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- A price-taking firm has a production function given byFind the optimal levels of purchase x* and y*A study published in Social Science Medicine, “Production Functions for General Hospitals,” estimated the following general hospital production function: Q = 5*Staff.34*Beds.64*Drugs.04*Specialists.02, where Q is a measure used by the authors for patient care. Hospital Management has set a target of Q = 50. Suppose input prices are Pstaff = 12, Pbeds = 5, Pdrugs = 15, Pspecialists = 30. Use Excel Solver or otherwise to find the following: How many Staff and Specialists should Hospital Management employ to produce Q = 100 and minimize cost of production for that output? A. 8.293; .195. B. 5.59; .082. C. 9.654; 5.672. D. .20.453; 2.136. E. 18.751; 3.468
- Suppose you have been hired as a management consultant by a major oil company to help it optimally price gasoline at its service stations. Your client would like your team to perform a study on customers' gasoline purchasing habits when they notice an increase in the price of gas. You have access to the following groups of people: Group Description Number in Group People who have not noticed a gas-price increase 30 People who drive electric cars 35 People who have recently noticed a gas-price increase 80 People who ride their bikes to work 20 People who ride the bus 100 To set up your experiment on how price-increase awareness impacts customer behavior, you would have ______ people in your treatment group and ______ people in your control group.What level should production be fixed in order to minimize averge coastWhat weekly production level (number of sleeping bags) will maximize profit?
- A farmer has recently acquired a 110 hectares piece of land. He has decided to grow Wheat and barley on that land. Due to the quality of the sun and the region’s excellent climate, the entire production of Wheat and Barley can be sold. He wants to know how to plant each variety in the 110 hectares, given the costs, net profits and labor requirements according to the data shown below: Variety Wheat Cost (price/hec) 100 Net Profit (Price/hec) 50 Man-days/Hecs 10 Barley 200 120 30 The farmer has a budget of US$10,000 and an availability of 1,200 man-days during the planning horizon. In addition, the farmer would like to get a profit of at least $3000. Generate the mathematical model for the optimal usage of land area to produce wheat and barley. Using graphical method to optimize land usage, how many hectares are to be used for wheat and barley.Fit a straight line trend by the method of least squares for the following consumer price index numbers of the industrial workers. Year 2010 2011 2012 2013 2014 Index number 166 177 198 221 225Show all your work. Indicate clearly the methods you use, because you will be scored on the correctness of your methods as well as on the accuracy and completeness of your results and explanations. The movement patterns of animals are believed to be affected by their physiological states (such as hunger), predation risk, and other factors such as whether they are searching for food for their young. Optimal foraging theory predicts that foragers (animals searching for food) with a central home location should move faster the farther they are from home. American beavers are foragers with a central home location that make foraging trips from their lodge and then return. To test the optimal foraging theory, researchers trapped and radio-tagged a random sample of 67 American beavers from the population in a certain region and recorded their movements over the course of about a year. The researchers fit a least-squares regression line to the data, where the explanatory variable was…
- The peak shopping time at a pet store is between 8-11:00 am on Saturday mornings. Management at the pet store randomly selected 25 customers last Saturday morning and decided to observe their shopping habits. They recorded the number of items that a sample of the customers purchased as well as the total time the customers spent in the store. Identify the types of variables recorded by the pet store. number of items - discrete; total time - continuous number of items - continuous; total time - discrete number of items - continuous; total time - continuous number of items - discrete; total time - discrete 0000.Show all your work. Indicate clearly the methods you use, because you will be scored on the correctness of your methods as well as on the accuracy and completeness of your results and explanations. The movement patterns of animals are believed to be affected by their physiological states (such as hunger), predation risk, and other factors such as whether they are searching for food for their young. Optimal foraging theory predicts that foragers (animals searching for food) with a central home location should move faster the farther they are from home. American beavers are foragers with a central home location that make foraging trips from their lodge and then return. To test the optimal foraging theory, researchers trapped and radio-tagged a random sample of 67 American beavers from the population in a certain region and recorded their movements over the course of about a year. The researchers fit a least-squares regression line to the data, where the explanatory variable was…The graph below shows response curves for three drugs, A, B, and C. The horizontal axis is dosage, and the vertical axis is response. (Note: The horizontal green line on the graph marks the minimum desired response level. The horizontal red line on the graph marks the maximum safe response level.) eb1c07da-7833-3e6e-9020-d2aae79d619a_90a3... A webwork.uits.iu.edu/webwork2_files/tmp/FA21-BL-MATH-M1... (a) Which drug requires the largest dose for the desired response? 10 (Enter A, B, or С.) The smallest dose? (Enter A, B, or C.) (b) Which drug has the largest maximum response? Нах B A (Enter A, B, or С.) Hin The smallest? 1,0 -1 10 (Enter A, B, or С.) -1 (c) Assuming (as your textbook does) that drugs with broader ranges of safe and reliable dosages are safer to administer, which of these drugs is the safest to administer? (Enter A, B, or C.)