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- Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.Specify and explain the typical shapes of marginal-benefit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefit, should more or fewer resources be allocated to this product? Explain.1. Assume you must choose between two mutually exclusive alternatives: A or B. The explicit benefit you receive from alternative A, bª, is equal to $100. And, the explicit cost of choosing alternative A, c*, is $80. Also, the explicit benefit to choosing alternative B, b", is $120. What is the accounting return for choosing alternative A, r^? Given r and b", what is the explicit cost that you are willingness to pay (WTP) for alternative B, WTP"? Please include the formulas from class in your answer. How would WTPB change ifr^ increased by $5? Explain. your Using the original set of values for explicit costs and benefits, what would be your economic return to choosing alternative How does this relate to the concept of consumer surplus? if the price that you were charged was $95? Please interpret.
- 8. Discuss the impact of the following factors on the optimal method of procur- ing an input. a. Benefits from specialization. b. Bureaucracy costs. c. Opportunism on either side of the transaction. d. Specialized investments. e. Unspecifiable events. f. Bargaining costs.After graduating college Allen wants to start a business selling hats. He has saved $10,000 which will be enough for the startup costs for his online store. His dad thinks that he should instead invest in a mutual fund that pays 3% per year. If Allen will have materials and labor costs of $4,000 per year and expects a total revenue of $5,500 per year, what is his opportunity cost of starting this business? d. Opportunity costs is not measured in dollars, but only the time he will spend on his business. c. The opportunity cost is $10,000 because he will have to spend that to start the company. a. There is no opportunity cost because he is making a profit. O b. His opportunity cost is the $300 he would have earned from the mutual fund.Which of the following is NOT true regarding static and flexible budgeting? a. Static budgets force managers to be responsible for volume fluctuations b. Flexible budgets are better than static budgets for determining the actual performance of a person or venture after controlling for volume effects. C. Performance budgets are adjusted for changes in volume d. Static budgets vary with volume
- 9. The Manal County refuse department runs two recycling centers. Center 1 costs $40 to run for an eight hour day. In a typical day 140 pounds of glass and 60 pounds of aluminum are deposited at Center 1. Center 2 costs $50 for an eight-hour day, with 100 pounds of glass and 180 pounds of aluminum deposited per day. The county has a commitment to deliver at least 1540 pounds of glass and 1440 pounds of aluminum per week to encourage a recycler to open up a plant in town. How many days per week should the county open each center to minimize its cost and still meet the recycler's needs? Let x be the number of days per week Center 1 is open and y be the number of days per week Center 2 is open. The linear programming problem associated with this question is as follows: Minimize the function z = 40x + 50y (Cost of operating the two centers) subject to the constraints: 140x + 100y 2 1540 (glass) 60x + 180y 2 140 Alm. 0.Problem 5/ A manufacturing firm has budgeted 40 thousand per month for labor and materials. If $x thousand is spent on labor and $y thousand is spent on materials, and if the monthly output (in units) is given by N(x, y) = 2xy-6y How should the 40 thousand be allocated to labor and materials to maximize N : x+y=40. What is maximum N?b.A clothing manufacturer makes trousers, skirts and blouses. Each trouser requires 20 minutes of cutting time, 60 minutes of sewing time and 5 minutes of packaging time. Each skirt requires 15 minutes of cutting time, 30 minutes of sewing time and 12 minutes of packaging time. Each blouse requires 10 minutes of cutting time, 24 minutes of sewing time and 6 minutes of packaging time. The amount of time available for cutting, sewing and packaging is 115 hours, 280 hours and 65 hours respectively. Using either the Inverse Method or the Cramer’s Rule, determine how many of each type of clothing should be made to use all available labor hours?
- 2. A construction site uses two types of workers - skilled (S) and unskilled (U). They produce feet of new pavement (Q) per day according to the production function Q = 100S -5S² + 50U-5U² Skilled workers are paid $200 per day, while unskilled workers are paid $100 per day. The company paid $40,000 for equipment for the skilled workers. The company has a daily budget of $2,000 to hire skilled and unskilled workers. a. How many skilled and unskilled workers should be hired in order to produce the most pavement? Show your work/thought process: b. What is the profit-maximizing Q?2. A construction site uses two types of workers - skilled (S) and unskilled (U). They produce feet of new pavement (Q) per day according to the production function Q = 100S -5S² + 50U-5U² Skilled workers are paid $200 per day, while unskilled workers are paid $100 per day. The company paid $40,000 for equipment for the skilled workers. The company has a daily budget of $2,000 to hire skilled and unskilled workers. a. How many skilled and unskilled workers should be hired in order to produce the most pavement?2. You are thinking to start your food catering business by making rolled tacos, which are often called taquitos (corn tortillas) and flautas (flour tortillas). As suggested, one important step is to estimate startup costs and prepare the budget. Your estimate shows, on a daily basis, your fixed cost (FC), including rent, utility, fees and tax, is about $300 per day. Your variable cost (VC) is largely depending on the units of labor (variable input) you are going to use. Hiring one labor will cost you $120 per day. Use the information given, to finish the questions below. (1) The table below presents the cost structure of your taco business. The first two columns give you the number of your output or tacos (Y) and the units of labor inputs. To finish this table, you need to calculate variable cost (VC), total cost (TC), marginal cost (MC), average variable cost (AVC) and average total cost (ATC). Note: MC = ATC / AY. Output, Variable input and Costs (per day) Таcos Labor VC TC MC AVC…