Price Quantity Demanded Quantity Supplied $4 10 000 Tickets 8 000 Tickets $8 8 000 Tickets 8 000 Tickets $12 6 000 Tickets 8 000
1 answer:
Answer:
a) Draw the demand and supply curves. I have attached the supply and demand curves below
What is unusual about this supply curve? What might this be true? What is inusual is that the supply curve is vertical, which means that the supply for this market is perfectly inelastic. A perfectly inelastic supply occurs when supply does not respond to price, it stays at the same quantity regardless of price level and price changes.
b) What are the equilibrium price and quantity of tickets?
The equilibrium price is $8 and the equilibrium quantity is 8 000 tickets. The reason is that at the price of $8 both the quantity supplied and demanded is equal to 8 000 tickets.
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Answer:
a. See attachment below
b. 60 seconds per unit
c. 4 workstations
d. See attachment below
e. Efficiency = 81.25%
Explanation:
b.
Time required = 60 units per hour
Task time = Time required to for production per units
Since 1 hour is required for 60 units and there are 3600 seconds in one hour (60 * 60)
This is calculated by.
3600seconds/60 units
= 60 seconds per unit
c. Theoretical Number of workstations is calculated by:
Total Time Taken/Task Time
=(30 + 50 + 25 + 10 + 25 + 15 + 10 + 30)/60
= 195/60
= 3.25
This is round up to 4 workstations
d. See Attachment Below
e. Efficiency is calculated as:
(Total Time Taken)/ (Theoretical Workstations * Task Time)
= 195/(4 * 60)
= 195/240
= 0.8125
= 81.25%
