Question
In: Math
Analysis of daily output by a factory employee shows that, on average, the number of units...
Analysis of daily output by a factory employee shows that, on average, the number of units per hour produced after t hours on the job can be modeled by y = 70t + 0.5t 2 − t 3 where 0 ≤ t ≤ 8.
(a) Thinking about the context of this problem, explain why t-values in this model might be restricted to values between t = 0 and t = 8.
(b) Find all the critical numbers for this function. Hint: You may want to use the quadratic formula or a quadratic program on your calculator as part of this calculation.
(c) Which critical number(s) that you found in part (b) make sense in this problem? Explain your reasoning in the context of this problem.
(d) For the critical number(s) you stated in part (c), explain, in the context of this problem, what this critical number tells you.
Solutions
milcah answered 2 years agoRelated Solutions
The following table shows the daily relationship between the number of workers and output (Q) for...
The following table shows the daily relationship between the
number of workers and output (Q) for a small factory in the short
run, with capital held constant. Each worker costs $200 per day,
and the firm has fixed costs of $100 per day. Calculate total
cost (TC), marginal cost (MC), and average total cost
(ATC). (Round your answers to two decimal places.)
WORKERS Q TC MC ATC
1 20 ? ? ?
2 44 ? ? ?
3 70...
The table below shows the weekly relationship between output and number of workers for a factory...
The table below shows the weekly relationship between output and
number of workers for a factory with a fixed size of plant.Number
of Workers Output001502110330044505590666577008725971010705a.
Calculate the marginal product of labor. b. At what point do
diminishing returns set in? Explain. c. Based on the table above,
if the wage rate is $500.00 and the price of output is $5, how many
workers should the firm hire?
The following table shows a part of the daily labor-output relationship for a firm. In this...
The following table shows a part of the daily labor-output
relationship for a firm. In this table q is the quantity of output
produced and L the amount of labor required to produce the
corresponding level of output. For example, to produce 2 units of
output per day we need a total of 50 units of labor and to produce
5 units per day we need a total of 120 units of labor. The wage
rate is $40 per day...
The following table shows a part of the daily labor-output relationship for a firm. In this...
The following table shows a part of the daily labor-output
relationship for a firm. In this table q is the quantity of output
produced and L the amount of labor required to produce the
corresponding level of output. For example, to produce 2 units of
output per day we need a total of 50 units of labor and to produce
5 units per day we need a total of 120 units of labor. The wage
rate is $40 per day...
The following table shows part of the probability distribution for the number of boats sold daily...
The following table shows part of the probability distribution
for the number of boats sold daily at Boats Unlimited. It is known
that the average number of boats sold daily is 1.57. x f(x) 0 0.20
1 0.30 2 0.32 3 ? 4 0.05 5 0.02 Compute the variance and the
standard deviation for this probability distribution.
The following table shows part of the probability distribution for the number of boats sold daily...
The following table shows part of the probability distribution
for the number of boats sold daily at Boats Unlimited. It is known
that the average number of boats sold daily is 1.57. x f(x) 0 0.20
1 0.30 2 0.32 3 ? 4 0.05 5 ? Complete the distribution by computing
the probabilities of selling 3 nd 5 boats per day.
All boats sell for $2000. What is the standard deviation of the
daily revenue of the company?
What is the average fixed cost of producing 8 units of output?
QuantityofOutputFixedCostVariableCostTotalCostAverageFixedCostAverageVariableCostAverageTotalCostMarginalCost1$23$332$383$704$645$1106$1187$1438$185Refer to Table 13-14. What is the average fixed
cost of producing 8 units of output?
The Bureau of Labor Statistics shows that the average insurance cost to a company per employee...
The Bureau of Labor Statistics shows that the average insurance
cost to a company per employee per hour is $1.84 for managers and
$1.99 for professional specialty workers. Suppose these figures
were obtained from 14 managers and 15 professional specialty
workers and that their respective population standard deviations
are $0.38 and $0.51. Assume that such insurance costs are normally
distributed in the population.
a. Calculate a 98% confidence interval to estimate the difference
in the mean hourly company expenditures for...
If the average inventory is 4,000 units and the number of units ordered per month is...
If the average inventory is 4,000 units and the number of units
ordered per month is 15,000, compute the number of orders per
month. Round to two decimals.
1. An entrepreneur is: a. an employee in a factory. b. the manager of a factory....
1. An entrepreneur is:
a. an employee in a factory.
b. the manager of a factory.
c. the person who conceives and starts a
business.
d. the person who contracts to work for a specific price.
e. the person who does not assume any risk in business
2. The study of microeconomics and macroeconomics differ in
that:
a. macroeconomics is concerned with the domestic economy and
macroeconomics is concerned only with the international
economy.
b. microeconomics examines the individual markets...
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