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- 1. How would you define “engineering economy”? 2. Explain why differences between alternatives are of major interest in engineering economystudies. 3. What is the difference between a monopoly and an oligopoly? Give at least one example ofeach. SUBJECT: ENGINEERING ECONOMYPanther Acre Cattle Company - Chapter 7 Lab A typical farm or ranch problem is determining the optimum or profit-maximizing weight to sell fed cattle. Assume the feeder cattle are purchased at 600 pounds. The feed required and the weight gain is shown in the table below. Feed costs 7¢ per pound and feeder cattle prices are as follows: Weight Price per Pound 600-899 lbs 72¢ go to 3rd 900-1099 lbs decimal 1100 lbs or more 70¢ Point 67¢ Pay attention to the price changes when computing MVP. Input Output Feed Weight Selling Required Gain Weight Total Average Marginal Marginal Marginal Revenue Physical Physical Value Input (lbs) (lbs) (lbs) Product Product Product Cost 600 0 0 600 432 XXX XXX XXX XXX 500 50 So 650 468 0.10 0.083 1,100 145 as 745 536.40 0.132 6.158 1,700 235 aol 835 601.20 0.138 0.15 2,300 320 85 920 644 0.139 2,900 400 80 1,000 700 0.138 3,500 465 65 1,065 745, 50 0.133 4,100 525 60 1,125 753.75 0.128 4,700 575 SO 1,175 787.25 0.122 5,300 615 40 1,215 814.05 0.116 5,900 645…Part (b) The diagram below represents a monopoly market with one privately owned power generator. P 90 75 60 45 30 15 0 0 10 20 30 D 40 ATC 50 b1. Show the expected social losses from having a monopoly. Draw in any extra lines you need to show your solution. b2. If a law is passed requiring marginal cost pricing in the above market, what problem would there be for this privately owned power generator. Support your answer with a diagram.
- (a) Why MUL is called a monopoly? Does it enjoy monopoly in car manufacture? (b) In what way do customers surfer from monopoly practices of MUL. (c) What do you suggest to remedy the situation?A) MR B) AR C) MC D) TC E) AC(a) Draw a correctly labeled graph for a monopoly and show each of the following. (i) The profit-maximizing quantity, labeled QM (ii) The profit-maximizing price, labeled PM (b) Assume the monopoly now engages in perfect price discrimination. On your graph in part (b), show the profit-maximizing quantity for the price discriminating monopoly, labeled QPD. (c) Based on your answer to part (b), will a perfectly competitive market produce a larger, smaller, or the same quantity as the perfectly price discriminating monopolist? Explain.
- 2- Valencia Products makes automobile radar detectors and assembles two models. LaserStop and Speed Buster. The firm can sell all its produces. Both models use the same electronic components. Two of these can be obtained only from a single supplier. For the next month, the supply of these is limited to 4,000 of component A and 3,500 of component B. The number of each component required for each product and the profit per unit are given in the table. Components required /unit A Profit/unit LaserStop 18 $124 SpeedBuster 12 8. $136 a. Identify the decision variables, objective function, and constraints. b. Mathematically formulate a linear optimization model. C. Solve the problem using Excel Solver. Solve the problem using Excel SolverTwo companies must collaborate to develop a new product. They must choose between two products, product A or product B. While Company ABC has a patent for product A, Company XYZ has a patent for product B. If a product gets developed, the company without a patent must pay licensing fees of $200K. The companies' profits (in $1000) are as follows: Table 2: Product Innovation ABC Product A Product B XYZ Product A Product B 300,100 0,0 1. What are the equilibria in pure strategies? 2. Which basic game does it resemble? 0,0 100,300Help Save Suppose a corporation has two subsidiaries, one of which is unregulated and sells all of its output to the other, regulated subsidiary. Permitted profits at the regulated subsidiary are equal to 10 percent of total costs. The initial profit picture for the subsidiaries is provided in the table below: Unregulated Subsidiary Regulated Subsidiary Total $ 650,000 N/A revenue $ 350,000 $300,000 $1,000,000 $ 100,000 Total costs Total profit If the unregulated subsidiary doubles its selling price to the regulated subsidiary, what are the new profits at Instructions: Enter your responses as a whole number. (a) The unregulated subsidiary? profit = $ (b) The regulated subsidiary? profit = $ & 23 24 8. *00 w/ %S4
- Please help me to realize the ethical issues involved in BP's oil spill? 2. Why is the Atlantis drilling rig a potential ethical and environmental disaster for BP? What would it mean for BP as a company and a brand to have two disastrous oil leaks in the Gulf? 3. In relation to the Deepwater Horizon disaster, CEO Tony Hayward stated that it was the responsibility of the owner of the rig, not BP's, to maintain safety. Who is ultimately responsible for safety - BP or the owners of each individual rig? I think the owners but I really want to make sure.Show full answers to part c) d) & e)RMC, Inc., is a small firm that produces a variety of chemical products. In a particular production process, three raw materials are blended to produce two products: a fuel additive and a solvent base. Each ton of fuel additive is a mixture of 2/5 ton of material 1 and 3/5 ton of material 3. A ton of solvent base is a mixture of ½ ton of material 1, 1/5 ton of material 2, and 3/10 ton of, material 3. After deducting relevant costs, the profit contribution is $40 for every ton of fuel additive produced and $30 for every ton of solvent base produced. RMC’s production is constrained by a limited availability of the three raw materials. For the current production period, RMC has 20 tons of material 1, 5 tons of material 2, and 21 tons of material 3 that are available for production. Assuming that RMC is interested in maximizing the total profit contribution, answer the following: a. Find the optimal solution. How many tons of each product should be produced, and what…