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- True, False or Uncertain. Explain your answer. Own wage elasticity JELLlincrease if product demand elasticity n? is high. In short run, when there is an increase in wage rate, each firm will hire less labor and so the industry labor demand is simply the horizontal summation of firm's labor demand. а. b. Labor demand is represented by the marginal revenue produce schedule (MRP) when we have competitive product market while it will be represented by the value of marginal product schedule (VMP) when we have a product market monopolist. When elasticity of substitution, SLK, increase that means the L and K are less substitutable, and the isoquant will be L-shaped. Minimum wage imposed by the government is always bad for the economy because it increase unemployment and deadweight loss. с. d. e. 3.: The output of a certain machine can be increased if it undergoes a major overhaul now and it will result additional cash flow of $ 20,000 at the end of each year for “N” years. If i = 15 % per year, how much can we afford to invest to overhaul this machine?a) If you are an engineer for an automobile company, the annual requirements for spare parts are 3800 units for the assembly section. The cost of each item is 10 RO and the ordering cost is 0.35 RO. Storage cost is 14 % of an item cost. Find a-i) Economic order quantity. a-ii) Optimum cost. b) In the above problem if the supplier is offering a discount of 18 % of the item cost, the storage cost will increase to 15 %. then, Find: b-i) Economic order quantity; b-ii) Optimum cost. a-i) Economic order quantity a-ii) Optimum cost b-i) Economic order quantity b-ii) Optimum cost
- The annual demand of valves per year in a company is 10,000 units. The current order quantity is 400 valves per order. The holding cost is Rs. 24 per valve per year and the ordering cost is Rs 400 per order. If the current order quantity is changed to Economic Order Quantity, then the saving in the total cost of inventory per year will be11)Q1. How do you evaluate manufacturing process?APPLICATIONS F MAXIMA & MINIMA1 . The profit derived from producing a certain product isp = 30x -X2-200 where X = number of product unitsproduced per month . What level of production will yielda zero marginal profit ?
- Q.1 Explain the following: a) Productivity b) Standard Costing c) Fixed and Variable cost d) Marginal Costing e) Value Engineering Q.2 Define method study. Explain the various techniques of method study. Q.3 Discuss the various method of work measurement in detail. Q.4 What do you mean by the term " Financial incentives" and explain the various incentives payment schemes? Q.5 Explain the importance of MIS and role of MIS in decesion making. Q.6 Discuss the concept of value engineering and role of ergonomics in product design. Q.7 Explain the direct, indirect and overhead costs in detail. Q.8 Discuss concept of material management funtion. What are the activities involved in material management? Q.9 What are X,R, and C charts? Explain the process control charts for variables. Also explain the theory of runs. Q.10 Describe the various strategies for improving productivity in detail.Company ABC is planning to introduce a new advanced model for their Juice Maker product. The process is mainly fabrication of parts followed by assembly of the final product. The design team of the company is assigned to perform the following tasks. Show how the data is obtained (survey, literature, actual from records). Justify any assumptions used in your analyses. Strategy 1. To set strategy of the operation function based on the following: a. Quality as OQD and cost as OWD. b. The company position itself based on cost. c. The company policy of minimizing use of natural materials to be adopted and deployed. Product Design 2. To design the new model of the product based on the following analyses: a. Use of QFD as a design tool.TWM Company purchases 8000 units of product each year at a unit cost of $10.00. The order cost is $30.00 per order, and the holding cost per unit per year is $3.00. a) What are the economic order quantity, the total annual cost, the number of orders to place in one year, and the reorder point when the lead time is two weeks? b) What happens to the EOQ if backordering is possible and the stockout cost per unit per year is $1.00? c) The supplier is offering a special discount and has temporarily reduced his unit price from $10.00 to $9.00. What amount should be purchased to take advantage of the discount? d) The supplier will increase his unit price from $10.00 to $11.00 on 1 January. What amount should be purchased and delivered on 31 December before the price increase is effective if the stock position is 346 units? What will be the cost saving of the special purchase
- Quality has been defined as customer satisfaction (or "fitness for use"). Quality can also be defined as "conformance to specifications". In theory, if you create the right specifications and then manufacture a product that meets these specifications, you should achieve customer satisfaction. Consider the following four scenarios for a particular product: A) Conforms to specifications and is competitive in its adequacy. B) Conforms to specifications and is not competitive in its suitability. C) It does not conform to specifications and is competitive in its education. D) Does not conform to specifications and is not competitive in its education. Which of these are not, in theory, feasible, but in practice occur and cause a lot of conceptual confusion? Can you cite some examples?1. A certain batch of parts is routed through six machines in a batch production plant. The setup and operation times for each machine are given in the table below. Batch size is 200 and the average nonoperation time per machine is15 hr. Determine (a) manufacturing lead time and (b) hourly production rate for operation 4.Machine 1 2 3 4 5 6Setup time (hr) 5 3 6 4 5 3Operation time (min) 3.0 3.3 8.2 3.9 4.5 2.3 a. 6(4.3+200(3.9/60)+15) = 193.8 hours 24.2 days if 8 hour shiftb. 4(60)+200(3.9)/200 =5.1 hourly production for operation 4 2. Suppose the part in the previous problem is made in very large quantities on a production line in which an automated work handling system is used to transfer parts between machines. Transfer time between stations is 30 sec. total time required to setup the entire line is 102 hr. Assume that the operation times at the individual machines remain the same as in the previous problem, Determine (a) manufacturing lead time for a part coming off the line,…A luxury hotel in a tourist destination has 12 floors with 80 rooms. It also consist of a rooftop swimming pool, buffet and a pub. The hotel owner is looking to integrate and monitor the functioning of the building with a building management system. The system has to address the flowing a) List five requirements of the building that might yield for a BMS. b) Describe the function of the installed BMS for each corresponding requirement mentioned in part a. c) Evaluate and list three advantages of a building fitted with a full Building Management System