trinhnguyen08052000
Please help me it is really hard Done all parts. It is important…
Please help me it is really hard
Done all parts. It is important that you explain what you did and why you did it at each step, interpret your results and discuss the limitations of these results. The data for the project can be found in the data file on blackboard. Solution in Excel is required.
Scenario
Two entrepreneurs are developing the same class of product and have reached the production stage. Entrepreneur C will use a process that produces a customized product (with associated higher cost) and Entrepreneur S will produce a standardized product (with associated lower cost).
The production process can be done using robots and/or humans and differs for each entrepreneur, and given the customization, the demand for each product is also different. Details of these functions and the cost per hour of robots versus humans are found in the associated data file.
Due to the monetary tightening of the Federal Reserve, bank credit is tight. Thus, the maximum line of credit each entrepreneur can obtain is $200,000. This line of credit will be used to bridge each production run, being paid when the run is sold.
Requirements
Graphically present the production possibility set for each entrepreneur (the production function with the budget constraint) if the complete line of credit is expended and a comparison of each set across Entrepreneurs. Provide a complete explanation of what these graphs mean and discuss what this tells us about the mix of robots versus humans as it relates to the product “quality” (customization versus standardization).
Assume that the company does completely expend the line of credit initially. Justify by calculation and explanation which entrepreneur you would invest your own money in.
D0 in Excel ( watch this video below to learn how to perform matrix operations and solve systems of linear equations in Excel, and also the two videos about how to plot a function in Excel which may help you to work on this Excel Project)
This is a data use for this project
Image transcription text
Normal No Spacing Head Style Paragraph Project Two Data Production Function Let R be the units of robots
and H be the units of humans (labor). Entrepreneur C 2c = R3Ha Entrepreneur S Qs =R3H2 Per Hour Input
Cost Robot=$10 per hour H Human=$15 per hour Demand Functions Entrepreneur C P(Qc)=$100,…
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