Question: On her first engineering job, Joy Hayes was given the responsibility of determining the production rate for a new product. She has assembled data as

On her first engineering job, Joy Hayes was given the responsibility of determining the production rate for a new product. She has assembled data as indicated on the graphs:

(a) Select an appropriate economic criterion and estimate the production rate based upon it.

(b) Joy's boss told Joy: "I want you to maximize output with minimum input." Joy wonders if it is possible to achieve her boss's criterion. She asks your advice. What would you tell her?

On her first engineering job, Joy Hayes

$2000-. $1900 $1800 1700 S1600 S1500 S3400.. S1300 S1200 $1100 $1000 $900 S16 S15 514 $11 " 800 $700.... 500__... $400 8 $200 100 0 50 100 50 200 250 0 50 100 50 200 250 Output (unitshr) Output (units/u)

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