Calling all Economics experts

MTK · 06-08-2005, 05:15 PM

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.

skinsguy · 06-08-2005, 06:58 PM

Is this accounting? Reminds me of what we were doing toward the end of the semester in Accounting II!

SmootSmack · 06-08-2005, 08:17 PM

This is one of those MR=MC type of things isn't it? Let me give it some thought

MTK · 06-08-2005, 10:09 PM

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.

skinsguy · 06-08-2005, 10:16 PM

Maybe it's $50 for every 100 books you print out?

Monksdown · 06-08-2005, 10:16 PM

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.

Monksdown · 06-08-2005, 10:18 PM

post the solution when you get here dude. i want to see it.

MTK · 06-08-2005, 10:26 PM

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.

Monksdown · 06-08-2005, 10:32 PM

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.

TheMalcolmConnection · 06-08-2005, 10:32 PM

That's something good to say. Call your profs out.

MTK · 06-09-2005, 09:36 AM

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.

MTK · 06-10-2005, 10:27 AM

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.

06-08-2005, 05:15 PM	#1
MTK \m/ Join Date: Feb 2004 Age: 52 Posts: 99,741	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. __________________ Support The Warpath! \| Warpath Shop

06-08-2005, 06:58 PM	#2
skinsguy Pro Bowl Join Date: Feb 2004 Location: Greensboro, North Carolina Posts: 6,766	Re: Calling all Economics experts Is this accounting? Reminds me of what we were doing toward the end of the semester in Accounting II! __________________ "Fire Up That Diesel!"

06-08-2005, 08:17 PM	#3
SmootSmack Uncle Phil Join Date: Feb 2004 Posts: 45,256	Re: Calling all Economics experts This is one of those MR=MC type of things isn't it? Let me give it some thought __________________ You're So Vain...You Probably Think This Sig Is About You

06-08-2005, 10:09 PM	#4
MTK \m/ Join Date: Feb 2004 Age: 52 Posts: 99,741	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. __________________ Support The Warpath! \| Warpath Shop

06-08-2005, 10:16 PM	#5
skinsguy Pro Bowl Join Date: Feb 2004 Location: Greensboro, North Carolina Posts: 6,766	Re: Calling all Economics experts Maybe it's $50 for every 100 books you print out? __________________ "Fire Up That Diesel!"

06-08-2005, 10:16 PM	#6
Monksdown The Starter Join Date: Feb 2005 Location: Warrenton, Virginia Age: 44 Posts: 1,515	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.

06-08-2005, 10:18 PM	#7
Monksdown The Starter Join Date: Feb 2005 Location: Warrenton, Virginia Age: 44 Posts: 1,515	Re: Calling all Economics experts post the solution when you get here dude. i want to see it.

06-08-2005, 10:32 PM	#9
Monksdown The Starter Join Date: Feb 2005 Location: Warrenton, Virginia Age: 44 Posts: 1,515	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.

06-08-2005, 10:32 PM	#10
TheMalcolmConnection I like big (_\|_)s. Join Date: Dec 2004 Location: Charlottesville, Virginia Age: 43 Posts: 19,254	Re: Calling all Economics experts That's something good to say. Call your profs out. __________________ Regret nothing. At one time it was exactly what you wanted.

06-09-2005, 09:36 AM	#11
MTK \m/ Join Date: Feb 2004 Age: 52 Posts: 99,741	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. __________________ Support The Warpath! \| Warpath Shop

06-10-2005, 10:27 AM	#12
MTK \m/ Join Date: Feb 2004 Age: 52 Posts: 99,741	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. __________________ Support The Warpath! \| Warpath Shop

Calling all Economics experts

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