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- The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Based on past data, the following production schedule was developed: Crew size 2 3 4 5 6 7 8 9 10 11 12Fish caught (100 lbs/week) 3 6 11 19 24 28 31 33 34 34 33 b) How large a crew should be used if the trawler owner is interested in maximizing the total amount of fish caught?c) How large a crew should be used if the trawler owner is interested in maximizing the average amount of fish caught per person?d) Suppose the owner can sell all the fish caught for $75 per 100 pounds and can hire as many crew members as desired by paying them $150 per week. Assuming that the owner of the trawler is interested in maximizing profits, determine the optimal crew size.CHOICES: a. Both statements are TRUE b. 1st statement is TRUE, 2nd is FALSE c. Both statements are FALSE d. 1st statement is FALSE, 2nd is TRUE STATEMENTS: 1. Economic growth increases rapidly if a large sector such as agriculture is left to delay behind the rest of the economy. 2. The primary sources of risk to farmers are price and weather.On this least-cost abatement curve, how much (GtCO2) could we abate if we spent €8.37 billion A) 8.37 GtCO2 B) 11.2 GtCO2 C) 6.26 GtCO2 D) 4.94 GtCO2
- Productivity measures: Select one: a. per unit production costs. b. the changes in real wealth caused by price level changes. c. the amount of capital goods used per worker. d. real output per unit of input. e. the marginal cost- marginal benefit analysis.TRUE or FALSE 14. Urbanization and localized economies lead to resource immobility 15. The most relevant advantage of locating a firm in an Industrial District is knowledge spillover. 16. The K -12 Program added years to basic education but Philippines student learning still lags behind many East Asian countries.According to the Department of Statistics Malaysia (DOSM), as of 2020, the country’s share of agriculture stood at 7.4% of the overall GDP, which is comparatively lower than neighbouring countries such as Indonesia (13.7%) and Thailand (8.6%). Nonetheless, 16% of Malaysians are involved in agriculture. The above issues can be mainly attributed to the traditional, labour-intensive farming methods, which require constant monitoring and suffers from high wastage. Explain how the agricultural industry in Malaysia can achieve allocative efficiency.
- What is the per-unit opportunity cost of product Y as production moves from point B to point F? a) -4/3 b) 4/3 c) ¾ d) -¾ e) none of the above18. Assuming England has 60 man-hours (mhrs) of labor resource available for production, and labor is the only resource, the per unit resource cost of wine in England is ____ mhrs/bottle. (PlePlease describe each step to solve the problem presented below:
- 3-4 Opportunity Cost The expression “3/10, net 45” means that the customers receive a 3% discount if they pay within 10 days; otherwise, they must pay in full within 45 days. What would the seller’s cost of capital have to be in order for the discount to be cost justified? (Hint: Opportunity Cost)If pigs can fly, then Ugly Betty will win a beauty contest. Pigs cannot fly. Therefore, Ugly Betty will not win a beauty contest, even though I really think she should. Options a. Inductive, weak. b. Inductive, strong. c. Deductive, valid. d. Deductive, invalid. e. Deductive, sound.True or false The Law of Diminishing returns implies that the marginal cost of production (MC) is increasing as output increases.