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- Which of the following indifference curve the slope of the production possibilities frontire? A, Opportunity cost B, Marginal cost C, Indifference Curve D, Marginal ProductSpecify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.Technology A Technology B Technology C Output K L K L K L 10 4 5 5 6 6 4 15 3 10 4 7 5 5 20 4 11 5 8 7 8 25) Which technology will the firm choose for Q = 15, if price(capital) : 3 and price (labor): 2? a) technology A b) technology B c) technology C d)none of them
- In the use of the resources, it is important to any the concept of opportunity cost . Define oportunity cost in economic termsThe efficiency factor Select one: O ameans resources are used in the least costly way (productive efficiency O b. Means an achieving productive efficlency cmeans resources are used to produce the mix of products most wanted by society dA and A|| of the aboveFactors of production are inputs used to consume goods and services. a. False O b. True
- A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?Country JKL has a maximum of 50 labour(hours). The tab shows maximum quantity of wheat and cotton the Country produce with different labour (hours) used. Combination A B C D E F Corn 15 14 12 9 5 0 Wheat 0 2 4 6 8 10 1) Plot the production combinations on a graph paper combinations as A to F. 2) Can Country JKL produce the following A) 4,000 kg of wheat and 9 ,000 kg of cotton B) 14,000 kg of wheat and 6 ,000 kg of cotton 3)Suppose that Country JKL produces 6,000kg of wheat and 100kg of cotton a week.Calculate the opportunity cost it of producing 3,000kg extra cotton a week.ِA- We have studied the production technology. Explain the concept with an example. B- We have studied labor-intensive technology and capital-intensive technology Explain the difference between the two production processes with an example of each?
- e) The optimal level of the activity is __________units. At the optimal level of the activity, marginal benefit is $__________ and marginal cost is $__________.xercise 5: Production and income distributionConsider and economy with the following production technology: ,Y = 9K1/3L2/3 wherethe aggregate capital stock is K=100, and aggregate labor is L=100. The price of output is1.a) Write down the maximization problem of the firm.b) Compute the equilibrium wage and capital return.c) Compute total payments to labor and capital. Show Euler’s Theorem holds, i.e. showthat total payments to capital and labor equal the value of output.d) What share of output goes to labor and capital?e) Suppose there is an increase in L, what would be impact on wages and capital returns?Explain.At Stacy's current production level, an extra bunch of hats adds 20 extra scarves. Each bunch of hats costs $53. What is Stacy's Marginal Cost of an extra scarf?