on her first engineering job joy was given the task ofdetermining the production

Question

on her first engineering job joy was given the task ofdetermining the production rate for a new product. she assembledthe following data. output(number ofunits)                          input($hr.) 50                                                           300 100                                                          500 150                                                         700 200                                                         1400 250                                                         2000 output(units perhour)               selling price (dollars per unit) 50                                                           16 100                                                          10 150                                                         9 200                                                         8 250                                                          7 (a) select the appropriate economic criterion and estimate theproduction rate(i.e. minimize input, maximize output or maximizethe difference between output and input) (b) is it possible to maximize output with minimuminput? on her first engineering job joy was given the task ofdetermining the production rate for a new product. she assembledthe following data. output(number ofunits)                          input($hr.) 50                                                           300 100                                                          500 150                                                         700 200                                                         1400 250                                                         2000 output(units perhour)               selling price (dollars per unit) 50                                                           16 100                                                          10 150                                                         9 200                                                         8 250                                                          7 (a) select the appropriate economic criterion and estimate theproduction rate(i.e. minimize input, maximize output or maximizethe difference between output and input) (b) is it possible to maximize output with minimuminput?

Explanation / Answer

We need to find where it produce the highestprofit output(number ofunits)                           Cost per good                50                                                    6               100                                                   5               150                                                   4.67               200                                                 7               250                                                 8 output(units perhour)                total profit=revenue-cost               50                                                    800-300=500              100                                                     1000-500=500              150                                                      1350-700.5=649.5              200                                                      1600-1400=200              250                                                       1750-2000=-250 So produce 150 units ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ I guess not, since the input and output has to match

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