Answer:
the marginal revenue product of baseball players is greater than the marginal revenue product of college professors.
Explanation:
Baseball players are responsible for a baseball teams' revenues, and they add up billions of dollars per year. For example, Max Scherzer sells jerseys, caps and other merchandise for millions of dollars, and his team winning the World Series this year increases the team's revenue greatly. Sometimes even without winning a championship some players still generate lots of revenue.
An individual's salary should be proportional to the revenue that they generate. Colleges have huge amounts of revenue, and college professors are responsible for a large portion of it.
The problem hear is that there are a lot of college professors and assistants, and the revenue must be split between many people. For example, Harvard University's revenue is about $5.5 billion per year, but it has over 16,000 employees (including about 2,400 professors).
The interpretation of the result is that the maximum value of the objective function is 29
<h3>How to solve and interpret the result?</h3>
The objective function is given as:
Max z = 3x₁ + 5x₂+ 4x₃
The constraints are:
2x₁ +3x₂ ≤ 18
2x₁ + x₂ ≤ 10
3x₁ + 2x₂ +4x₃ ≤ 15
x₁, x₂, x₃ ≥ 0
Subtract the second inequality from the first
2x₁ - 2x₁ + 3x₂ - x₂ ≤ 18 - 10
Evaluate the like terms
2x₂ ≤ 8
Divide by 2
x₂ ≤ 4
Substitute 4 for x₂ in 2x₁ +3x₂ ≤ 18
2x₁ +3*4 ≤ 18
This gives
2x₁ + 12 ≤ 18
Evaluate the like terms
2x₁ ≤ 6
Divide by 2
x₁ ≤ 3
Substitute 4 for x₂ and 3 for x₁ in 3x₁ + 2x₂ +4x₃ ≤ 15
3*3 + 2*4 +4x₃ ≤ 15
This gives
17 +4x₃ ≤ 15
Evaluate the like terms
4x₃ ≤ -2
Divide by 4
x₃ ≤ -0.5
From the constraints, we have:
x₁, x₂, x₃ ≥ 0
So, we set all negative values to 0
This means that:
x₃ ≤ 0
Substitute these values in the objective function
Max z = 3 * 3 + 5 * 4 + 4 * 0
Evaluate
Max z = 29
Hence, the interpretation of the result is that the maximum value is 29
Read more about objective functions at:
brainly.com/question/11206462
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A. It is decreased by 50,000 (I'm 50% sure)
6% of 50,000 is 3,000
Answer:
Labor Efficiency Variance = $12,480 Unfavorable
Explanation:
Labor Efficiency variance calculates the capacity utilization of labor.
Formula for Labor Efficiency Variance = ( Standard Labor Hours - Actual Hours) Standard Rate
Standard Labor hours for actual output = 10,000 units 2 hours = 20,000 hours
Standard Rate = $12.00
Actual Hours = 21,040 hours
Therefore, Labor Efficiency Variance = (20,000 - 21,040) $12
= - $12,480
Since the value is negative it is unfavorable as actual hours is more than standard hours.