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Briefly explain what is meant by: 1) account profit; 2) economic profit; and 3) zero economic profit.
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- Q5. A bicycle manufacturer in China currently employs 40 production workers and five supervisors and produces . The marginal product of the last production worker employed is 60 units of output per hour, and production workers are paid 50 CNY per hour. The marginal product of the last supervisor employed is 120 units of output per hour, and supervisors are paid 80 CNY per hour. i. If the firm produced 2,100 bicycles per month before the last production worker was hired, how many bicycles does it produce now? ii. Assume that the firm's isoquants are smooth curves and that labor hours can be varied continuously. Is the firm producing the maximum level of bicycles given its current level of cost? Explain why or why not. If it isn't, explain what it should do to increase output.Case C: Galaxy Multinational. Galaxy, a multinational corporation, has two plants, one in the United States and the other in Mexico, and it cannot change the size of the plants or the amount of capital equipment in the short run. The wage in Mexico is equivalent to US $5 per hour. The wage in the U.S. is $25 per hour. Given current employment situation, the productivity per worker in Mexico is 200 units per hour, and the productivity per worker in the U.S. is 400 units per hour. Is Galaxy maximizing output relative to its labor cost? If not, what should Galaxy do? Justify your answer.Fill in the table Total, Average, and Marginal Product of a Soap Manufacturer Number of Workers Total Output per day Average Product Marginal Product 1 50 bars 50 50 2 125 62.5 75 3 220 73.33 95 4 320 80 100 5 410 82 90 6 490 81.67 80 7 560 80 70 8 610 76.25 50 9 640 71.11 30 10 630 63 -10 Using the data in the table, graph and explain the following: Total Output Average Product Marginal Product
- A factory supervisor faces the following table: Quantity of laptops Labour cost ($) Rental of factory equipment ($) Price per laptop ($) Average cost Total profit 1 1 10 9 11 2 4 10 9 7 3 9 10 9 6.3 4 16 10 9 6.5 5 25 10 9 7 6 36 10 9 7.6 7 49 10 9 8.42 (b) Calculate the profits associated with each level of production, and complete the 6th column of the tableExplain to your elderly relative, who is wondering what is the global marketplace that they keep hearing about. They have also heard about "mancession", "she-economy" and the "circular economy". They are surprised by these terms and also very puzzled. Explain to them your understanding of "mancession" the "she-economy" and the "circular economy". How are these impacting or driving business in the global marketplace or not?P232,P5) Hey! Need help with the following macro question, thank you in advance! (chart attatched below) Suppose Die Cast Aluminum Co. is a subcontractor for the auto industry and makes specialized auto parts. There is a bracket it manufactures that it sells for $1.50. The following table shows the number of brackets that can be produced from a given number of labor hours. Assume that the company cannot hire labor for a fraction of an hour. Find the marginal product (in brackets), and the value of the marginal product (in dollars), of each hour of labor. If the wage paid to workers in Die Cast’s plant is $25 per hour, how many hours of labor should the firm employ? How many hours will be employed if the wage increases to $35 per hour? Explain. How many hours will be employed if the wage is $35 per hour, but the price of a bracket declines to $1?
- Galaxy, a multinational corporation, has two plants, one in the United States and the other in Mexico, and it cannot change the size of the plants or the amount of capital equipment in the short run. The wage in Mexico is equivalent to US $5 per hour. The wage in the U.S. is $25 per hour. Given current employment situation, the productivity per worker in Mexico is 200 units per hour, and the productivity per worker in the U.S. is 400 units per hour.Is Galaxy maximizing output relative to its labor cost? If not, what should Galaxy do? Justify your1a. Define constant, decreasing and increasing returns to scale. b. A technology can exhibit constant returns to scale and diminishing marginal product to each factor. True or False? Briefly explain. c. A technology can exhibit different kinds of returns to scale at different ranges of production. True or False? Briefly explain.Galaxy, a multinational corporation, has two plants, one in the United States and the other inMexico, and it cannot change the size of the plants or the amount of capital equipment in theshort run. The wage in Mexico is equivalent to US $5 per hour. The wage in the U.S. is $25 perhour. Given current employment situation, the productivity per worker in Mexico is 200 units perhour, and the productivity per worker in the U.S. is 400 units per hour.Is Galaxy maximizing output relative to its labor cost? If not, what should Galaxy do
- Briefly describe the bottom of the pyramid (BOP) process for developing business specificationsPLEASE ANSWER ONLY QUESTION C AND D. In the short run, a firm operates a factory which it leases for $2000 per annum. To increase output, the firm employs increasing amounts of labour at a wage rate of $500 per worker. The table below shows the relationship between the amount of labour employed and the amount of output produced in the factory. Labour Output (TPPP) APP MMP VC FC TC ATC MC 0 0 ____ ___ 0 _ _ 1 15 2 50 3 80 4 100 5 110 6 115 Using the information provided, calculate the following: APP MPP VC FC TC ATC MC a.Plot the APP and MPP curves on the same graph b.Plot the ATC and MC curves on the same graph c.With the aid of a diagram, explain the relationship between ‘marginal cost’ and…1a. A technology can exhibit constant returns to scale and diminishing marginal product to each factor. True or False? Briefly explain. 1b. A technology can exhibit different kinds of returns to scale at different ranges of production. True or False? Briefly explain.