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A: Opportunity cost is the cost or the value of the next best alternative that is given up.
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A: Opportunity cost=sacrifice/gain =10/10=1
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A: ATC(average total cost) is found by dividing the TC(total cost) by Q(quantity).
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- From a resource-based perspective: what resources are needed to develop a machine for a distance market, such as China, and where in the MNE are those to be found?You produce shoes (Q) with labor (L) and capital (K). The production process is as so:Q = 400L - 20L2 + 600K – 10K2The cost of labor is $20 and the cost of capital is $30. You have a budget of $550. How many units of labor (L) should you employ? Enter as a value.Explain all resources that economic relies on.
- Discuss the various production costs that firms face.Hello, i have posted this question many times in bartleby, but every time people answering this question to use ai tool like chatgpt, please dont use gpt and other ai tool. Provide me original answers with proper explanations. thank you.Question: What is the Production Possibility Frontier?Please Don't use chatgpt or other ai tool. If you know correct answer then attempt if you gave wrong answer then i gave many dislikes for you and more from my friends accounts also.An Engineer earns $200 an hour in her profession. She can hire a Housekeeper for $15 an hour to take care of her home. The Engineer is very smart and hard working. She has found out that she can do the Housekeeping work twice as fast as her Housekeeper. Should she fire the Housekeeper and do the work herself? What principle in Economics should be used in answering this question?
- 0. Radioco manufactures two types of radios. The only scarce resource that is needed toproduce radios is labor. At present, the company has two laborers. Laborer 1 is willing towork up to 40 hours per week and is paid $5 per hour. Laborer 2 will work up to 50 hoursper week for $6 per hour. The price as well as the resources required to build each type ofradio are given in the Table. Letting xi be the number of Type i radios produced each week,Radioco should solve the following LP:a) For what values of the price of a Type 1 radio would the current basis remain optimal?b) For what values of the price of a Type 2 radio would the current basis remain optimal?At Yennefer's current production level, a extra bunch of herbs adds 24 extra spells. Each bunch of herbs costs $61. What is Yennefer's Marginal Cost of an extra spell?What are the economic effects of a new technology that makes it easier for firms to produce goods and services? Asap
- Long answer Explain all resources that economic relies on.SCENARIO 7.7: A lawn service company has the following production possibilities. With one, two, three, and four workers, the company can mow 4, 9, 12, and 14 lawns per day, respectively.13) Refer to Scenario 7.7. Diminishing returns to labor set in with the ________ worker.A) first B) second C) third D) fourth14) Refer to Scenario 7.7. The average product of labor with four workers isA) 3. B) 3.5. C) 4. D) 14.15) If the marginal product of labor is less than the average product of labor, then theA) marginal product must be increasing. B) average product must be decreasing.C) marginal product must be decreasing. D) Both B and CWith countless people competing for the same resources, how do we determine who gets the resources?
