Question 3 A company produces three products which must be processed through three departments. The following table summarizes the labor hours and raw material requirements required per unit each department. Each month there are 1300, 4700 pounds of raw material available. If the combined monthly production for the three departments should equal 400 units. Determine whether there is a combination of the three products which could be produced monthly so as to consume full monthly labor availabilities and raw material of all departments. Product 1 Product 2 Product 3 Labor-hours/unit 5 2 4 Pounds of raw material / unit 15 10 12 Question 4 The supply and demand functions for a product are 9s = p² - 300 and qa = p² - 30p + 2200. Determine the market equilibrium price and quantity.

Question 3 A company produces three products which must be processed through three departments. The following table summarizes the labor hours and raw material requirements required per unit each department. Each month there are 1300, 4700 pounds of raw material available. If the combined monthly production for the three departments should equal 400 units. Determine whether there is a combination of the three products which could be produced monthly so as to consume full monthly labor availabilities and raw material of all departments. Product 1 Product 2 Product 3 Labor-hours/unit 5 2 4 Pounds of raw material / unit 15 10 12 Question 4 The supply and demand functions for a product are 9s = p² - 300 and qa = p² - 30p + 2200. Determine the market equilibrium price and quantity.

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

Chapter7: Economies Of Scale And Scope

Section: Chapter Questions

Problem 7.5IP

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