Pricing and demand will be taken as exogenously determined. Your goal is to efficiently use the inputs. This starts with what might be termed the short short-run, where all inputs are fixed, but they can be reallocated to different purposes. It then moves to the short-run, where some inputs (e.g., labor) is variable, but other inputs (e.g., capital) are fixed. It concludes with the long-run, where all inputs are variable.
Part A: The ‘short short-run’
The 4-A clinic consists of four workers (Sam, Ann, Trey, and Lina) who share some or all of the following tasks: performing a medical procedure, follow-ups, and tests. The data below gives their time per task, in minutes. Assume that each can work up to six hours per day (e.g., 360 minutes) at these tasks, but no more. ‘N/A’ means that the individual isn’t qualified to perform the medical procedure.
|
Individual |
Medical procedures |
Follow-ups |
Tests |
|
Sam |
21 |
10 |
5 |
|
Ann |
15 |
9 |
6 |
|
Trey |
N/A |
20 |
8 |
|
Lina |
N/A |
18 |
6 |
Each patient seen will ultimately need one medical procedure, two routine follow- ups, and three routine tests.
Reallocating the labor:
In: Economics
What is meant by "divine command theory"? Is divine command theory an objective ethical theory or a relativistic one? Finally, how does Plato's dialogue, the Euthyphro, pose a challenege to the divine comand theory? Can this challenege be overcome?
SUBJECT: PHILOSOPHY
In: Psychology
What is the difference between Capitalism, Socialism, Communism, and Trade Unionism?
In: Economics
A small entrepreneurial company is trying to decide between developing two different products that they believe they can sell to two potential companies, one large and one small. If they develop Product A, they have a 50% chance of selling it to the large company with annual purchases of about 20,000 units. If the large company won't purchase it, then they think they have an 80% chance of placing it with a smaller company, with sales of 15,000 units. On the other hand if they develop Product B, they feel they have a 40% chance of selling it to the large company, resulting in annual sales of about 17,000 units. If the large company doesn't buy it, they have a 60% chance of selling it to the small company with sales of 20,000 units.
*Need excell formula for each cell*
| What is the probability that Product A will be purchased by the smaller company? | ||||||||
| What is the probability that Product B will be purchased by the smaller company? | ||||||||
| How many units of Product A can they expect to sell? | ||||||||
| How many units of Product B can they expect to sell? | ||||||||
In: Math
A conducting metallic spherical shell of inner radius a and outer radius b has a net positive charge Q on it. Using Gauss' law, calculate the electric field for the three regions defined by the shell: a) For r<z b) For a<r<b (inside shell) c) For r>b d) If we place a negative point -q at the center of the spherical shell, how would your answers to (a), (b), and (c) change? Calculate and explain.
Please explain answer...I want to understand the concepts used. Thank you in advance...I will rate.
In: Physics
In: Biology
A cross-country pipeline transports crude oil at a rate of 500,000 barrels per day. The pressure of the oil leaving Pumping Station A is 500 psig. The pressure at the inlet of Pumping Station B is 75 psig. Station B is at an elevation 157 feet higher than Station A. Given the crude oil density is 48.0 lbm/ft3 and one barrel is equivalent to 42 gallons, determine (a) the work loss (ft∙lbf /lbm) between A and B and (b) the equivalent power consumed in the process (horsepower).
Fluid Mechanics
In: Other
Today I read articles and texts about Dirac monopoles and I have been wondering about the insistence on gauge potentials. Why do they seem (or why are they) so important to create a theory about magnetic monopoles?
And more generally, why do we like gauge potentials so much?
In: Physics
The equilibrium constant (KP) is 0.16 at a particular temperature for the reaction: N2O4(g) ⇌ 2NO2(g)
Given the following sets of initial conditions, what is the net change that must occur for the reaction to reach equilibrium? Does the reaction shift left to reach equilibrium, does the reaction shift right to reach equilibrium or is the reaction at equilibrium at these initial concentrations so no net change will occur?
equilibrium, left, right? PNO2 = 0.154
atm, PN2O4 = 0.148 atm
equilibrium, left, right? PNO2 = 0.210 atm,
PN2O4 = 0.138 atm
equilibrium, left, right ? PNO2 = 0.149 atm,
PN2O4 = 0.05 atm
equilibrium, left, right? PNO2 = 0.087 atm,
PN2O4 = 0.13 atm
equilibrium, left, right? PNO2 = 0.068 atm,
PN2O4 = 0.058 atm
In: Chemistry
Why have we not seen a US-based terrorist organization established with the goal to see the US end its’ war?
In: Psychology
Write a complete C++ program that prompts the user for the price of the prix fixe menu choice. The program should then prompt the user for the number of guests in the party. The program should then calculate the bill including tax and tip then print the results to the console in the form of a receipt
For C++ Programming (I need it for C++ without using importing from java.)
In: Computer Science
Problem 5-29 Changes in Cost Structure; Break-Even Analysis; Operating Leverage; Margin of Safety [LO5-4, LO5-5, LO5-7, LO5-8]
Morton Company’s contribution format income statement for last
month is given below:
| Sales (49,000 units × $29 per unit) | $ | 1,421,000 | |
| Variable expenses | 994,700 | ||
| Contribution margin | 426,300 | ||
| Fixed expenses | 341,040 | ||
| Net operating income | $ | 85,260 | |
The industry in which Morton Company operates is quite sensitive to cyclical movements in the economy. Thus, profits vary considerably from year to year according to general economic conditions. The company has a large amount of unused capacity and is studying ways of improving profits.
Required:
1. New equipment has come onto the market that would allow Morton Company to automate a portion of its operations. Variable expenses would be reduced by $8.70 per unit. However, fixed expenses would increase to a total of $767,340 each month. Prepare two contribution format income statements, one showing present operations and one showing how operations would appear if the new equipment is purchased.
2. Refer to the income statements in (1). For the present operations and the proposed new operations, compute (a) the degree of operating leverage, (b) the break-even point in dollar sales, and (c) the margin of safety in dollars and the margin of safety percentage.
3. Refer again to the data in (1). As a manager, what factor would be paramount in your mind in deciding whether to purchase the new equipment? (Assume that enough funds are available to make the purchase.)
4. Refer to the original data. Rather than purchase new equipment, the marketing manager argues that the company’s marketing strategy should be changed. Rather than pay sales commissions, which are currently included in variable expenses, the company would pay salespersons fixed salaries and would invest heavily in advertising. The marketing manager claims this new approach would increase unit sales by 30% without any change in selling price; the company’s new monthly fixed expenses would be $359,513; and its net operating income would increase by 20%. Compute the company's break-even point in dollar sales under the new marketing strategy.
In: Accounting
What is internationalism? Which recent president is known for this style of foreign policy?
In: Economics
Timmy, a second-grader, wasn’t feeling like himself. A month ago his best friend moved to another city, leaving Timmy feeling sad, miserable, and with no one to play with in his free time. His mom and dad were worried because he was no longer interested in kite-flying, something he had really enjoyed for a long time. Timmy also tried to make excuses for why he should stay home from school. Sometimes Timmy wouldn’t go to sleep at night, and he wasn’t interested in eating any of his favorite foods. His parents worried about how sad he always seemed. After a month of worry, his parents decided to take Timmy to a family counselor.
How do you think the counselor will help Timmy?
In: Psychology
Explain how and why Japan escaped western imperialism in the middle of the nineteenth century.
In: Economics