9. The type of job shop where customers arrive at the firm to place orders for the same typ of product at regular interval is known as _ a) Job produced at irregular intervals b) Job produced periodically at regular intervals c) Job produced at regular intervals d) Job produced only once at regular intervals 10. All products and services can be considered as having. a) Design, make and sell b) Design, process and package c) Concept, package and process d) Concept, process and sell 11. Majority of service jobs fall into these categories except a) health care b) education c) dry cleaning d) All the above 12. Operations management is generally concerned with the management of and required by organizations to produce goods and services. a) land, machinery b) goods, planning

9. The type of job shop where customers arrive at the firm to place orders for the same typ of product at regular interval is known as _ a) Job produced at irregular intervals b) Job produced periodically at regular intervals c) Job produced at regular intervals d) Job produced only once at regular intervals 10. All products and services can be considered as having. a) Design, make and sell b) Design, process and package c) Concept, package and process d) Concept, process and sell 11. Majority of service jobs fall into these categories except a) health care b) education c) dry cleaning d) All the above 12. Operations management is generally concerned with the management of and required by organizations to produce goods and services. a) land, machinery b) goods, planning

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter14: Transaction Costs, Asymmetric Information, And Behavioral Economics

Section: Chapter Questions

Problem 5.11P

See similar textbooks

Similar questions

Economics Apply the cost-volume- utility model for the graphical and mathematical definition of the equilibrium point. A company dedicated to the manufacture of its only product, a waterproof bluetooth speaker, presents the following information: Annual fixed costs: $1,500,000 Variable costs per unit: Housing: $20.- Buttons: $5.- Card: $10.- The sale price is calculated based on a desired marginal contribution of 60%. Calculate the equilibrium point in units and weights of the company, Draw up the corresponding graph, Prepare the status of results as a check. B
Economics Apply the cost-volume- utility model for the graphical and mathematical definition of the equilibrium point. A company dedicated to the manufacture of its only product, a waterproof bluetooth speaker, presents the following information: Annual fixed costs: $1,500,000 Variable costs per unit: Housing: $20.- Buttons: $5.- Card: $10.- The sale price is calculated based on a desired marginal contribution of 60%. Calculate the equilibrium point in units and weights of the company, Draw up the corresponding graph, Prepare the status of results as a check.
1.) Production, Inputs, and Cost: Building Blocks for Supply Analysis The firm can generally substitute one input for another. Whether or not it pays to substitute depends on the relative costs of labor and machinery. First, describe the alternative types of input proportions available to the firm. Then, describe the combination of inputs that represent the least costly way for the firm to produce its goods. Lastly, give one example of the firm’s substitutability from a recent news article.
29. The fact that Alice spends no money on travel:(a) implies that she does not derive any satisfaction from travel.(b) implies that she is at a corner solution.(c) implies that her MRS does not equal the price ratio.(d) any of the above are possible.
Decision Making by Individuals and Firms — End of Chapter Problem 10. Assume De Beers is the sole producer of diamonds. When it wants to sell more diamonds, it must lower its price in order to induce shoppers to buy more. Furthermore, each additional diamond that is produced costs more than the previous one due to the difficulty of mining for diamonds. De Beers’s total benefit schedule is given in the accompanying table, along with its total cost schedule. Quantity of diamonds Total benefit Total cost 0 $0 $0 1 1,100 50 2 1,900 100 3 2,700 200 4 3,400 400 5 4,000 800 6 4,500 1,500 7 4,900 2,500 8 5,200 3,800 a. What is the optimal quantity of diamonds to produce? Optimal output: diamonds b. Calculate the total profit to De Beers from producing each quantity of diamonds. Which quantity gives De Beers the highest total profit? Profit-maximizing output: diamonds
A decrease in the price of a productive resource will result in each of the following except a(n): A.Downward shift in the average-cost curves for all products which use the resourceB. Increase in the quantities produced and sold of all products which use the resourceC. Rightward shift in the demand curves for all products which use the resourceD. Increase in the quantity demanded of this productive resource
A competitive firm is selling the product for Rs. 30. Is itpossible that he sells the product on Rs. 35? Explain this pointwith the help of a diagram
What happen to salaries and wages when you are in a production/manufacturing business that you want to operate on and on for many production cycles? a. it will either be a variable and/ or fix cost b. it becomes fixed cost c. It becomes variable cost d. it is an operating expense When there are 3 indifference curves in a graph, what ideal point is desired? a. a point where budget and satisfaction coincides with each other b. a point that is within the highest budget line c. point that is within the highest indifference curve d. the point where there is satisfaction yielded An example of business that is servicing a captive consumers as there is an absence of choices to serve them. a. Duopoly b. Monopsony c. Monopoly d. Oligopoly
Give typing answer with explanation and conclusion Indy runs a small pet shop. He pays one employee $42,000 per year and spends $60,000 on pets and supplies to sell. He has his own funds tied up in running the company; those funds could earn him $6,000 per year if invested elsewhere. He pays rent of $24,000 per year for his shop space. Indy has been offered a job at a competing pet store for a wage of $44,000 per year. He values his forgone?
PART A PART B - You own a printing firm. Two of your senior managers provide you with advice. The first manager states that your company is losing money for every unit that is printed. To minimize losses, she advises that you reduce your production levels. The second manager states that if your firm sells some more units, the price will cover your increase in costs. In order to reduce losses, the second manager recommends that you should increase production. Explain which manager is correct and who is offering the correct advice? Ensure that you define any key terms used in your discussion.
True or False: The law of diminishing marginal utility explains why short run production costs increase directly with a Firm's level of output.
1. If the marginal product of an input is falling, then what must be true? Average fixed costs must be constant. Marginal cost must be rising. Average total cost must be constant. Marginal cost must be constant. 2. If Captain America and Thor decide to specialize, who should specialize in each good? Captain America should specialize in shields. Thor should specialize in hammers. Thor should specialize in both goods. Captain America should specialize in both goods. Captain America should specialize in hammers. Thor should specialize in shields. 3. Aditya regularly consumes two goods, which we’ll call good X and good Y. One day, the price of good X decreases. As a result, Aditya decreases his consumption of good Y. Based only on this information, goods X and Y seem to be: Substitutes for each other Complements for each other Normal goods Inferior goods