At 8 workers, is MC rising or falling, and how do you know? Select one: a. At 8 workers, MC is falling since MP is rising. O b. At 8 workers, MC is rising since MP is falling. O c. At 8 workers, MC is rising since MP is rising. d. At 8 workers, MC is falling since MP is falling.
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- An automobile manufacturer uses labor, capital, and a variety of intermediate goods in the production of cars. The car requires $4,000 of steel, $6,000 seats, $10,000 of electronics, $2,000 tires, $10,000 of labor, $5,000 of capital and has a 20% sales markup to consumers. a. What is the total value of intermediate goods? b. What are the total payments to factors of production? c. What is the total value of sales? d. What is the value of GDP from the sale of this car?The Law of variable proportion describes three stages of production. In the first stage of production a. Both MP and AP rise O b. MP rises O c. AP Falls O d. MP is zeroTable 1 Production Function and Demand for Labor Schedules Quantity of labor demanded (billions of hours per year) 0 2 4 Real GDP (billions of 2012 dollars) 0 105 150 Real wage rate (2012 dollars per hour) 75 45 15 Table 2 Supply of Labor Schedule Quantity of labor supplied (billions of hours per year) 0 2 4 Real wage rate (2012 dollars per hour) 15 45 75 Use the information in the schedules above to draw this economy's production function. Label it. Draw a point to show equilibrium employment and potential GDP. At the full-employment quantity of labor, what is the real wage rate? The real wage rate is $ an hour.
- Suppose U.S. drivers purchased $50 billion of ExxonMobil-produced gasoline during a recent year, with one-half purchased directly from ExxonMobil-owned gas stations and one-half from independent (or third-party) gas stations. Suppose further that ExxonMobil purchased the oil (which it refined into gasoline) from foreign producers for $20billion and that it receives 60 percent of the sales revenue that independent stations generate from selling ExxonMobil gasoline. In this case, the value added by ExxonMobil to U.S. GDP is $__billion.How do I graph this? My equilibrium I'm getting P=14 but when I plug that into the equations I'm getting Qs= 21 and Qd= 7.i. Explain why AS curve is vertical in the long runii. Some economists believe that AS curve is positively sloped in the short run. Explain 3 theories which justify this view.iii. Explain 4 variables which can shift the AS curve both in the long run and the short run.iv. Is there any variable which shifts AS in the short run , but not in the long run?
- Amazon sets a demanding pace on the job Adapted from: Byers, S.M. & Stanberry, K. (2018). Business Ethics. OpenStax. In a visit to an Amazon distribution center, a group of business students and their professors met with the general manager. After taking them on an extensive tour of the five-acre facility, the general manager commented on the slowness of the visitors’ walking pace. He described the Amazon Pace, a fast, aggressive walk, and confirmed that the average employee walks eight or nine miles during a shift. These employees are called “pickers,” and their task is to fill an order and deliver it to the processing and packing center as quickly as possible. The design of the center is a trade secret that results in a random distribution of products. Therefore, the picker has to cover a number of directions and distances while filling an order. Those who cannot keep up the pace are usually let go, just as those who would steal. Does the requirement to walk an average of…ANSWER ONLY SUBPART 4 Suppose the economy has 100 units of labor (L) and 100 units of capital (K), and it chooses to allocate three times more labor and capital in the production of good X than in good Y. Suppose also that the production of goods X and Y are represented by the following functions: X = LX0.25KX0.25; Y = 2LY0.25KY0.25. Compute for Lx, Ly, Kx and Ky Calculate the MRTSLK of each firm Is this allocation efficient? How so? How many unit of X and Y will be produced?Suppose an economy produces steel, wheat, and oil. The steel industry produces $100,000 inrevenue, spends $4,000 on oil, $10,000 on wheat, pays workers $80,000. The wheat industryproduces $150,000 in revenue, spends $20,000 on oil, $10,000 on steel, and pays workers$90,000. The oil industry produces $200,000 in revenue, spends $40,000 on wheat, $30,000 onsteel, and pays workers $100,000. There is no government. There are neither exports norimports, and none of the industries accumulate or decumulate inventories. Output not sold toother sectors is sold as final goods Q A government is introduced. First consider this policy: the government taxes oilproducers $10,000, and distributes this revenue to workers. Recalculate GDP using theincome approach.
- this question is for Macroeconomics but it didn't show any option for Macroeconomics it just show economics. Use the table below to answer the following question. Table 21.3.2 Data from Southton Price (dollars) Price (dollars) Quantity (number) Quantity (number) Item Base Current Base Current Rubber Ducks Beach Towels 1.15 9.10 1.36 10.00 90 15 100 14 1) Refer to Table 21.3.2. From the data in Table 21.3.2. What is Southton's consumer price index for the current year? What is the rate of inflation over the current year? Show your calculations.(a) Complete the following table and draw the corresponding graphs. Capital inputs Labor inputs Total product Average product Marginal product 20 0 0 20 1 15 20 2 34 20 3 51 20 4 65 20 5 74 20 6 80 20 7 80 20 8 75 (b) What is relationship between MP and AP? Explain why MP first rises, then declines and ultimately becomes negative? (c) Whether the above phenomenon is long run or short run and why? (d) Does law of diminishing marginal returns holds in above scenario? Why and why not.Illustrate the appropriate change and specify whethereach change represents an increase or a decrease. e. Ian, a manager at Kiddles Supermarket, decides to forego his vacation to NewYork when he learns that all employees’ salaries will be cut by 5 percent at theend of the month.
