Related Questions
Q2:
agency is having problems with personal phone calls made during working hours.Each minute of a personal call costs the agency $0.50 in wasted wages.The agency hires operators to monitor calls in order to attain the optimal number of personal calls [minimize total cost of personal calls].
Based on the above information,if operators receive $25 an hour,what is the minimum possible total cost of personal calls [per hour]? A]$460 B]$255 C]$120 D]$ 85 E]none of the aboveQ3:
an unconstrained maximization problem A]the decision maker seeks to maximize net benefits. B]the decision maker seeks to maximize total benefits. C]the decision maker does not take cost into account because there is no constraint. D]the decision maker does not take the objective function into account because there is no constraint. E]none of the above
Q4:
A manager in charge of new product development can hire engineers and market researchers.The annual salary of an engineer is $40,000 while a market researcher receives $20,000.The marginal contribution of engineers and market researchers are:
Based on the above information,how should a manager with an annual budget of $140,000,allocate this budget in order to maximize the number of new products developed? A]Hire one engineer and five market researchers B]Hire two engineers and three market researchers C]Hire three engineers and one market researcher D]Hire four engineers and four market researchersQ5:
continuous choice variable A]must be continuously varied to attain the goal. B]can take on only special values between two end points. C]is in unconstrained but not constrained problems. D]all of the above E]none of the above
Q6:
agency is having problems with personal phone calls made during working hours.Each minute of a personal call costs the agency $0.50 in wasted wages.The agency hires operators to monitor calls in order to attain the optimal number of personal calls [minimize total cost of personal calls].
Based on the above information,if operators receive $25 an hour,how many operators should the agency hire? A]0 B]1 C]2 D]3 E]4Q8:
a constrained minimization problem,the decision maker A]is constrained by the specific amount of total benefits. B]is constrained by the choice set of values for the activities. C]seeks to minimize the cost of achieving a specific goal. D]all of the above E]none of the above
Q9:
A manager in charge of new product development can hire engineers and market researchers.The annual salary of an engineer is $40,000 while a market researcher receives $20,000.The marginal contribution of engineers and market researchers are:
Based on the above information,if the manager has an annual budget of $140,000 and currently is hiring two engineers and three market researchers,then A]the last dollar spent on an engineer yielded more new products than the last dollar spent on a market researcher. B]the last dollar spent on a market researcher yielded more new products than the last dollar spent on an engineer. C]he is making the correct decision because engineers make more than market researchers. D]he is making the correct decision because the last market researcher hired was more productive than the last engineer hired.Q10:
Use the following marginal benefit and marginal cost functions for activity A: MB = 100 5A MC = 20 + 3A The optimal level of A is A]40 B]30 C]20 D]10 E]0
Q11:
Choice variables A]determine the value of the objective function B]determine the constraint C]can only take on integer values D]cannot be continuous E]both c and d
Q12:
Refer to the figure below,which shows marginal benefits [MB]and marginal cost [MC]of activity A:
If the decision maker is choosing 300 units of activity A, A]this level maximizes net benefits. B]if the activity is increased by one unit,net benefits will increase by $20. C]if the activity is decreased by one unit,net benefits will decrease by $20. D]both b and c E]all of the above