When T Million Dollars Is Invested in Technology for a Manufacturing

question 15

Multiple Choice

When t million dollars is invested in technology for a manufacturing plant, the plant needs w(t) workers to maximize production. Labor costs are L(w) million dollars when w workers are employed. When $5 million is invested in technology, 2400 workers are needed to maximize production, and labor needs are increasing by 200 workers per million dollars. It costs $32 million to employ 2400 workers. At 2400 workers, labor costs are increasing by approximately $0.024 per worker. Evaluate w(t) when $5 million is invested in technology, and write a sentence interpreting the value.

• A) workers When $5 million is invested in technology for a manufacturing plant, the plant needs 2400 workers to minimize production.
• B) workers When $5 million is invested in technology for a manufacturing plant, the plant needs 2200 workers to maximize production.
• C) workers When $5 billion is invested in technology for a manufacturing plant, labor needs are increasing by 200 workers per million dollars.
• D) workers When $5 billion is invested in technology for a manufacturing plant, labor needs are decreasing by 400 workers per million dollars.
• E) workers When $5 billion is invested in technology for a manufacturing plant, the plant needs 2600 workers to maximize production.

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Definitions:

Standard Error

The standard deviation of the sampling distribution of a statistic, most commonly the mean.

Confidence Interval

A set of values based on sample statistics, expected to include an unknown population parameter.

Sample Proportion

The fraction of the sample observations that belong to a particular category, often used as an estimator of the population proportion.

Hazardous Waste Site

Locations where waste materials harmful to humans or the environment are stored, treated, or disposed of.