Econ Engineering analysis Problems: #1-18, 35, 54 1-18: The three economic crite

Question

Econ Engineering analysis

Problems: #1-18, 35, 54

1-18: The three economic criteria for choosing the best alternative are maximize the difference between output and input, minimize input, and maximize output. For each of the following situations, what is the correct economic criterion?

A manufacturer can sell up to two full shifts of production at a fixed price. As production is increased, unit costs increase as a result of overtime pay and so forth. The manufacturer’s criterion should be _____________

An architectural and engineering firm has been awarded the contract to design a wharf with fixed performance specifications for a petroleum company. The engineering firm’s criterion for its client should be ___________.

An off-campus book store is choosing its target used/new split for next year. Its criterion should be_______.

At an auction of antiques, a bidder for a particular porcelain statue would be trying to ________.

1-35: Find the ethics code for the professional society of your major. ( Civil Engineering )

    (a) Summarize its key points.

   (b)What are its similarities and differences in comparison to NSPE’s ethics code?

1-54: A manufacturing firm has received a contract to assemble 1000 units of test equipment in the next year. The firm must decide how to organize its assembly operation. Skilled workers, at $33 per hour each, can individually assemble the test equipment in 2.6 hours per unit. Alternatively, teams of four less skilled workers (at $19 per hour each) can assemble a unit in one hour. Which approach is more economical?   Civil Engineering )

Explanation / Answer

Answer 1-18 :

a) minimize input (costs)

As production costs would be minimized subject to output

b) maximize ouput

Increasing the production , so that customers can benefit .

c) maximize output

Increasing the number the books should be the target as it will enhance revenues.

d) maximize the difference between input and output

A bidder always try to maximize the value , which is the difference between input and output.

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