Ab 20 Economics f 100 labor hours were required to make the 2nd unit in a production process and 60 labor hours were required to make the 10th unit, what was the learning-curve rate during the production process?
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Ab 20
f 100 labor hours were required to make the 2nd unit in a production process and 60 labor hours were required to make the 10th unit, what was the learning-curve rate during the production process?
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- 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?When thinking about cost analysis in Microeconomics, what are the real-world problems that occur when applying theories of scale? Describe and give an example of each.The law if diminishing marginal returns is the rate at which one input maybe substituted for another input in the production process? True False
- Assume the average cost when producing 4 units is 10, the average cost of producing 6 units is 8, the average cost of producing 8 units is 6, the average cost of producing 10 units is 9, and the average cost of producing 12 units is 11. If you're producing 6 units, what should you do to minimize average costs? a) produce exactly the same, I'm already minimizing costs! b) produce more c) produce less Please, help me understand how to solve future problems of the same kind through step by step solution.EM.19 Billy is an economics student and can use a practice exam to test his knowledge. After one hour of studying, he scores 50% on the exam. After two hours, he scores 75%. After three hours, he scores 85%. After four hours, he scores 90%. What economic concept is most clearly illustrated here? a diminishing marginal returns b worker fatigue c input inefficiency d opportunity costI need help with econ multiple hw questions asap! 46) What would be an example of an implicit cost of production? A. the cost of a delivery truck in a business that rarely makes deliveries B. the cost of employee training programs C. the cost of lost income a student could have earned had they not gone to university D. the cost of raw materials for producing bread in a bakery 45)
- 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 Question 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 $200/unit?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 $200/unit?The explicit cost of production equals: a. economic cost minus opportunity cost. b. opportunity cost minus sunk cost. c. implicit cost minus sunk cost. d. opportunity cost minus implicit cost.
- Given the production function Q=20L+8K and cost budget = 1000JD; w (Price per unit of labor)=8; r(price per unit of capital)= 4. Find the optimal quantity of capital? A) 100 Units B) 0 Units C) 200 Units D) 125 UnitsA firm has access to two production processes with the following marginal cost curves: MC1 = 0.25x and MC2 = 6+0.1y, where output in production process 1 is x, output in production process 2 is y and hence total output produced is Q = x+y. Show your work to answer the following questions. If it wants to produce 20 units of output, how much should it produce with each process?What is a sunk cost? Provide an example of a sunk cost other than one from this book. Why are such costs irrelevant in making decisions about future actions?
