Jim is considering new software to design web pages. Currently there are three brands on the market: SUMY, ROVNO and PSEL. Based on the software manuals, Jim evaluated his productivity in terms of pages designed per year and put this information in a table:
If Jim receives $10 per page designed, evaluate these alternatives in terms of their payback period.
Definitions:
Exponents
Mathematical expressions denoting the power to which a number or variable is raised, indicating repeated multiplication.
Production Function
An equation that specifies the amount of product that can be produced from different quantities of inputs.
Returns To Scale
The rate at which production output increases as a result of a proportional increase in all input factors.
Marginal Products
The additional output that is produced by employing one more unit of a particular input while holding the quantities of all other inputs constant.
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