Assume that the hypothetical economy of Molpol has 8 workers in year 1, each working 1,200 hours per year (40 weeks at 30 hours
per week). The total input of labor is 9,600 hours. Productivity (average real output per hour of work) is $10 per worker
Instructions: In parts a and b, round your answers to the nearest whole number. In part c, round your answer to 2 decimal places.
a. What is real GDP in Molpol? Suppose work hours rise by 2 percent to 9,792 hours per year and labor productivity rises by 5 percent to $10.5
b. In year 2, what will be Molpol's real GDP?
c. Between year 1 and year 2, what will be Molpol's rate of economic growth? percent
Instructions: In parts a and b, round your answers to the nearest whole number. In part c, round your answer to 2 decimal places.
a. What is real GDP in Molpol? Suppose work hours rise by 2 percent to 9,792 hours per year and labor productivity rises by 5 percent to $10.5
b. In year 2, what will be Molpol's real GDP?
c. Between year 1 and year 2, what will be Molpol's rate of economic growth? percent
1 answer:
Answer:
Answer for the question:
Assume that the hypothetical economy of Molpol has 8 workers in year 1, each working 1,200 hours per year (40 weeks at 30 hours per week). The total input of labor is 9,600 hours. Productivity (average real output per hour of work) is $10 per worker
Instructions: In parts a and b, round your answers to the nearest whole number. In part c, round your answer to 2 decimal places.
a. What is real GDP in Molpol? Suppose work hours rise by 2 percent to 9,792 hours per year and labor productivity rises by 5 percent to $10.5
b. In year 2, what will be Molpol's real GDP?
c. Between year 1 and year 2, what will be Molpol's rate of economic growth? percent
Is given in the attachment.
Explanation:
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Answer:
Best reorder size = 216
Reorder point = 35
Explanation:
Required:
Using the above information, find the best order size and the reorder point.
To find the best order size, EOQ, use the formula:
Best reorder size is 216 mufflers
To find the reorder point, use the formula:
R = d' L + z
Where d' = average daily demand
L = lead time in days
z = number of standard deviation from a specified probability
= standard deviation of usage in lead time
Daily demand, d'=
12 mufflers
Since lead time is 2 working days, standard deviation of lead time
Therefore,
R = d' L + z
= (12 * 2) + (1.28 * 8.48)
= 24 + 10.9
= 34.9
Approximately 35
Reorder point is = 35 mufflers
In a situation where the firm is at point D and an increase the production of bike tires by 300 units, the opportunity cost will be <u>200 truck tires.</u>
When the firm is at point B and decides to increase the production of truck tires by 400 units, in this case, the opportunity cost will be<u> 500 bike tires.</u>
Opportunity cost simply means the potential benefit that an economic entity loses when it engages in another activity.
Learn more about opportunity cost on:
