9. The type of job shop where customers arrive at the firm to place orders for the same typ of product at regular interval is known as _ a) Job produced at irregular intervals b) Job produced periodically at regular intervals c) Job produced at regular intervals d) Job produced only once at regular intervals 10. All products and services can be considered as having. a) Design, make and sell b) Design, process and package c) Concept, package and process d) Concept, process and sell 11. Majority of service jobs fall into these categories except a) health care b) education c) dry cleaning d) All the above 12. Operations management is generally concerned with the management of and required by organizations to produce goods and services. a) land, machinery b) goods, planning

9. The type of job shop where customers arrive at the firm to place orders for the same typ of product at regular interval is known as _ a) Job produced at irregular intervals b) Job produced periodically at regular intervals c) Job produced at regular intervals d) Job produced only once at regular intervals 10. All products and services can be considered as having. a) Design, make and sell b) Design, process and package c) Concept, package and process d) Concept, process and sell 11. Majority of service jobs fall into these categories except a) health care b) education c) dry cleaning d) All the above 12. Operations management is generally concerned with the management of and required by organizations to produce goods and services. a) land, machinery b) goods, planning

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Quantity/Output Total Fixed Cost Average Fixed Cost Total Variable Cost Average Variable Cost Total Cost Average Total Cost Marginal Cost (units) (dollars) (dollars) (dollars) (dollars) (dollars) (dollars) (dollars) 0 $50 $0 10 $50 $20 25 $50 $40 45 $50 $60 60 $50 $80 70 $50 $100
(Figure: French Fries and Apple Pie Slices) If income is $24 and apple pie slices sell for $6 each, which point in this figure represents the utility-maximizing consumption bundle? French Fries A 3 0 point a a d 4 Apple Pie Slices 6 10 4₁
PRINT YOUR NAME (LAST) (FIRST) Aggregate Cost Data Unit Cost Data Average Average Average I Fixed Variable Total Cost TC Marginal Quantity Fixed Variable Total Change in I Cost of Output (FC) (VC) Cost ATC Cost Cost Total Cost (TC) (ATC) Plot MC at Output Cost Cost IFC VC $600 $ 0 $ 600 I XX XX XX XX $3.00 $300 50 100 600 300 900 I $6.00 $3.00 $9.00 100 1.00 150 200 600 400 | 3.00 2.00 5.00 50 .50 - 250 300 1050 I 2.00 1.50 1.00 350 400 1150 I 1.50 1.38 2.88 200 2.00 - 450 500 600 750 1350 I 1.20 1.50 550 600 600 1200 1800 3.00 10.00 - 650 700 2200 2800 I.85 3.15 PLOT THE APPROPRIATE DATA FROM THE PRECEDING TABLE ON THE GRAPHS ON P. 134 AND 135 BEFORE ANSWERING THE EIGHT QUESTIONS BELOW. QUESTIONS 5-8 ARE ON PAGE 136. 1. How is marginal cost (ATC/AQ) represented in your graph on page 134? 2. On your graph on page 135 Variable Cost per unit (VC/Q or average variable cost) is at a minimum at an output level of, units. 3. On your graph on page 135 Total Cost per unit (TC/Q or average…