determine the production rate for a new productfrom thefollowing data. output(nu

Question

determine the production rate for a new productfrom thefollowing data. output(number ofunits)                          input($hr.)                50                                                   300               100                                                   500               150                                                  700               200                                                 1400               250                                                 2000 output(units perhour)               selling price (dollars per unit)                50                                                     16              100                                                     10              150                                                      9              200                                                      8              250                                                       7 (a) select the appropriate economic criterion and estimate theproduction rate(i.e. minimize input, maximize output or maximizethe difference between output and input) (b) is it possible to maximize output with minimuminput? determine the production rate for a new productfrom thefollowing data. output(number ofunits)                          input($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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