Drying times for newly painted microwave oven cabinets are normally distributed with a mean of 2.5 minutes and a standard deviation of 0.25 minutes. After painting, each cabinet is mated with its electronic modules and mechanical components. The production manager must decide how much time to allow after painting before these other components are installed. If the time is too short, the paint will smudge and the unit will have to be refinished. If the time is too long, production efficiency will suffer. A consultant has concluded that the time delay should be just enough to allow 99.8% of the cabinets to dry completely, with just 0.2% ending up being smudged and sent back for refinishing. Given this information, for what time setting should the production manager set the automatic timer that pauses the production line while each cabinet dries?

Suppose a firm faces a fixed price of output, 푝푝= 1200. the firm hires workers from a union at a daily wage, 푤푤, to produce output according to the production function 푞푞= 2퐸퐸12. there are 225 workers in the union. any union worker who does not work for this firm is guaranteed to find nonunion employment at a wage of $96 per day. a. what is the firm’s labor demand function? b. if the firm is allowed to choose 푤푤, but then the union decides how many workers to provide (up to 225) at that wage, what wage will the firm set? how many workers will the union provide? what is the firm’s output and profit? what is the total income of the 225 union workers? c. now suppose that the union sets the wage, but the firm decides how many workers to hire at that wage (up to 225). what wage will the union set to maximize the total income of all 225 workers? how many workers will the firm hire? what is the firm’s output and profit? what is the total income of the 225 union workers? [hint: to maximize total income of union, take the first order condition with respect to w and set equal to 0.]

To travelers know what to expect researchers collect the prices of commodities

"consists of larger societal forces that affect how a company engages and serves its customers."