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ECE 353 Entire Course

Dec 1st, 2014
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  1.  
  2. This paperwork of ECON 545 Week 8 Final Exam shows the solutions to the following problems: 1. (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets.
  3. (a.) (15 points) You know from data collected on the Widget Market that market demand and market supply have both increased recently. As manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility?
  4. Remember that supply and demand are about the market supply and market demand, which is bigger than your own company. You are being given data on supply and demand for the whole market and are being asked what effect that has on you as a small part of that market.
  5. (b.) (15 points) Now, suppose that following the supply and demand changes in (a), a substitute good goes up in price, and your costs of production increase. What new decisions will you make regarding production levels and pricing for your Widget facility?
  6. 2. (TCO B) Here is some data on the demand for marshmallows:
  7. Price Quantity
  8. $10 100
  9. $ 8 300
  10. $ 6 700
  11. $ 4 1300
  12. $ 2 2200
  13. (a.) (15 points) Is demand elastic or inelastic in the $6-$8 price range? How do you know?
  14. (b.) (15 points) If the table represents the demand faced by a monopoly firm, then what is that firm
  15. Business - General Business
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  20. Question :
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  24. (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets.
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  26. (a.) (15 points) You know from data collected on the Widget Market that market demand and market supply have both increased recently. As manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility?
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  28. Remember that supply and demand are about the market supply and market demand, which is bigger than your own company. You are being given data on supply and demand for the whole market and are being asked what effect that has on you as a small part of that market.
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  30. (b.) (15 points) Now, suppose that following the supply and demand changes in (a), a substitute good goes up in price, and your costs of production increase. What new decisions will you make regarding production levels and pricing for your Widget facility?
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  40. Question :
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  44. (TCO B) Here is some data on the demand for marshmallows:
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  46. Price Quantity
  47. $10 100
  48. $ 8 300
  49. $ 6 700
  50. $ 4 1300
  51. $ 2 2200
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  53. (a.) (15 points) Is demand elastic or inelastic in the $6-$8 price range? How do you know?
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  55. (b.) (15 points) If the table represents the demand faced by a monopoly firm, then what is that firm’s marginal revenue as it increases output from 1300 units to 2200 units? Show all work. (Be careful here!)
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  65. Question :
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  69. (TCO C) You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below.
  70. Total Total
  71. Workers   Labor Cost  Output  Revenue
  72. 1  $500  100  $700
  73. 2  1000  280  1150
  74. 3  1500  440  1440
  75. 4  2000  540  1570
  76. 5  2500  600  1670
  77. 6  3000  630  1710
  78. 7  3500  640  1730
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  80. (a.) (6 points) What is the marginal product of the second worker?
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  82. (b.) (6 points) What is the marginal revenue product of the fourth worker?
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  84. (c.) (6 points) What is the marginal cost of the first worker?
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  86. (d.) (12 points) Based on your knowledge of marginal analysis, how many workers should you hire? Explain you answer.
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  93. Follow the link Now for full guide - https://bitly.com/1wyOkCU
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  95. Where you study is as important as the actual activity of studying. A dorm room is probably not the greatest study environment. Find a quiet area, like the library, to do your work. Libraries are a great choice. If you have to study in your dorm, put in ear plugs or headphones.
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