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- A firm produces two different kinds, A and B, of a commodity. The daily cost of producingx units of A and y units of B isC(x, y) = 2x2 − 4xy + 4y2 − 40x − 20y + 514Suppose that the firm sells all its output at a price per unit of $24 for A and $12 for B. Findthe daily production levels x and y that maximize profit. (Be sure to show your first andsecond order conditions.)2. show complete solution pls help1. Which of the following statements is false?a) A high-efficiency organisation would want to have fewer storage facilities to increaseresponsiveness but this practice too is known to reduce responsivenessb) Having many production sites increases cost and reduces efficiency but responsiveness tocustomer demands increases because of proximityc) A highly responsive organisation for example would want to have many storage facilitieslocated nearer to customers but this practice reduces efficiencyd) None of the above
- Jenni has decided to start knitting during quarantine. She decides to open an etsy shop where she can sellknitted hats. Each hat costs $4.50 in materials to produce, in addition to the fee of $150 to license her shop.She plans on selling each hat for $24.50. (a) Write the cost, revenue, and profit equations for Jenni’s hat buisness. (b) Determine the profit if 13 hats are sold.(c) Determine thebreak-evenpoint.1.Factory does not insta scrubber. -armer uses south field croc Damage (S= 120 Farmer cost ($=0 Factory Cost($=0 Social cost =120 2. -actor does not install scrubber Farmer rents west field Crop Damage (S = 50 Farmer cost ($=20 Factory Cost$=C SocIal cost =/( 3.Factory installs scrubber, Farmer uses south field Crop Damage ($) = 35 Farmer cost ($=0 Factorv Cost ($=40 Social cos 4.Factory installs scrubber, Farmer rents west field Crop Damage ($=0 Farmer cost (S\=20 Factorv Cost $=40 Social cost = 60 1. Now the farmer has a right to pollution abatement, creating a lega duty for the factory to install the scrubber no additional crop damages will be paid if the factory fulfills the duty to install the scrubber). What is the factory's willingness to pay to continue polluting without the scrubber? Why? 2. Now the farmer has a right to pollution abatement, creating a legal duty for the factory to install the scrubber (no additional crop damages will be paid if the factory fulfills the duty…1. Show complete solution. Help me pls
- 1. How would you define “engineering economy”? 2. Explain why differences between alternatives are of major interest in engineering economystudies. 3. What is the difference between a monopoly and an oligopoly? Give at least one example ofeach. SUBJECT: ENGINEERING ECONOMYHau Lee Furniture, Inc., spends 60% of its sales dollars in the supply chain and has a current gross profit of $10,000. Hau wishes to increase gross profit by $5,000 (50%). He would like to compare two strategies: reducing material costs vs. increasing sales. The current material costs and production costs are 60% and 20%, respectively, of sales dollars, with fixed cost at a constant $10,000. Analysis indicates that an improvement in the supply chain that would reduce material costs by 8.3% ($5,000/$60,000) would produce a 50% net profit gain for Hau, whereas a much larger 25% increase in sales ($25,000/$100,000) would be required to produce the same result. Now Hau finds its current profit of $10,000 inadequate. The bank is insisting on an improved profit picture prior to approval of a loan for some new equipment. Hau would like to improve the profit line to $25,000 so he can obtain the bank’s approval for the loanWhat percentage improvement is needed in the supply chain strategy for…A local company is planning to manufacture and market a four-slice toaster. For this toaster, the research department’s estimates are aweekly demand of 300 toasters at a price of $25 per toaster and a weekly demand of 400 toasters at a price of $20. The financial department’s estimates are fixed weekly costs of$5,000 and variable costs of $5 per toaster. a) Assume that the relationship between price ? and demand ? is linear. Use the research department’s estimates to express ? as a function of ? and determine the domain of the function. b) Using your knowledge from Finite Math, determine the Revenue function in terms of ?. c) Determine the Marginal Revenue at 2 different production levels for example 250 and 500 units. Interpret these results. (HINT: Consider what a positive or negative first derivative implies) d) Assume that the cost function is linear. Use the financial department’s estimates to express the cost function interms of ?. e) Determinethe Marginal costand interpret the…
- A computer hardware firm sells both laptop computers and printers. Their pricing team determines that there are 3 types of customers with the following willingness to pay: Laptop Printer Customer Type A $800 $100 $900 Customer Type B $1,000 $50 $1050 Customer Type C $600 $150 $750 If the firm were to change only individual prices, what prices should it charge for its laptops and printers? Assume for simplicity that the firm has only 1 customer of each type and that incremental costs for laptops and printers = $0. How much profit does the firm earn? How much consumer surplus will there be?Maximize profit 4D + 3WWith constraintsTime 3D + 2W ≤ 150Cost 2D + 4W ≤ 220D, W ≥ 0 We saw the best point was (20, 45) with profit 215. Use this problem and the notes to answer the following (except part 4):1 write true or false and then explain either response to this – the range of optimality on the D variable refers to how much the value 20 in the best point can go down or go up and this point is still the best,2 write true or false and the explain either response to this – the range of feasibility of the time constraint refers to the value 150 and how much if can change and the best point is still (20, 45),3 write true or false and explain either response to this – the shadow price of .125 on the cost constraint means that if the right hand side of the constraint (the 220) is anywhere between 100 and 300 then each 1 unit increase in this RHS (say from 100 to 101) will increase profit by 12.5 cents and any 1 unit decrease in this RHS will decrease profit 12.5 cents,4 write true or…Why Marginal Cost (MC) is 1?? I did my calcutation and is 2. I replace on fucntion Q = L + (5)2 = L + 25, so L = Q - 25 and put on TC = 2(Q - 25) + 20(5) So TC = 2Q - 50 + 100 = 2Q + 50, then MC = dTC / dQ = 2 You may be replaced TC = wL + rK, but this function no contains Q variable Please confirm that. Thanks