The three economic criteria for choosing the best alternative are minimize input, maximize output, and maximize the
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(a) A manufacturer of plastic drafting triangles can sell all the triangles he can produce at a fixed price. As he increases production, his unit costs increase as a result of overtime pay and so forth. The manufacturer's criterion should be_______.
(b) An architectural and engineering firm has been awarded the contract to design a wharf for a Petroleum company for a fixed sum of money. The engineering firm's criterion should be_____.
(c) A book publisher is about to set the list price (retail price) on a textbook. The choice of a low list price would mean less advertising than would be used for a higher list price. The amount of advertising will affect the number of copies sold. The publisher's criterion should be _____.
(d) At an auction of antiques, a bidder for a particular porcelain statue would be trying to____.
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Engineering Economic Analysis
ISBN: 9780195168075
9th Edition
Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle
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