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- c) Explain how you found your price and minimum number of kayaks from part b above. (Use a minimum of 3 sentences.) d) Suppose after a few weeks the company is in the red. The company is not selling enough kayaks to stay operable and must file for bankruptcy unless something changes quickly. Write a script that you would use to pitch to the CEO and CFO explaining a change (or changes) that can be quickly implemented to generate the revenue the company needs to refrain from going under. (Use a minimum of 6 sentences.)Jordan is calculating the worth of a computer by comparing its costs and benefits, including quality, relative to similar laptops. In Jordan’s view, it is often worth it to spend a little more to obtain a product with higher performance. What is Jordan calculating?The owner of Tommy's Technicians has found that his shop is losing money and he is in jeopardy of going out of business. Sales have remained constant for quite some time and now he is looking at ways to cut expenses to stay in business. Which of the following expenses is his best choice to try to immediately reduce and save him meaningful dollars so he can remain in business? (Hint: First consider which ones he has ultimate control over?) Rent expense Utilities expense Payroll expense Shop insurance expense Advertising expense
- Refer to the table below. Behaving as a "rational optimizer," how many units of this activity should be carried out? Units of Total Total Activity Cost Benefit 0 $0 $0 $2 $12 $6 $22 $12 $30 $20 $36 $30 $40 $42 $42 $56 $43 1 2 3 4 5 6 7 A. 2 B. 3 C. 4 D. 5 E. 6The profit of a company, in dollars, is the difference between the company's revenue and cost. The cost, C(x), and revenue, R(x), are functions for a particular company. The x represents the number of items produced and sold to distributors. C(x)=-2300+40x R(x)=840x-x² a) Determine and simplify the profit function. Write your answer in descending order. P(X)-Assume that B = -Q 2 + 4,500Q and C= 2Q 2 are the benefits and costs of increasing the units of X-brand energy drink (in a 500 ml bottle). B. What is the profit-maximizing value of Q? Solve the problem using a tabular solution, showing the Profit, MB, MC and MNB values; assume Q varies by 50 units (in 500 ml bottle). Highlight the profit maximizing level.
- BPO Services is in the business of digitizing information from forms that are filled out by hand. In 2006, a big client gave BPO a distribution of the forms that it digitized in house last year, and BPO estimated how much it would cost to digitize each form. Form Type Mix of Forms Form Cost A 0.2 $0.80 B 0.2 $0.40 C 0.2 $0.40 D 0.2 $1.60 E 0.2 $0.80 The expected cost of digitizing a form is $__________- . Suppose the client and BPO agree to a deal, whereby the client pays BPO to digitize forms. The price of each form processed is equal to the expected cost of the form that you calculated in the previous part of the problem. Suppose that after the agreement, the client sends an equal mix of forms of types D and E only. The expected digitization cost per form of the forms sent by the client is $___________ . This leads to an expected loss of $__________ per form for BPO. (Hint: Do not round your answers. Enter the loss as a positive number.)Marty used to be a bartender making $5,000 a year but he quit in order to become a clown that does shows at birthday parties. His clown car and costumes cost $7,000 and he did a lot of shows in the past year, making $13,000 in revenue but paying $2,000 in variable costs for balloons, gas, etc. Marty asked an accountant and an economist to calculate his profit. What did they report?Fig 2.1 illustrates the law of diminishing returns in seeking the optimum system (or component) performance and hence the need to balance the performance against the cost. Give examples of two pairs of characteristics other than performance versus cost where optimizing one frequently competes with the other, and briefly explain why they do.
- A toll road commission is planning to locate garages for tow trucks along a 94-mile circular highway. Each garage has a fixed cost of $4,500 per day. Towing jobs are equally likely along any point of the highway, and cost per mile towed is $47. If there were 4,500 towing jobs per day, what number of garages would minimize the sum of the fixed costs and towing costs? Instructions: Enter your answer as a whole number. garagesSuppose you have t = 5 hours in total to spend on some projects to make some money. The table below shows how many dollars you can make (Total Revenue) in each of the three projects I, II, III if you spend the corresponding number of hours on that project: How would you allocate your time across the projects?What is the maximum total money you could make?The table shows the marginal cost C'), the marginal revenue R'(x) for producing x items. The third column, P'(x). is partially completed. All values are in dollars per item. (a) Complete the remaining entries in the third column. (b) What does the table tell you about the revenue function? (c) Find the production level that maximizes profit. (a) Complete the remaining entries in the third column of the table on the right. c'(x) R'(x) P'(x) -21 62 41 (b) What does the table tell you about the revenue function? Select one and complete the box, if necessary. 10 41 41 40 14 41 O A. Items sell for $ each. 70 41 41 O B. There is not enough information to determine anything about the revenue function. 90 206 41 - 165 (c) Find the production level that maximizes profit. Profit P(x) is a maximum when x= items are produced.