Suppose you are the manager of a company that produces 4 goods: A, B, C, and...

   

Transcribed Image Text:

Suppose you are the manager of a company that produces 4 goods: A, B, C, and D. You plan to explore what factors influence the cost of producing each good. You begin by examining what is the unit cost for producing each of your goods at different levels of production, and what is the relationship between the unit costs and output of your goods. You can copy/paste the data below into excel and answer the following questions. Unit Unit Unit Unit Unit of Cost A Cost B Cost C Cost D Output ($) ($) ($) ($) 2.14 7.91 5.59 4.41 25 2.47 7.81 6.1 4.29 50 2.99 6.72 4.84 4.56 100 3.67 7.57 6.44 4.5 150 4.36 5.81 4.78 4.79 200 4.58 5.21 5.04 5.07 250 5.38 4.8 5.87 5.18 300 6.28 5.25 6.07 6.21 350 7.03 3.78 6.17 6.73 400 7.32 3.23 4.83 6.79 450 7.41 3.7 5.73 7.49 500 8.53 2.48 5.56 9.14 1. What type of data is presented? 2. What is the mean, median, range, and standard deviation of each unit cost variable? You can copy/paste your summary statistics and highlight these measures if that is easiest for you. Briefly explain your findings. 3. How are unit costs affected by quantity produced? Produce 4 scatter diagrams showing the relationship between output and each of the unit costs. Discuss the relationship between unit cost and output for each product. 4. Suppose you are a manager with some leftover materials that can be used to manufacture any of the 4 goods. If your goal is simply to minimize costs, and you only plan to produce a maximum quantity of 200, which good would you manufacture? Why? Suppose you are the manager of a company that produces 4 goods: A, B, C, and D. You plan to explore what factors influence the cost of producing each good. You begin by examining what is the unit cost for producing each of your goods at different levels of production, and what is the relationship between the unit costs and output of your goods. You can copy/paste the data below into excel and answer the following questions. Unit Unit Unit Unit Unit of Cost A Cost B Cost C Cost D Output ($) ($) ($) ($) 2.14 7.91 5.59 4.41 25 2.47 7.81 6.1 4.29 50 2.99 6.72 4.84 4.56 100 3.67 7.57 6.44 4.5 150 4.36 5.81 4.78 4.79 200 4.58 5.21 5.04 5.07 250 5.38 4.8 5.87 5.18 300 6.28 5.25 6.07 6.21 350 7.03 3.78 6.17 6.73 400 7.32 3.23 4.83 6.79 450 7.41 3.7 5.73 7.49 500 8.53 2.48 5.56 9.14 1. What type of data is presented? 2. What is the mean, median, range, and standard deviation of each unit cost variable? You can copy/paste your summary statistics and highlight these measures if that is easiest for you. Briefly explain your findings. 3. How are unit costs affected by quantity produced? Produce 4 scatter diagrams showing the relationship between output and each of the unit costs. Discuss the relationship between unit cost and output for each product. 4. Suppose you are a manager with some leftover materials that can be used to manufacture any of the 4 goods. If your goal is simply to minimize costs, and you only plan to produce a maximum quantity of 200, which good would you manufacture? Why?

Answer rating: 100% (QA)

ANSWE R Numonical pamel dala 1 The ype of dala p 2 A 56 57SI 6491 Meam 52 54 56 median 50 52 ... View the full answer