Show less