Consider the factors of production that go intoa fast-food restaurant. Give an example of land,labor, and capital.

Q: Shows the lowest possible input costs (combinations of labour and capital) at which different levels…

A: The firms, and businesses are considered to be the important entities in the markets, as they assist…

Q: 3. We often work with production technologies that give rise to initially increasing marginal…

A: Marginal product of labour is the change in output obtained by hiring one additional labour unit…

Q: What is the difference between  resource labor and resource entrepreneurship?

A: Labor could be a factor of production and is required to induce many tasks done not just those we…

Q: If a worker in a shop sells 10 pairs of sunglasses a day at $15 each, what is their Value Marginal…

A: The demand for a factor is its VMP (value of the marginal product) which is computed by multiplying…

Q: At what level of production does the marginal cost have the least value? What is the marginal cost…

A: The marginal cost curve is the U-shaped curve.

Q: The entrepreneur's sole function is to combine other resources (land, labor, and capital) in the…

A: The resources which are used for the production of a good or a service are called factors of…

Q: Reference: Use the following table to answer questions 1 - 4. Labor Quantity 1 20 2 50 3 90 4 125…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: In a sandwich shop. Employees are paid €3 per hour, and a sandwich sells for €1. If the sandwich…

A: Wage rate = €3/hour  Price of sandwich = €1/sandwich

Q: DA production fcmis faced witha cobbDoulas producion furenonof aCLK)-131°a Kol The MATS of capital…

A: As you have posted multiple questions, the answer to only first question is provided as per…

Q: Suppose that the marginal product of labor for a local bakery is 84 units per day and the price of…

A: The least cost combination of factors of production is the quantity of each input that the firms…

Q: using classical production function explain the stages of production of a firm and advise on the…

A: The process that is known to minimize the amount of waste and helps in bringing the product in a…

Q: In Production Theory, what is meant by a “short-run” production period? What is meant by a…

A: In short run production theory there are fixed cost,whereas in long run there are no fixed cost.

Q: What explains the shape of the average and marginal cost curves?  Is it linked to any production…

A: Marginal cost is the measurement of change in total cost with the increment of quantity produced by…

Q: What shapes would you generally expect a total product curve and a marginal product curve to have?

A: Answer to the question is as follows:

Q: Explain what you understand partial equilibrium analysis to be. Describe what the term "labour…

A: Partial equilibrium investigation looks at the impacts of strategy activity just for each great in…

Q: Crew Brew produces a popular brand of beer in its mini-brewery located on a small river in…

A: Given, Production function: Q=50(K+L)                                  Q = 50K + 50L

Q: Which of the following input resource(s) can be used to measure the productivity of a firm? a.…

A: The productivity shows the efficiency of the input used in production. In other words, it shows how…

Q: If q=KL and Price of capital is 4 and the price of labor is 2 then to produce 200 units of output…

A:

Q: and physical. A. Labor; profit B. Capital; financial C. Land; real estate D. Income; monetary

A: the correct answer is B. Capital; financial

Q: Assume that Alex uses capital and labour to produce a good. The unit price of capital is $2 and the…

A: Here we calculate the amount of additional labor if Alex want to incur the same cost  by using the…

Q: What must an entrepreneur do to earn a profit? How do the actions of firms earning profits influence…

A: An entrepreneur should always remember that its revenue should be higher than its cost in order to…

Q: If a good is labour intensive it means that no capital is used in the manufacturing of that good.…

A: The statement is false

Q: Labor and capital can never be substituted for each other. true or false?

A: Factors of production:-  Factors of production, basically refers to the resources employed by people…

Q: Every day around your tent you find eight branches and four cherries. You meet some otherstranded…

A: We are going to discuss the importance of marginal rate of transformation while solving this…

Q: Using an example , explain the production proces

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: Suppose the production function of a firm is given as: Q = 5L + 10L2 – 2L3 Find the number of labors…

A: Given production function  Q = 5L + 10L2 -2L3 This is also referred as Total Product Average Product…

Q: The period of a time when a firm is able to change all of inputs factors of production is called…

A: The period of time is important from the point of view of the producer, as time period limit his…

Q: et opened a candy store. He rented a building for $30,000 a year. During the first year of…

A: Total Revenue = $135,000Explicit Costs = Rent on building +Salary to employees + Utilities +…

Q: Labour is the beginning and end of production. Explain

A: Factors of production: - The inputs that are used to produce goods and services are known as the…

Q: In your "toast" production function, you used your labor and a toaster as capital. Keeping capital…

A: The marginal product of labor is the ratio of change in output to change in labor. It diminishes…

Q: 0:54:02 Peter's Pancakes sells various flavoured pancakes. To produce 1,000 pancakes, the firm…

A: Factors of production are needed to produce final goods. The factors of production used to make…

Q: Explain how a firm’s production function is related toits marginal product of labor, how a firm’s…

A: Production function shows the relationship between the inputs and the output, i.e. the different…

Q: Trade in Inputs?

A: Trade is a basic concept of economics involving the buying and selling of services and goods with…

Q: Explain the laws of returns to scale in micro economics?

A: The firms, businesses, and the producers tend to operate with the motive of earning maximum amount…

Q: Which of the following is/are not a factor of production? O a. Enterprise O b. Land O c. Capital O…

A: Production refers to the process of transforming inputs into output. Inputs in the production are…

Q: Consider a production process where flowers are grown (the output) using gardeners (labor) and…

A: Marginal product of labor is the additional output produced with an additional unit of labor hired.

Q: Insert the missing numbers in the following tables. number of units of total Marginal average labors…

A: We have to calculate marginal production, average production, total cost, average total cost, fixed…

Q: Define resources. Discuss the differences between human and capital resources, and give three…

A: Personnel is the people or individuals employed in the company in exchange for a fixed payment.

Q: In a paragraph with a maximum of three sentences, explain the difference between an ordinary…

A: Business: The term business refers to an organization which has element occupied with business, or…

Q: what is the different between average production and marginal production?

A: The average production is the total production divided by the variable input and it is production…

Q: Give the three reasons that explain why the division of labor increases an economy’s level of…

A: The division of labor refers to the goods and services produced being divided into various tasks…

Q: QUESTION 5 Timothy own a Subway franchise. He used flour, oil, seasoning and oven to bake the bread…

A: Factors of production: - The inputs that are used to produce goods and services are known as the…

Q: Some movie complexes have machines that sell movie tickets. When this occurs, the movie complex is…

A: In economics their are five factors play roll in production. The land, capital, labor,…

Q: Consider a production process where flowers are grown​ (the output) using gardeners​ (labor) and…

A: The Marginal Product of n labour = (total Product of n labour - total Product of p labour )/(n-p)…

Q: Suppose you are a producer and you need to identify what combination of labour and capital you…

A: An isoquant shows all the combinations of two inputs that a firm uses to produce any given level of…