590R-2006spring-t3 - Name Email _ lE 590 - Manufacturing...

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Unformatted text preview: Name Email _ lE 590 - Manufacturing Economics Test No. 3 Closed book, closed notes Calculators are allowed Turn off cell phones Each question is worth 10 points Total test time is 50 minutes Q1. Discuss the difference between efficiency and effectiveness. Provide a numerical illustration for each. Name Q2. What is the difference between technical efficiency and cost efficiency? For this question, you need to draw the relevant chart and base your discussion on the chart. Name _ Q3. Consider the diagram below. Write down the equation that collectively represents the factors in the diagram. l M : war: l: H as v -. 1 /‘k/Z ‘ ~ ? , \‘L‘ ’_//r ‘ \ //'/ N [I r’: 5 I [ ' ll I/ a (I t”‘ l —__< ‘5 - {F} l: filf” (3’3 1 ' Lu Name _ Q4. Draw a network diagram showing the unit cost pyramid which contains the following: (a) the three factor inputs of labor, materials, and other investments, (b) factor input prices, (c) factor unit costs, ((1) cost proportions, and (e) total unit cost. Nalne_ Q5. Derive the incremental change formula for the product of two variables, e.g.. y = x1 x2. ...
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This note was uploaded on 07/09/2010 for the course INDUSTRIAL IE59000 taught by Professor J.tanchoco during the Spring '10 term at Purdue University Calumet.

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590R-2006spring-t3 - Name Email _ lE 590 - Manufacturing...

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