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9:41PM Thu Feb 15 oo @ =% X Econ Supply Curve Worksheet.pdf Q M & 5. A large forest fire destroys thousands of acres of woodlands about to be harvested. This will cause the Harlan Cabinet Company to its supply of cabinets and cupboards. P Q 6. A development firm has bought all the land around a large lake in northern Arkansas. The local government places a high property tax on the land to raise money for a nearby school. What type of supply does the land have? P Q 7. A government agency feels too much wheat is being produced and stops all subsidies to wheat farmers for one year. This will cause wheat production to 8. Chevrolet announces it will stop production of Corvettes after next year. Furthermore, the final edition Corvette is a limited series and only 5,000 will be produced. Draw the supply curve for Corvette production for next year. P Q 9. How is a shift in the supply curve different from the quantity supplied? 10. What is the law of supply and how does profit motive help to explain it?
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Related Questions
ONLY TYPED SOLUTION
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4- Leo manages a receiving station for rice. Farmers deliver their loads of rice with a rate
of 150 tons per hour from 6:00 am to 2:00 pm. Leo can process them at a rate of 100 tons
an hour. The station has room to hold only 200 tons of rice in inventory prior to
processing. Once this space is filled, the farmers' trucks must wait to dump their
contents. Leo is considering using seasonal workers to help him with the processing of
rice loads. When the seasonal workers are working, the processing rate increases to 125
tons per hour. The seasonal workers would start working at 10:00 am and finish working
when the trucks stop waiting. At what time, Leo will finish processing loads of rice using
these seasonal workers?
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3. Masagana Electronics, a firm that manufactures affordable microcomputers,
is about to start production of two new types of microcomputers: VOICE and
ECHO. Each type will require assembly time, inspection time and storage
space. The amounts of the resources that can be allocated to the production
of the microcomputers are limited. The manager of the firm would like to
know the quantity computer to produce to maximize profit. The data are
given below:
VOICE
ECHO
10 hours
4 hours
1 hour
2 hours
Storage Space per unit
2 cubic feet
P2,850
2 cubic feet
P2,800
Profit per unit
a. Formulate the linear program appropriate for this problem.
b. Graphically illustrate the linear program. Label your axes properly and
shade the feasible region.
c. How many units of each type of computer should the firm produce to
maximize profit?
Available
100 hours.
22 hours
26 cubic feet
Assembly Time per unit
Inspection Time per unit
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Please answer the question at the bottom about the four hours of study time.
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Problem 18-01 (algo)
Suppose that you own a 20-acre plot of land that you would like to rent out to wheat
farmers. For them, bringing in a harvest involves $30 per acre for seed, $80 per acre for
fertilizer, and $70 per acre for equipment rentals and labor. With these inputs, the land will
yield 40 bushels of wheat per acre.
Instructions: Enter your answers as a whole number.
a. If the price at which wheat can be sold is $7 per bushel and if farmers want to earn a
normal profit of $10 per acre, what is the most that any farmer would pay to rent your 20
acres?
$
b. What price would the farmer pay to rent your 20 acres if the price of wheat rises to $8 per
bushel?
LA
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QUESTION 1
Khaled has developed a new technology device that is so exciting he is considering quitting his job in order to produce and market it on a large-scale
basis. Khaled will rent a small factory for 2,000dhs per month for production purposes. Utilities will cost 500dhs per month. Khaled has already taken an
industrial design course at Dubai Men's College to help prepare for this venture. The course cost 800dhs. Khaled will rent production equipment at a
monthly cost of 4,000dhs. He estimates the material cost per unit will be 20dhs, and the labor cost will be 10dhs per unit. He will hire workers and spend
his time promoting the product. To do this he will quit his job which pays 20,000dhs per month. Advertising and promotion will cost 3,500dhs per month.
Required:
1-
2- Calculate the total Fixed cost=
3- Calculate the total variable cost per unit=
4-
If the machine max production capacity is 1000 units per month, what is the selling price he should set to break even monthly?=
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QUESTION 5 The housing director for the City of Coho, WA is working on a new affordable housing project. The Fixed
Costs are $ 300,000 for the project, and Variable Costs are $ 250 each time a family moves into an apartment at the
facility. The Coho project now has 2, 500 move-ins per year. A new federal government subsidy would pay $ 300
for each of 500 move - ins if the project expand to 3,000 units. Should Coho take the additional tenants? Why or why
not?
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you think this intensive production schedule will deplete the nutrients in the soil, which ensure good wheat. does this matter in your wheat planting decisions? explain your answer
arrow_forward
Complete the following table and illustrate by graph following variables (TFC, TVC, TC, MC)
Q
TFC
TVC
TC
MC
ATFC
ATVC
ATC
0
20
0
1
35
2
38
3
40
4
55
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Teresa is a hard-working second-year university student. One Thursday, she decides to work nonstop until she has answered 100 practice problems for
her physics course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired,
it takes her longer to solve each problem.
Time
8:00 AM
9:00 AM
10:00 AM
11:00 AM
Noon
Total Problems Answered
0
40
70
90
100
Use the table to answer the following questions.
The marginal, or additional, gain from Teresa's second hour of work, from 9:00 AM to 10:00 AM, is
The marginal gain from Teresa's fourth hour of work, from 11:00 AM to noon, is
problems.
problems.
Later, the teaching assistant in Teresa's physics course gives her some advice. "Based on past experience," the teaching assistant says, "working on 35
problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover
the same number of pages during…
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10. Transaction costs Stella needs a new kitchen. She finds Stelios, a contractor, through an ad he posted in the local newspaper. Stelios paid $65 to post the ad in the newspaper. After Stella and Stelios agree on the price for the new kitchen, they sign a contract, which Stella has a law firm write up for $105, stating that Stelios will install Stella's new kitchen for $2,300. The transaction costs associated with this exchange are .
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Use the FE table
engineering economics
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Problem 3:
The following is an excerpt from an article published on October
9, 2015by the Wall Street Journal (the whole article is available
as a separate document under the assignment folder): The U.S.
Department of Agriculture, in a monthly report Friday, pegged
corn output this autumn at 13.555 billion bushels on yields of
168 bushels an acre, topping analyst estimates for 13.461 billion
bushels on yields of 166.4 bushels an acre. The government's
yield forecast would mark the second highest behind last year's
record 171 bushels per acre. Analysts expected the USDA to
trim its yield forecast because of rainy weather early in the
growing season in the eastern Midwest, which drew off nutrients
from the soil and impeded some plant growth. But the
government projected huge yields in the western Midwest,
including Iowa, Minnesota and Nebraska. If there is one thing
the report showed, it is "there's no shortage of grain in the U.S.
or the world," said Don Roose, president of U.S.…
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Cindy Jo's Hair Salon is concerned about its rising costs of supplies, energy, and labor, so it is considering investing in better equipment, which hopefully will reduce the time required to perform most hairstyles as well as result in better
perceived quality by its customers. It predicts that the added investment will increase output levels as well as reduce energy costs, since some of the new equipment (hair dryers) use less electricity.
Inputs and Outputs
Hairstyles per week
Labor costs per week
Energy costs per week
Material costs per week
Capital investment
Using the given information, determine the current and expected single-factor and total productivity measures. Do not round intermediate calculations. Round your answers to three decimal places.
Productivity
Current (this year)
%
haircuts/dollar
haircuts/dollar
haircuts/dollar
* haircuts/dollar
Expected (next year)
X
Labor
Energy
Material
Total
What is the percentage change in total productivity? Do not round intermediate…
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yoko's Performance Pizza is a small restaurant in San Francisco that sells gluten-free pizzas. Kyoko's very tiny kitchen has barely enough room for
he three ovens in which her workers bake the pizzas. Kyoko signed a lease obligating her to pay the rent for the three ovens for the next year.
Because of this, and because Kyoko's kitchen cannot fit more than three ovens, Kyoko cannot change the number of ovens she uses in her production
of pizzas in the short run.
However, Kyoko's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday,
inputs, and the
Kyoko lets them know how many workers she needs for each day of the week. In the short run, these workers are
ovens are
inputs.
Kyoko's daily production schedule is presented in the following table.
Fill in the blanks to complete the Marginal Product of Labor column for each worker.
Marginal Product of Labor
(Pizzas)
Labor
Output
(Number of workers)
(Pizzas)
1
70
2.
120
160…
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Hightide Upholstery Company manufactures a special fabric used to upholster the seats in power boats. The company’s annual fixed production cost is $100,000.Required:1. Draw a graph of the company’s fixed production cost showing the total cost at the following production levels of upholstery fabric: 10,000 yards, 20,000 yards, 30,000 yards, and 40,000 yards.2. Prepare a table that shows the unit cost and the total cost for the firm’s fixed production costs at the following production levels: 1 yard, 10 yards, 10,000 yards, and 40,000 yards.3. Prepare a graph that shows the unit cost for the company’s fixed production cost at the following production levels: 10,000 yards, 20,000 yards, 30,000 yards, and 40,000 yards.
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2. Inputs and outputs
Edison's Performance Pizza is a small restaurant in Philadelphia that sells gluten-free pizzas. Edison's very tiny kitchen has barely enough room for the three ovens in which his workers bake the pizzas. Edison signed a lease obligating him to pay the rent for the three ovens for the next year. Because of this, and because Edison's kitchen cannot fit more than three ovens, Edison cannot change the number of ovens he uses in his production of pizzas in the short run.
However, Edison's decision regarding how many workers to use can vary from week to week because his workers tend to be students. Each Monday, Edison lets them know how many workers he needs for each day of the week. In the short run, these workers are inputs, and the ovens are inputs.
Edison's daily production schedule is presented in the following table.
Fill in the blanks to complete the Marginal Product of Labor column for each worker.
Labor
Output
Marginal Product…
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The graph below shows the market for mandarin oranges in Odin for the month of November (in thousands of kilos).
1
6
5
X
4
3
2
450
750 10501200¹ 1350
300
600
900
Quantity per month
Price
8
7
DS
0 150
Tools
D₂
S2
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Uncertain how to solve these sets of problems
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Alex is a hard-working college sophomore. One Saturday, he decides to work nonstop until he has answered 50 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem.
Time
Total Problems Answered
8:00 AM
0
9:00 AM
20
10:00 AM
35
11:00 AM
45
Noon
50
Use the table to answer the following questions.
The marginal, or additional, gain from Alex’s second hour of work, from 9:00 AM to 10:00 AM, is
problems.
The marginal gain from Alex’s fourth hour of work, from 11:00 AM to noon, is
problems.
Later, the teaching assistant in Alex’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 7.5 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same…
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I need help please soon as possible.
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Ginny is a hard-working college senior. One Sunday, she decides to work nonstop until she has answered 150 practice problems for her math course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem.
Time
Total Problems Answered
8:00 AM
0
9:00 AM
60
10:00 AM
105
11:00 AM
135
Noon
150
Use the table to answer the following questions.
The marginal, or additional, gain from Ginny’s second hour of work, from 9:00 AM to 10:00 AM, is
problems.
The marginal gain from Ginny’s fourth hour of work, from 11:00 AM to noon, is
problems.
Later, the teaching assistant in Ginny’s math course gives her some advice. “Based on past experience,” the teaching assistant says, “working on 52.5 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same…
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help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
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Please help?
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4
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PLEASE ANSWER NUMBER 5 AND 6. BES 221-ENGINEERING ECONOMICS: PLEASE GIVE DETAILED SOLUTIONS AND CORRECT ANSWERS. I WILL REPORT TO BARTLEBY THOSE TUTORS WHO WILL GIVE INCORRECT ANSWERS.
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A college professor at LeTall University, Professor Lai, makes mountains out of molehills.The following provides the information about Lai’s production and cost. Molehills are the only input for producing mountains. It takes 100 molehills tomake 1 mountain. The market price of molehills is $20 each. A few years ago, Lai acquired an option contract that allows him to buy up to 2000molehills at $10 each. The contract stipulates that he can buy fewer than 2000molehills but cannot resell the molehills that are obtained through the contract. In order to get governmental permission to produce mountains from molehills, Laipaid $10000 for molehill-masher license.Based on the above, answer the following questions.(a) With the option contract, what is Lai’s marginal cost of producing a mountain ifhe produces fewer than or equal to 20 mountains? What is the marginal cost if heproduces more than 20 mountains?(b) Lai is selling mountains in a perfectly competitive market, in which there is a…
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Subject: Engineering Economics
List the "Ceteris Paripus" variables that affect demand and illustrate a shift in a Demand Curve. Now discuss how a change in each of these variables would lead to the shift you have illustrated in your drawing.
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Sean is a hard-working college freshman. One Thursday, he decides to work nonstop until he has answered 88 practice problems for his physics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem.
Time
Total Problems Answered
8:00 AM
0
9:00 AM
40
10:00 AM
64
11:00 AM
80
Noon
88
Use the table to answer the following questions.
The marginal, or additional, gain from Sean’s second hour of work, from 9:00 AM to 10:00 AM, is
problems.
The marginal gain from Sean’s fourth hour of work, from 11:00 AM to noon, is
problems.
Later, the teaching assistant for Sean’s physics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 12 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same number of…
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Please see attached.
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Remembering the learning activity in Unit 3, the Gondwanaland chairman of production reported that the gosum berry growers could meet a demand of 700 barrels of gosum berries per month at a price of $70 per barrel.
Then the growers were plagued with a gosum berry bug infestation that reduced output, causing production to fall to only 600 barrels. This resulted in a price increase to $84 per barrel. The following table shows the chairman’s report:
Month
Monthly barrels of gosum berries demanded
Price per barrel
June
700
$70
July
600
$84
Using the midpoint method, show your work and calculate the price elasticity of demand for Gondwanaland gosum berries. Explain what this price elasticity of demand means?
Complete the table below by calculating what the monthly total revenue is for June, what the monthly total revenue is for July, and the change in total monthly revenue for these two months. How have these numbers changed?
(Enter your response…
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Q. 1
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Q. 2
(PLEASE DO THIS IN EXCEL)
Hannah Byers and Kathleen Taylor are considering the possibility of teaching swimming to kids during the summer. A local swim club opens its pool at noon each day, so it is available to rent during the morning. The cost of renting the pool during the 10-week period for which Hannah and Kathleen would need it is $1,700. The pool would also charge Hannah and Kathleen an admission, towel service, and life guarding fee of $7 per student, and Hannah and Kathleen estimate an additional $5 cost per student to hire several assistants. Hannah and Kathleen plan to charge $75 per student for the 10-week swimming class.
a. How many students do Hannah and Kathleen need to enroll in their class to break-even?
b. If Hannah and Kathleen want to make a profit of $5000 for the summer, how many students do they need to enroll?
c. Hannah and Kathleen estimate that they might not be able to enroll more than 60 students. If they enroll this many students, how much would…
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- ONLY TYPED SOLUTIONarrow_forward4- Leo manages a receiving station for rice. Farmers deliver their loads of rice with a rate of 150 tons per hour from 6:00 am to 2:00 pm. Leo can process them at a rate of 100 tons an hour. The station has room to hold only 200 tons of rice in inventory prior to processing. Once this space is filled, the farmers' trucks must wait to dump their contents. Leo is considering using seasonal workers to help him with the processing of rice loads. When the seasonal workers are working, the processing rate increases to 125 tons per hour. The seasonal workers would start working at 10:00 am and finish working when the trucks stop waiting. At what time, Leo will finish processing loads of rice using these seasonal workers?arrow_forward3. Masagana Electronics, a firm that manufactures affordable microcomputers, is about to start production of two new types of microcomputers: VOICE and ECHO. Each type will require assembly time, inspection time and storage space. The amounts of the resources that can be allocated to the production of the microcomputers are limited. The manager of the firm would like to know the quantity computer to produce to maximize profit. The data are given below: VOICE ECHO 10 hours 4 hours 1 hour 2 hours Storage Space per unit 2 cubic feet P2,850 2 cubic feet P2,800 Profit per unit a. Formulate the linear program appropriate for this problem. b. Graphically illustrate the linear program. Label your axes properly and shade the feasible region. c. How many units of each type of computer should the firm produce to maximize profit? Available 100 hours. 22 hours 26 cubic feet Assembly Time per unit Inspection Time per unitarrow_forward
- Please answer the question at the bottom about the four hours of study time.arrow_forwardProblem 18-01 (algo) Suppose that you own a 20-acre plot of land that you would like to rent out to wheat farmers. For them, bringing in a harvest involves $30 per acre for seed, $80 per acre for fertilizer, and $70 per acre for equipment rentals and labor. With these inputs, the land will yield 40 bushels of wheat per acre. Instructions: Enter your answers as a whole number. a. If the price at which wheat can be sold is $7 per bushel and if farmers want to earn a normal profit of $10 per acre, what is the most that any farmer would pay to rent your 20 acres? $ b. What price would the farmer pay to rent your 20 acres if the price of wheat rises to $8 per bushel? LAarrow_forwardQUESTION 1 Khaled has developed a new technology device that is so exciting he is considering quitting his job in order to produce and market it on a large-scale basis. Khaled will rent a small factory for 2,000dhs per month for production purposes. Utilities will cost 500dhs per month. Khaled has already taken an industrial design course at Dubai Men's College to help prepare for this venture. The course cost 800dhs. Khaled will rent production equipment at a monthly cost of 4,000dhs. He estimates the material cost per unit will be 20dhs, and the labor cost will be 10dhs per unit. He will hire workers and spend his time promoting the product. To do this he will quit his job which pays 20,000dhs per month. Advertising and promotion will cost 3,500dhs per month. Required: 1- 2- Calculate the total Fixed cost= 3- Calculate the total variable cost per unit= 4- If the machine max production capacity is 1000 units per month, what is the selling price he should set to break even monthly?=arrow_forward
- QUESTION 5 The housing director for the City of Coho, WA is working on a new affordable housing project. The Fixed Costs are $ 300,000 for the project, and Variable Costs are $ 250 each time a family moves into an apartment at the facility. The Coho project now has 2, 500 move-ins per year. A new federal government subsidy would pay $ 300 for each of 500 move - ins if the project expand to 3,000 units. Should Coho take the additional tenants? Why or why not?arrow_forwardyou think this intensive production schedule will deplete the nutrients in the soil, which ensure good wheat. does this matter in your wheat planting decisions? explain your answerarrow_forwardComplete the following table and illustrate by graph following variables (TFC, TVC, TC, MC) Q TFC TVC TC MC ATFC ATVC ATC 0 20 0 1 35 2 38 3 40 4 55arrow_forward
- Teresa is a hard-working second-year university student. One Thursday, she decides to work nonstop until she has answered 100 practice problems for her physics course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time 8:00 AM 9:00 AM 10:00 AM 11:00 AM Noon Total Problems Answered 0 40 70 90 100 Use the table to answer the following questions. The marginal, or additional, gain from Teresa's second hour of work, from 9:00 AM to 10:00 AM, is The marginal gain from Teresa's fourth hour of work, from 11:00 AM to noon, is problems. problems. Later, the teaching assistant in Teresa's physics course gives her some advice. "Based on past experience," the teaching assistant says, "working on 35 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover the same number of pages during…arrow_forward10. Transaction costs Stella needs a new kitchen. She finds Stelios, a contractor, through an ad he posted in the local newspaper. Stelios paid $65 to post the ad in the newspaper. After Stella and Stelios agree on the price for the new kitchen, they sign a contract, which Stella has a law firm write up for $105, stating that Stelios will install Stella's new kitchen for $2,300. The transaction costs associated with this exchange are .arrow_forwardUse the FE table engineering economicsarrow_forward
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