The main reason why a production possibilities frontier would have a concave shape is: a) because consumers face diminishing marginal returns in consumption. b) because as a country specializes in one product, it must give up more of the other. c) because of decreasing opportunity costs d) because the rate at which one good can be substituted for another is fixed.
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- Spectrum Hair Salon is considering expanding itsbusiness, as it is experiencing a large growth. Th e question iswhether it should expand with a bigger facility than needed,hoping that demand will catch up, or with a small facility,knowing that it will need to reconsider expanding in three years.Th e management at Spectrum has estimated the followingchances for demand:• Th e likelihood of demand being high is 0.70.• Th e likelihood of demand being low is 0.30.Estimated profi ts for each alternative are as follows:• Large expansion has an estimated profi tability of either$100,000 or $70,000, depending on whether demand turnsout to be high or low.• Small expansion has a profi tability of $50,000, assuming thatdemand is low.• Small expansion with an occurrence of high demand wouldrequire considering whether to expand further. If thebusiness expands at this point, the profi tability is expected tobe $90,000. If it does not expand further, the profi tability isexpected to be $60,000.Idle production capacity may be related to inventory or capacity management. How would thepricing component of the marketing mix reduceidle production capacity for (a) a car wash, (b) astage theater group, and (c) a university?A large manufacturer of household consumer goods is considering integrating an aggregate planning model into its manufacturing strategy. Two of the company vice presidents disagree strongly as to the value of the approach. What arguments might each of the vice presidents use to support his or her point of view?
- (a) Explain how the long-run average cost curves will differ between a private hospital and a soft-drink manufacturing company, and discuss how this would affect the optimum output level in each company. (b) Formidable Manufacturing Company has the following cost functions in the short run, where production level, Q is measured in ‘000s of units:?? = 0.5?3 − 2?2 + 5??? = 7(i) Calculate the optimum output level for this company in the short run (ii) Calculate the marginal cost for this company at a production level of 2,500 units(iii) The industry for in which Formidable Manufacturing Company operates classifies its members by the following output:Size Micro Small Medium LargeOutput (Q): 0-1000 1000-3000 3000-6000 >6000In the long run, the AVC for this industry is given by: ??? = 0.4?2 − 3? + 15.Determine the optimum plant size for this industry. (c) In merging with Air Jamaica, Caribbean Airlines sought to gain an advantage from operating with economies of scale. Discuss the ways in…Montreal Hardware Co. is making a make-or-buy decision. The market feedback shows that the optimal price for this item is $10 each. If the item is outsourced to Laval Hardware Co, there is virtually no cost other than the $6 per unit that they would pay Laval Hardware Co. Internally, they have two choices. Process A requires an investment of $120,000 for design and equipment, but it results in a $4 per unit cost. Process B requires only a $100,000 investment, but its per unit cost is $5. Regardless of whether the item is subcontracted or produced internally, there is a 50% chance that they will sell 50,000 units, and a 50% chance that they will sell 100,000 units. Draw the decision tree appropriate to the alternatives and outcomes stated. Using decision trees and EMV, what is their best choice?. Montreal Hardware Co. is making a make-or-buy decision. The market feedback shows that the optimal price for this item is $10 each. If the item is outsourced to Laval Hardware Co, there is virtually no cost other than the $6 per unit that they would pay Laval Hardware Co. Internally, they have two choices. Process A requires an investment of $120,000 for design and equipment, but it results in a $4 per unit cost. Process B requires only a $100,000 investment, but its per unit cost is $5. Regardless of whether the item is subcontracted or produced internally, there is a 50% chance that they will sell 50,000 units, and a 50% chance that they will sell 100,000 units. Draw the decision tree appropriate to the alternatives and outcomes stated. Using the decision tree and EMV, what is their best choice?
- Table below is the cost breakdown per pound for typical big three cereal firms and private labels, which is constructed based on the Exhibit 2 and other information of RTE cereal case. Analysts believe that big three firms can drive private labels out of the market if big three lower their prices by 8 cents. What is the best recommendation of strategist to big three firms? Exhibit 2. Cost Breakdown per Pound for Typical Big Three Cereal Firms and Private Labels (a) Big three should lower their prices by 8 cents because it will increase their market share. (b) Big three should not lower their prices because it is too cruel to private labels. (c) Big three should consider if the profit when they drive private labels out of the market while lowering the price is greater than the profit when they let the private label in the market while keeping their prices. (d) None of the above. Explain each of the alternatives.EZ-Windows, Inc. manufacturers replacement windows for the home remodeling business. In January, the company produces 15,000 windows and ended the month with 9,000 windows in inventory. EZ-Windows' management team would like to develop a production schedule for the next three months. A smooth production schedule is obviously desirable because it maintains the current workforce and provides a similar month-to-month operation. However, given the sales forecasts, the productioncapacities, and the storage capabilities as shown in Table 2, the management team does not think a smooth production schedule with the same production quantity each month possible.The company's cost accounting department estimates that increasing production by one window from one month to the next will increase total costs by $1.00 for each unit increase in the production level. In addition, decreasing production by one unit from one month to the next will increase total costs by $0.65 for each unit decrease in the…Please do not give solution in image format thanku Bob's candle factory is considering three different manufacturing options. Option A uses hand labor with fixed costs of $10,000 and variable costs of $2.75/candle. Option B uses a combination of hand and automation with fixed costs of $15,000 and variable costs of $1.10/candle. Option C is highly automated with fixed costs of $20,000 and variable costs of $0.75/candle. a. If demand for Bob's candles is 2500, which option should he pick, and what is the cost? b. If demand for Bob's candles is 4500 which option should he pick, and what is the cost?
- Chiog-Chang Kuo is considering opening a new foundry in Denton, Texas; Edwardsville, Illinois; or Fayetteville, Arkansas, to produce high-quality riOe sights. He has assembledthe following fixed -cost and variable-cost data: a) Graph the total cost lines.b) Over what range of annual volume is each facility going to have a competitive advantage?c) What is the volume at the intersection of the Edwardsville and Fayetteville cost lines?State whether the following statements are true or false:a. Monopolist over converse resources from a dynamic efficiency perspective.b. Given a competitive oil market and zero extraction cost, dynamic efficiency entails that the current price equals the present discounted value of the future price.Southeast Soda Pop, Inc., has a new fruit drink forwhich it has high hopes. John Mitten thai, the production planner,has assembled the fo llowing cost data and demand forecast: John's job is to develop an aggregate plan. The three initialoptions he wants to evaluate are:• Plan A: a strategy that hires and fires personnel as necessaryto meet the forecast.• Plan B: a level strategy.• Plan C: a level strategy that produces 1,200 cases per quarterand meets the fo recast demand with inventory and subcontracting.a) Which strategy is the lowest-cost plan?b) If you are John's boss, the VP for operations, which p lan doyou implement and why?
