Business Calculus
A plastics firm has received an order from the city recreation department to manufacture 8,000 special Styrofoam kickboards for its summer swimming program. The firm owns 10 machines, each of which can produce 30 kickboards an hour. The cost of setting up the machines to produce the kickboards is $20 per machine. Once the machines have been set up, the operation is fully automated and can be overseen by a single production supervisor earning $15 per hour.
a. How many of the machines should be used to minimize the cost of production?
b. How much will the supervisor earn during the production run if the optimal number of machines is used?
c. How much will it cost to set up the optimal number of machines?
Please show work step by step
Homework Answers
Request Answer!
We need at least 4 more requests to produce the answer.
6 / 10 have requested this problem solution
The more requests, the faster the answer.
A manufacturing firm has received an order to make 400,000 souvenir medals. The firm owns 20...
A manufacturing firm has received an order to make 400,000 souvenir medals. The firm owns 20 machines, each of which can produce 200 medals per hour. The cost of setting up the machines to produce the medals is $80 per machine, and the total operating cost is $5.76 per hour. How many machines should be used to minimize the cost of producing the 400,000 medals? (Remember, the answer must be an integer) Please show all work and explain each step...
Assume that it costs a company approximately C(x) = 441,000 + 160x + 0.001x2 dollars to...
Assume that it costs a company approximately C(x) = 441,000 + 160x + 0.001x2 dollars to manufacture x units of a device in an hour at one of their manufacturing centers. How many devices should be manufactured each hour to minimize average cost? ______units. What is the resulting average cost of a device? $ _______ How does the average cost compare with the marginal cost at the optimal production level? Find how much they differ. $______
A) A manufacturer has a steady annual demand for 43, 520 cases of sugar. It costs $10 to store 1...
a) A manufacturer has a steady annual demand for 43, 520 cases of sugar. It costs $10 to store 1 case for 1 year, $34 in set up cost to produce each batch, and $15 to produce each case. Find the number of cases per batch that should be produced to minimize cost. b) Every year, the same manufacturer sells 107,856 cases of cookie mix. It costs them $2 per year in electricity to store a case, plus they must...
3. Suppose a firm competing in a perfectly competitve market uses machines (K) and workers (L)...
3. Suppose a firm competing in a perfectly competitve market uses machines (K) and workers (L) to produce containers of nails. Their production technology is given by q = (K)3 (L)3 . Suppose the firm already has 27 machines, the cost of people is w = $12 and each container of nails sell for P = $12. (a) Set up the firm’s problem. What time frame is being examined here? How many workers does the firm hire? How much does...
Need help within 30 minutes please! JL.52 A producer of industrial climate control modules has recently...
Need help within 30 minutes please! JL.52 A producer of industrial climate control modules has recently changed to cellular manufacturing. The production facility operates 250 days per year and has annual demand of 6,500 units They can produce up to 80 modules each day. It costs $18.50 to set up a work cell to produce this module. The cost of each module is $32 and annual holding costs are $4 per unit. Setup labor cost is $14 per hour. What...
Reid's Reeds produces reeds for musical instruments. Reeds are sold for $10 each. The business requires...
Reid's Reeds produces reeds for musical instruments. Reeds are sold for $10 each. The business requires skilled craftspeople that it must pay $40 an hour. Each reed producing machine costs $95 an hour to operate. Reed production is given by f(L,K) = 16L^(3/4)K^(1/4) so that the marginal product of labor is MPL = 12(K/L)^1/4 . The capital stock is fixed at 16 machines per hour. How much labor should the firm employ in the short run? How many reeds does...
VILPELLO P IU points) 4. A firm produces an output with the production function Q=KL, where...
VILPELLO P IU points) 4. A firm produces an output with the production function Q=KL, where Q is the number of units of output per hour when the firm uses K machines and hires L workers each hour. The marginal products for the production function are MPK = L and MP, = K. The price of K is 4 and the price of L is 2. The firm is currently using K =16 and just enough L (you have to...
Please help me to solve this problem. Thank you so much. 3. The manufacturing of Styrofoam...
Please help me to solve this
problem. Thank you so much.
3. The manufacturing of Styrofoam coffee cups causes damage to a local river when the manufacturing plant produces more than 500 units in a period. To discourage the plant from producing more than 500 units, the local community is considering placing a tax on the plant. The long-run cost curve for the firm 0t, where q is the number of coffee cups + tq, where q is the number...
Buckeye Manufacturing produces heads for engines used in the manufacture of trucks. The production line is...
Buckeye Manufacturing produces heads for engines used in the
manufacture of trucks. The production line is highly complex, and
it measures 900 feet in length. Two types of engine heads are
produced on this line: the P-Head and the H-Head. The P-Head is
used in heavy duty trucks and the H-Head is used in smaller trucks.
Because only one type of head can be produced at a time, the line
is set up to manufacture either the P-Head or the...
Problem 4-21 (Algorithmic) Greenville Cabinets received a contract to produce speaker cabinets for a major speaker manu...
Problem 4-21 (Algorithmic) Greenville Cabinets received a contract to produce speaker cabinets for a major speaker manufacturer. The contract calls for the production of 3,900 bookshelf speakers and 4,700 floor speakers over the next two months, with the following delivery schedule: Model Month 1 Month 2 Bookshelf 2,400 1,500 Floor 1,800 2,900 Greenville estimates that the production time for each bookshelf model is 0.8 hour and the production time for each floor model is hour. The raw material costs are...
VILPELLO P IU points) 4. A firm produces an output with the production function Q=KL, where Q is the number of units of output per hour when the firm uses K machines and hires L workers each hour. The marginal products for the production function are MPK = L and MP, = K. The price of K is 4 and the price of L is 2. The firm is currently using K =16 and just enough L (you have to...
Please help me to solve this
problem. Thank you so much.
3. The manufacturing of Styrofoam coffee cups causes damage to a local river when the manufacturing plant produces more than 500 units in a period. To discourage the plant from producing more than 500 units, the local community is considering placing a tax on the plant. The long-run cost curve for the firm 0t, where q is the number of coffee cups + tq, where q is the number...
Buckeye Manufacturing produces heads for engines used in the
manufacture of trucks. The production line is highly complex, and
it measures 900 feet in length. Two types of engine heads are
produced on this line: the P-Head and the H-Head. The P-Head is
used in heavy duty trucks and the H-Head is used in smaller trucks.
Because only one type of head can be produced at a time, the line
is set up to manufacture either the P-Head or the...
Problem 4-21 (Algorithmic) Greenville Cabinets received a contract to produce speaker cabinets for a major speaker manufacturer. The contract calls for the production of 3,900 bookshelf speakers and 4,700 floor speakers over the next two months, with the following delivery schedule: Model Month 1 Month 2 Bookshelf 2,400 1,500 Floor 1,800 2,900 Greenville estimates that the production time for each bookshelf model is 0.8 hour and the production time for each floor model is hour. The raw material costs are...
Most questions answered within 3 hours.
-
Language: Python
Function name : findwaldo
Parameters : string
Returns: int
Description: Write a recursive function...
asked 3 minutes ago -
1) A loan of RM 10,000 at a flat rate of 10% per annum was
repaid...
asked 9 minutes ago -
Suppose you have been following a particular airline stock for
many years. You are interested in...
asked 15 minutes ago -
Describe the organic pasta: Is it a normal/inferior
good? Is it a necessity/luxury? Does it have...
asked 17 minutes ago -
Are Republicans just as likely as Democrats to display the
American flag in front of their...
asked 26 minutes ago -
Select the true statement below.
nitrogen dioxide is a stronger potential oxidizing agent than
dinitrogen monoxide...
asked 30 minutes ago -
What’s the probability of getting a sequence of 1,2,3,4,5,6 if
we roll a dice six times?
asked 31 minutes ago -
Ibarra Corporation uses the FIFO method in its process costing
system. The first processing department, the...
asked 32 minutes ago -
Multiple Choice Question:
Jennifer Jones, a 38-year-old employee at a metal fabricating
plant, was injured in...
asked 36 minutes ago -
Assume that adults have IQ scores that are normally distributed
with a mean of µ =105...
asked 49 minutes ago -
Self-Study Problem 12.3
Part a:
Linda filed her tax return 2 months late. The tax paid...
asked 51 minutes ago -
1. How many MOLECULES of
boron trichloride are present in
8.03 grams of this compound ?...
asked 1 hour ago