A print shop wants to expand production. It currently has 20 employees and 8 copy machines and recently added two new copiers which increased the daily output by 100,000. They also added 4 employees which increased output by 80,000. Each copier costs twice as much as hiring an extra employee. What is the best course of action: hire an additional worker or purchase an extra copier? Show work

A print shop wants to expand production. It currently has 20 employees and 8 copy machines and recently added two new copiers which increased the daily output by 100,000. They also added 4 employees which increased output by 80,000. Each copier costs twice as much as hiring an extra employee. What is the best course of action: hire an additional worker or purchase an extra copier? Show work

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter4: Extent (how Much) Decisions

Section: Chapter Questions

Problem 4.6IP

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A print shop wants to expand production. It currently has 20 workers and 8copiers and recently added two copiers which increased daily output by100,000. They also added 4 workers which increased output by 80,000. Eachcopier costs twice as much as hiring an extra worker. What is the best courseof action: hiring another employee, or buying an extra copier
Evaluate the differences between the hands based upon many factors a person cannot control. Include the following aspects in the assignment: Calculate each ‘self’s’ salary What type of job category would each ‘self’ be placed in? Determine how much money will be left after mandatory living expenses for each ‘self’ How will these finances impact your children, the next generation? Share your thoughts about the ethical impact of ‘stacked decks
Duane is a long-haul truck driver who specializes in transporting oversize loads across Canada and the U.S.A. for his Markham, Ontario based company. The nature of his work requires: long hours due to specialized loading, driving, and delivery procedures; driving at a slower than normal speed, often at night to avoid peak traffic; taking longer routes to avoid obstacles such as low height or low weight bridges, and crossing the Canada–USA border. Truckers in this occupation are often under tight deadlines to deliver on time, or their employer will face financial penalties. a) Identify three possible work-related injuries and illnesses/diseases that might result from working in this occupation and discuss the Workers’ Compensation coverage that would apply in each case. b) Discuss how his employer would obtain the necessary information to complete the employer and incident analysis reports. c) Compare and contrast the Canadian compensation system with the compensation available to an…
Aldrin is a call center agent and has a daily wage of ₱ 2500. Aldrin takes an antihistamine drug once a day for his allergic rhinitis. He regularly visits his physician once a year to get a new prescription so that he could purchase another 1 year supply of his antihistamine drug. This visit takes place in the morning and he does not miss any work. Because his regular visit to his physician, it gained him 6 more productive workdays per year than if he had not received regular treatment for allergic rhinitis. Compute for the benefit-cost ratio of the antihistamine drug therapy given the following information. Please attach here your solution. Round-off your final answer to 2 decimal places and box your final answer.
Aldrin is a call center agent and has a daily wage of ₱ 2500. Aldrin takes an antihistamine drug once a day for his allergic rhinitis. He regularly visits his physician once a year to get a new prescription so that he could purchase another 1 year supply of his antihistamine drug. This visit takes place in the morning and he does not miss any work. Because of his regularly visit to his physician, it gained him 6 more productive work days per year than if he had not received regular treatment for allergic rhinitis. Compute for the benefit-cost ratio of the antihistamine drug therapy given the following information. Please attached here your solution. Round-off your final answer to 2 decimal places and box your final answer.
Suppose you currently earn $30,000 a year. You are considering a job that will increase your lifetime earnings by $300,000 but that requires an MBA. The job will mean also attending business school for two years at an annual cost of $25,000. You already have a bachelor’s degree, for which you spent $80,000 in tuition and books. Which of the above information is relevant to your decision on whether to take the job?
A copy company wants to expand production. It currently has 20 workers who share eight copiers. Two months ago, the firm added two copiers, and output increased by 60,000 pages per day. One month ago, the firm added five workers, and productivity also increased by 25,000 pages per day. A copier costs about three times as much as a worker. Assume these increases in productivity per worker and productivity per copier are good proxies for future increases in productivity when hiring additional workers or purchasing additional copiers. Based on this information, the copy company should hire another worker or purchase another copier in order to expand output.
Gloria has 14 employees. She has to choose seven of them for a project team.In how many different ways can Gloria select employees for the project team?
Crunch Hardtack wants to go on vacation so he visits his local travel agent and after looking at all of the possible places to visit he decides on two weeks in Antarctica. He pays the travel agent the $5 it cost to visit Antarctica and rushes home to pack his suntan lotion and bathing suit. This is money acting as.
Your software company recently instituted a highly regarded training program for newly hired software developers. The benefits of this program include not only the benefits to employees, but also the goodwill generated by an increase in your reputation among customers and professional groups. The costs of this training program include all of the labor, space, and consultants necessary. Suppose these benefits and costs are given by B(Q) = 100Q − 2Q2 and C(Q) = 10Q, where Q represents the amount of hours each software developer should spend in training. (Note that MB = 100 − 4Q, MC = 10, and also that time can be measured in fractions of one hour.) a. What level of Q maximizes the total benefits of your newly introduced training program?b. What level of Q minimizes the total costs of the program?c. What level of Q maximizes the net benefits?d. What level of training is optimal? Why?
Last year, Jarod left a job that pays $80,000 to run his own bike repair shop. Jarod’s shop charges $65 for a repair, and last year the shop performed 5,000 repairs. Jarod’s production costs for the year included rent, wages, and equipment. Jarod spent $60,000 on rent and $120,000 on wages for his employees. Jarod keeps whatever profit the shop earns but does not pay himself an official wage. Jarod used $30,000 of his savings to buy a machine for the business. His savings were earning an annual interest rate of 4 percent. a. What is Jarod’s annual accounting profit? b. What is Jarod’s annual economic profit?
Your software company recently instituted a highly regarded training program for newly hired software developers. The benefits of this program include not only the benefits to employees but also the goodwill generated by an increase in your reputation among customers and professional groups. The costs of this training program include all of the labor, space, and consultants necessary. Suppose these benefits and costs are given by B(Q) = 100Q - 2Q2 and C(Q) = 10Q, where Q represents the amount of hours each software developer should spend in training. (Note that MB = 100 - 4Q, MC = 10, and that time can be measured in fractions of one hour.) What level of Q maximizes the total benefits of your newly introduced training program? What level of Q minimizes the total costs of the program? What level of Q maximizes the net benefits? What level of training is optimal? Why?