Firms Profitabilty a) can be enhances by the development of better products. b) can be undercut by the development of better products. c) can be tied to performance pay for both managers and workers. d) all of the above
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Firms Profitabilty
a) can be enhances by the development of better products.
b) can be undercut by the development of better products.
c) can be tied to performance pay for both managers and workers.
d) all of the above
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- Which of the ff statements are true about cost function a. It estimate the total cost of production given a specific budget b. It helps predict what the marginal cost would be to produce a product at different levels of output c. It allows management to evaluate how efficiently the production process was at the beginning of the operation period d. It helps manager understand the price behavior of the product A firm profit maximization point is where a. Total revenue Is greater than total cost b. Marginal revenue is equal to marginal cost c. Marginal revenue is greater than total cost d. Marginal cost is less than total costA snowboard company hires 10 skilled employees who are paid a weekly wage of $1000. The cost of capital is $3000 and it is fixed, which means that it does not vary with output. The company is currently producing 240 snowboards. The company's cost will be $13500 if it produces an additional snowboard. A customer is willing to pay $550 for the 241st snowboard. a) Should the company produce and sell it. YES/ NO b) Explain c) What core principles are considered in the snowboard company's decisionmaking? i) Scarcity, Chioce and Opportunity Cost ii) Cost benifit analysis iii) Incentive principle iv) Diminishing returns Select one: 1. All principles are considered 2. (i) only 3. (i) and (ii) only 4. (i), (ii) and (iii) only 5. (ii) and (iii) only 6. (i) and (iv) only 7. (ii) and (iv) only 8. (iii) and (iv) only 9. (ii), (iii) and (iv)Problem # 4 Rail Tours, Inc., sells packaged tours on rail lines, including gourmet meals and a reserved bed. The most popular tours are in the autumn, when foliage colors are at their peak. The overnight package for Saturday and Sunday morning are especially heavily booked. A market survey firm has just completed a study in which they conclude that if the package cost is $200 per couple, then Rail Tours can expect to sell 400 spaces on a typical Saturday. If the price is raised to $225, then unit sales will drop to 390. If the price is raised further to $250, unit sales drop to 380. a) From the data given, write down the demand equation and determine its intercepts. Are there any precautions needed when operating at the extreme ends of the demand curve? b) The survey firm also reports that if per capita income changes, Rail Tours can expect a large change in bookings. In particular, if per capita income falls by 1%, then bookings will tend to fall by about 2%. Are tour packages…
- SUBJECT: MANAGERIAL ECONOMICS COURSE CODE: BEC 101 . ANSWER NUMBER 4 AND NUMBER 5 ONLYA product requires 14 hours to complete the first unit. Managerial experience has estimated the learning rate at 75%. How much cumulative average time should be required to produce the fifth item? a. Between 35 and 37 hours. b. Between 5 and 7 hours. c. Between 12 and 14 hours. d. Between 7 and 9 hours.Total revenue minus both explicit and implicit costs defines a firm's: a. profit. b. gross earnings. c. net worth. d. marginal earnings.
- 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 givenby 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?Briley Cosmetics manufactures and distributes a wide range of skin care products. A recent order has arrived for 10,000 cartons of face cream, 5,000 cases of body cream, and 15,000 cases of hand cream. The manufacturing process consists of a two-stage procedure that uses two types of raw materials (A and B). Briley’s monthly production capacity (first shift) is 15,000 labor-hours for stage 1 and 10,000 for stage 2. The first shift hourly rates are $8.50 for stage 1 and $9.25 for stage 2. A second shift is available with a 10% reduction in capacity and a 10% increase in wage rates. The cost for raw materials is $1/pound for Type A and $1.50/pound for Type B. The manufacturing facility has available for the next production run 200,000 pounds of Type A and 150,000 pound of Type B. The following table summarizes the resource requirements to produce each product. Briley can also subcontract with a local supplier for face cream and body cream at a cost of $40/carton and $55/carton,…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?
- 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?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 net benefits? What level of training is optimal? Why?Company X has been unable to keep up with customer demands for product Y. They are considering two options. The first is to replace the existing tooling machine with a new machine or start a second shift to increase throughput. The cost of the new machine is $500,000. The cost of ramping up the second shift is 150,000. With the new machine option, there is a 60 percent opportunity of generating 750,000 in revenue. There is also a 40 percent opportunity of making $200 in revenue. With the second shift option, there is a 50 percent opportunity to generate $400,000 of revenue and a 50 percent opportunity to generate $100,000 of revenue. Which option would you recommend?