3-14 A manager in charge of new product development can hire engineers and market researchers. The annual salary of an engineer is $40,000 while a market researcher receives $20,000. The marginal contribution of engineers and market researchers are: Engineers (E) Worker 3rd 5th Additional New Products 240 200 160 100 40 Market Researchers (R) Worker 1st 2nd 3rd 4th 5th Additional New Products 80 70 60 50 40 Based on the above information, How should a manager with an annual budget of $140,000, allocate this budget in order to maximize the number of new products developed?

3-14 A manager in charge of new product development can hire engineers and market researchers. The annual salary of an engineer is $40,000 while a market researcher receives $20,000. The marginal contribution of engineers and market researchers are: Engineers (E) Worker 3rd 5th Additional New Products 240 200 160 100 40 Market Researchers (R) Worker 1st 2nd 3rd 4th 5th Additional New Products 80 70 60 50 40 Based on the above information, How should a manager with an annual budget of $140,000, allocate this budget in order to maximize the number of new products developed?

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter13: Factor Markets: With Emphasis On The Labor Market

Section13.1: Factor Market

Problem 2ST

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