Home » (12 points – parts A, B, and C) Chase employs both humans and machines to process customer transactions. Chase knows that ATM’s and bank tellers…

# (12 points – parts A, B, and C) Chase employs both humans and machines to process customer transactions. Chase knows that ATM’s and bank tellers…

1. (12 points – parts A, B, and C) Chase employs both humans and machines to process customer transactions. Chase knows that ATM’s and bank tellers both exhibit diminishing returns as factor inputs. Assume that each Chase ATM, on average, currently processes 1,000 transactions per month in the Chicago market. The ATM’s used by Chase incur costs of \$2,000 per month. This includes lease payments, service, maintenance, etc. A teller at Chase in the Chicago market earns, on average, \$3,000 per month in salary and benefits. The average teller for Chase currently processes 900 transactions per month. Answering the following questions based upon only this information. 1A. (4 points) Holding input prices constant, what factor input adjustment(s) is/are called for to move Chase toward its least cost optimization of these two factor inputs (i.e. which input factor should be increased or decreased)? 1B. (4 points) Explain how/why your adjustment(s) would move Chase toward its least cost optimization of these two factor inputs?

Print Last Name: _______________________         Print First Name: _____________________

Graded Practice Problem Set 3 – Spring 2018

Page 2

1. (12 points – parts A, B, and C) Chase employs both humans and machines to process customer transactions. Chase knows that ATM’s and bank tellers both exhibit diminishing returns as factor inputs. Assume that each Chase ATM, on average, currently processes 1,000 transactions per month in the Chicago market. The ATM’s used by Chase incur costs of \$2,000 per month. This includes lease payments, service, maintenance, etc. A teller at Chase in the Chicago market earns, on average, \$3,000 per month in salary and benefits. The average teller for Chase currently processes 900 transactions per month. Answering the following questions based upon only this information. 1C. (4 points) At what point would Chase achieve its least cost optimization of these two factor inputs (i.e. provide a numerical example with respect to the number of transactions processed for the average ATM and average teller in the Chicago market that reflects this optimization condition.)?

## Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
\$26
The price is based on these factors:
Number of pages
Urgency
Basic features
• Free title page and bibliography
• Unlimited revisions
• Plagiarism-free guarantee
• Money-back guarantee
On-demand options
• Writer’s samples
• Part-by-part delivery
• Overnight delivery
• Copies of used sources
Paper format
• 275 words per page
• 12 pt Arial/Times New Roman
• Double line spacing
• Any citation style (APA, MLA, Chicago/Turabian, Harvard)

# Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

### Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

### Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

### Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.