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Calling all Economics experts

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Old 06-08-2005, 05:15 PM   #1
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Calling all Economics experts

I have this question I'm having a problem with. My professor is giving me an answer but I have no clue how he's getting it. He's horrible at explaining things so I've given up trying to figure out his rationale.

Here's the problem, let me know what you think.

The Largo Publishing House uses 400 printers and 200 printing presses to produce books. A printer's wage rate is $20, and the price of a printing press is $5000. The last printer added 20 books to total output, while the last press added 1000 books to total output. Is the publishing house making the optimal input choice? Why or why not? If not, how should the manager of Largo Publishing House adjust input usage.
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Old 06-08-2005, 06:58 PM   #2
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Re: Calling all Economics experts

Is this accounting? Reminds me of what we were doing toward the end of the semester in Accounting II!
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Old 06-08-2005, 08:17 PM   #3
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Re: Calling all Economics experts

This is one of those MR=MC type of things isn't it? Let me give it some thought
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Old 06-08-2005, 10:09 PM   #4
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Re: Calling all Economics experts

Here's what I came up with.

For the printers its $20/20 books = 1. Simple enough, my professor agrees with this answer.

Here's where it gets messy. For the presses I again did the wage/rate and got $5000/1000 = 5. Seems to make sense to me, but my professor says it's 50/100 = .5.

I have no clue where he's getting this from, and he's horrible at explaining things.

Here's my ultimate dilemma though. I have to present this answer, and others, tomorrow night in class. Should I present his answer, or mine?? If I present his answer and someone calls me out on it, I'm gonna have no clue what to say. I'm pretty sure his answer is wrong. I guess I'm just going to present his answers and if someone asks I'll just defer to him.
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Old 06-08-2005, 10:16 PM   #5
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Re: Calling all Economics experts

Maybe it's $50 for every 100 books you print out?
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Old 06-08-2005, 10:16 PM   #6
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Re: Calling all Economics experts

matty, i wouldnt present yours, if you know its wrong. Someone will definitely call you on it. Go to a math forum somewhere, and post the question. Ask for proof. I bet someone helps you.
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Old 06-08-2005, 10:18 PM   #7
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Re: Calling all Economics experts

post the solution when you get here dude. i want to see it.
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Old 06-08-2005, 10:26 PM   #8
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Re: Calling all Economics experts

Quote:
Originally Posted by Monksdown
matty, i wouldnt present yours, if you know its wrong. Someone will definitely call you on it. Go to a math forum somewhere, and post the question. Ask for proof. I bet someone helps you.
I think my answer is right and his is wrong.
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Old 06-08-2005, 10:32 PM   #9
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Re: Calling all Economics experts

Then definitely present yours. but prepared for a scene from that movie "Back to School", where Sam Kennison screams alot at Rodney Dangerfield. You have to be Rodney tomorrow.
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Old 06-08-2005, 10:32 PM   #10
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Re: Calling all Economics experts

That's something good to say. Call your profs out.
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Old 06-09-2005, 09:36 AM   #11
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Re: Calling all Economics experts

I'm going to present his answers. If someone calls me out, I'll just play dumb and ask the professor for help. He's jumped in and helped other groups during their presentations before so I'm sure he'd do it again. I'm not going to openly challenge him because if he turns out to be right, I'll look like a total ass.

If someone has a problem with the answers, hey, they're the ones the professor gave me. He'll defend his answers.

This is one of those classes where nobody knows what's going on. The prof is a horrible teacher. He's a great research guy, but he can't teach worth squat.
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Old 06-10-2005, 10:27 AM   #12
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Re: Calling all Economics experts

By the way my teacher was wrong. I knew that answer he gave me was wrong!

Someone in class asked about it and I let him fumble over the answer.
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