a) Find the value of consumption, leisure and labour supply. Find the Utility of the Worker b) How does the labour supply change is the worker now get a bonus of $100 regardless of number hours worked? Is leisure normal or inferior. c) Now assume that the wages fall to $10/2-hour – how does the labour supply
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- A manager faces peak (weekly) demand for one of her op-erations, but is not sure how long the peak will last. She caneither use overtime from the current workforce, or hire/lay off and just pay regular-time wages. Regular-time pay is$500 per week, overtime is $750 per week, the hiring cost is$2,000, and the layoff cost is $3,000. Assuming that peopleare available seeking such a short-term arrangement, howmany weeks must the surge in demand last to justify a tem-porary hire? Hint: Use break-even analysis (see SupplementA, “Decision Making”). Let w be the number of weeks ofthe high demand (rather than using Q for the break-evenquantity). What is the fixed cost for the regular-time option?Overtime option?ERE G # 4. A company that makes shopping carts for supermarkets and other stores recently purchased some new equipment that reduces the labor content of the jobs needed to produce the shopping carts. Prior to buying the new equipment, the company used five workers, who produced an average of 80 carts per hour. Workers receive $10 per hour, and machine cost was $40 per hour. With the new equipment, it was possible to transfer one of the workers to another department, and equipment cost increased by $10 per hour while output increased by four carts per hour. a. Compute labor productivity under each system. Use carts per worker per hour as the measure of labor productivity.. b. Compute the multifactor productivity under each system. Use carts per dollar cost (labor plus equipment) as the measure. c. Comment on the changes in productivity according to the two measures, and on which one you believe is the more pertinent for this situation..11. Martha's utility function is U(x, y) = min {x + 2y, 2x + y). George's utility function is U(x, y) = min{2x + 4y, 4x + 2y}. If George and Martha have the same income and face the same prices for the goods x and y, a. George and Martha will both demand the same amount of y. b. c. Martha will always prefer George's consumption bundle to her own. George will always prefer Martha's consumption bundle to his own. George will demand more x than Martha demands. d. e. None of the above.
- Manufacturers Inc. (MI) currently has a labor force of 10, which can produce 600 units per period. The labor cost is now $5000 per period per employee. The company has a long-standing rule that does not allow it to make use of any overtime. In addition, the product cannot be subcontracted, due to the specialized nature of the machinery that MI uses to produce it. As a result, MI can only increase/decrease production by hiring or laying off employees. The cost is $10000 to hire or lay off an employee. Inventory carrying costs are $200 per unit for any unsold items at the end of the period. The inventory level at the beginning of period 1 is 400 units. The forecast demand is 700 in period 1,600 in period 2,450 in period 3, 250 in period 4,500 in period 5, and 550 in period 6. a.) Compute the costs of the Chase Demand Strategy. b.) Compute the costs of the Level Strategy c.) Compare the costs of the two strategies. Which one is superior?The management of Hartman Company is trying to determine the amount of each of two products to produce over the coming planning period. The following information concerns labor availability, labor utilization, and product profitability: Labor-Hours Required Department A B с (hours/unit) Product 1 Product 2 Hours Available Production 1.00 0.30 Profit contribution/unit $30.00 0.20 38.27 0.35 0.20 0.50 $15.00 (a) Develop a linear programming model of the Hartman Company problem. Solve the model to determine the optimal production quantities of products 1 and 2. If required, round your answer to two decimal places. Product 1 Product 2 69.77 M 95 72.09 38 50 (b) In computing the profit contribution per unit, management does not deduct labor costs because they are considered fixed for the upcoming planning period. However, suppose that overtime can be scheduled in some of the departments. Which departments would you recommend scheduling for overtime? Dept A What is the upper limit of what…A local firm manufactures children’s toys. The projected demand over the next fourmonths for one particular model of toy robot isForecasted DemandMonth Workdays (in aggregate units)July 23 3,825August 16 7,245September 20 2,770October 22 4,440 Assume that a normal workday is eight hours. Hiring costs are $350 per workerand firing costs (including severance pay) are $850 per worker. Holding costsare $4.00 per aggregate unit held per month. Assume that it requires an averageof 1 hour and 40 minutes for one worker to assemble one toy. Shortages are notpermitted. Assume that the ending inventory for June was 600 of these toys and themanager wishes to have at least 800 units on hand at the end of October. Assume thatthe current workforce level is 35 workers. Find the optimal plan by formulating as alinear program
- Manufacturers Inc. (MI) currently has a labor force of 10, which can produce 600 units per period. The labor cost is now $5000 per period per employee. The company has a long-standing rule that does not allow it to make use of any overtime. In addition, the product cannot be subcontracted, due to the specialized nature of the machinery that MI uses to produce it. As a result, MI can only increase/decrease production by hiring or laying off employees. The cost is $10000 to hire or lay off an employee. Inventory carrying costs are $200 per unit for any unsold items at the end of the period. The inventory level at the beginning of period 1 is 400 units. The forecast demand is 700 in period 1,600 in period 2,450 in period 3, 250 in period 4,500 in period 5, and 550 in period 6. a.) Compute the costs of the Chase Demand Strategy.A client of yours comes to you wondering about overtime. They are working regular 45 hour weeks and not receiving overtime. Without actual specific information on certain necessities, you know your client is a hourly vet tech (does not require a degree) at a local Veterinary office with 4 veterinarians and approx. 10 total staff. Explain your answer using reasonable rational assumptions about information you will need to answer your client. Does this Employee deserve overtime pay? A detailed answers citing specific law requirements is required.You are the manager of a large but privately held online retailer that cur- rently uses 17 unskilled workers and 6 semiskilled workers at its ware- house to box and ship the products it sells online. Your company pays its unskilled workers the minimum wage but pays the semiskilled workers $7.75 per hour. Thanks to government legislation, the minimum wage will increase from $6.55 per hour to $7.25 per hour on July 24, 2009. Discuss the implications of this legislation on your company’s operations and in particular the implications for your optimal mix of inputs and long-run investment decisions.
- Type here to search AF2 女 3 E D A fourteen day job to install 10,000 linear feet of pipe is coming up. If each worker can install 10 linear feet an hour in a ten hour day, what is the minimum number of workers you will need to complete the job in time? 4 F4 $ 발 R FL [ с F5 % 5 T 团 G 12 F6 6 W F7 Y H & 7 F8 U A * 00 8 J F9 09 F10 9 K 76°F Light rain E F11 > O O ^ L F12 PWhich of the following options is correct regarding labor supply Select one or more options: -The fact that individuals come together and form a monopson means that they can increase their wages at any given labor demand. -A higher salary will always lead to the individual wanting to work more -The "backward-curved" curve for the individual's labor supply is due to the fact that we have a limited amount of time per day that we can work. -The individual's choice of the amount of working time depends on how the individual values consumption and leisure time, respectivelyJane Reed bakes breads and cakes in her home for parties and other affairs on acontract basis. Jane has only one oven for baking. One particular Monday morningshe finds that she has agreed to complete five jobs for that day. Her husband Johnwill make the deliveries, which require about 15 minutes each. Suppose that shebegins baking at 8:00 A.M.Job Time Required Promised Time1 1.2 hr 11:30 A.M2 40 min 10:00 A.M.3 2.2 hr 11:00 A.M.4 30 min 1:00 P.M.5 3.1 hr 12:00 NOON6 25 min 2:00 P.M.Determine the sequence in which she should perform the jobs in order tominimizea. Mean flow time.b. Number of tardy jobs.c. Maximum lateness.