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- Many countries are predominantly agricultural. how would changes in the supply of fertilizer affect the marginal product, and thus the income, of farmers in such countries?There are dozens of laptop manufacturers around the world. Does the idea of efficient production mean that there should only be one laptop manufacturer making laptops at the lowest marginal cost?Can a market be productively efficient but allocatively inefficient? Why is it bad for a market to be allocatively inefficient? Explain your answers.
- A clothing company can use one of the following four production processes to produce 5,000 garments per month. Which production process is the most productively efficient? One that involves 20 workers and 20 machines One that involves 30 workers and 50 machines One that involves 30 workers and 20 machines One that involves 20 workers and 50 machinesWhat is production efficiency and product mix efficiency? What is the main condition for each type of these efficiencies.As of April 2022, Apple's iOS and Android combined market share in mobile operating system is 99.6% worldwide. Explain how this could happened in a free market world using concepts you have learned in microeconomics
- Provide a definition of each of the following, and the required example, explanation, or graph. A Production Possibility Curve, a definition and a graph showingan increasing opportunity cost of producing Product A as a company produces more of Product B. Changes in quantity demanded vs. changes in market demand (the definition of each and a single graph showing each change). A shift in the market supply curve (definition and graph).The oversupply of bananas in Mexico, which is recorded in the months of September and October, causes prices to farmers to be reduced by up to 50 percent below the cost of production, said Adrián Prats, president of the banana product system at the national. "It is a critical situation, we are selling the fruit below the cost of production, which is when it really impacts the producer, since he has to continue maintaining his plantations healthy and vigorous and that costs. We have to invest in it, even though the price is not giving to pay, even, the costs", explained Prats. The above causes: a. By decreasing the price of bananas, marginal income decreases and therefore, production must be increased (T/F) _________ b. By lowering the price, the company will have to take care of its costs. To avoid leaving the market, the producer must ensure that, at least, the average variable costs (T/F) _______ are covered c. It is recommended that a banana producer who invests in keeping his…Please read the article attached below titled “Notable & Quotable: Gouging” (March 31, 2020) and answer the given question. Note: The phrase “price-gouging” refers to a situation where some sellers are charging prices (e.g., for health equipment and supplies) that are well above the market price charged by other sellers. If firms are reluctant to raise prices and/or earn an economic profit in response to the coronavirus outbreak, explain why the usual mechanism for achieving “allocative” (or social) economic efficiency in a perfectly competitive industry breaks down. What does Professor Romer recommend to improve “allocative” efficiency during this extraordinary time of a pandemic? In your answer, be sure to explain what economists mean by “allocative” efficiency.
