Consider the following table that shows the total number of acres plowed per hou as a function of the number of tractors used is increased. Use this table to answer the questions that follow. Number of Tractors 0 1 470. 300. 310. 320. 350. 2 3 4 5 Total Acres 50 200 - 420 480 Marginal Product 1 150 120 60 20 The total acres plowed when two tractors are used is:
Q: You have taken a loan of $300,000 loan over 12 years at a 3% interest rate compounded monthly, which…
A: Present value is the value of investment in today's dollar. Future value is the value of investment…
Q: Strategy Player 1 (even player) 1 (finger) 2 (fingers) 1 (finger) Player 2 (odd player) 2 (fingers)…
A: A saddle point is an optimal solution to the game because neither player can improve their…
Q: Problem 1: A man deposited ABCDE.00 in a bank of 10% per annum for (A+B+C) months and (D+E) days.…
A: Given that: Principal (P) = ABCDE = 15768.00Rate of Interest = 10% p.aTime = A+B+C months and D+E…
Q: b. The economic system is the framework for arranging the relationships between people, businesses,…
A: DISCLAIMER “Since you have asked multiple question, we will solve the first question for you. If…
Q: (b) Determine the intervals on which the profit function is increasing and decreasing. (Enter your…
A: Cost function: C=0.8x+7300, 0≤x≤50,000 Revenue function: R=11000066000x-x2,…
Q: III Graphical Analysis 3. Show graphically appropriate monetary policy response in a closed economy…
A: Monetary policy is course of action opted by the central bank of a nation to control the…
Q: Graph the following information about the demand and supply of ostrich eggs in Georgia: Quantity…
A: Demand curve is downward sloping curve. Supply curve is upward sloping curve. Equilibrium is where…
Q: What is wrong with this graph? It doesn't label the variables on the two axes. O It gives no…
A: The graph provided gives us information about the realtionship between the average state speed limit…
Q: Costs, P $5 P = $2 MC ATC -MR Q 30 In the above perfectly competitive firm what is the total…
A: A perfectly competitive firm is a price taker, which means it takes the price set by the market…
Q: Thanks for the answer. Can you please define with proper example that what is actually non monetary…
A: Economic exchanges that don't include money are referred to as non-monetary transactions. Without…
Q: After reading the article, Amadeo, K. & Boyle. M (May 18th, 2021). International trade: Pros, cons,…
A: The exchange of products and services across international borders or territory is referred to as…
Q: How does the antitrust treatment of price discrimination, tying contracts, and exclusive dealing…
A: Antitrust treatment are created to stop businesses from engaging in anti-competitive activities and…
Q: 3) Recently, a major question in the news is why the Afghan army collapsed so quickly and…
A: A mathematical framework known as game theory can be used to analyze and forecast how rational…
Q: 5. Consider a game with the following payoff table for player 1: Strategy Player 1 1 2 3 1 3 -4 1…
A: Given the pay-off matrix: Player 2 1 2 3 Player 1 1 3 -3 -2 2 -4 -2 -1 3 1…
Q: Suppose the imaginary company of Roobek is a small, Cedar Rapids-based American apparel manufacturer…
A: Fixed costs refer to the costs of production that are not dependent on the output of a firm, i.e.,…
Q: Use the black point (plus symbol) to indicate the equilibrium price and quantity of VR headsets.…
A: Prices are viewed by economists as balancing supply and demand. Because prices change when the…
Q: Bob has a utility function U(x, y) = √√x₁ +0.8√x2 +0.64√x3 over his incomes x1, x2, x3 in the next…
A: Since you have posted multiple questions, we will provide the solution to only the first question as…
Q: Use the AD-AS framework to analyse the short run and long run effects on an economy when the…
A: The Aggregate Demand (AD) - Aggregate Supply (AS) explain the relationship between the total demand…
Q: QUESTION 11 Five years from now, you would like to have $6,000 in your saving account. If your…
A: A savings account is a type of bank account where you can deposit and store your money while earning…
Q: The single most important element in managerial economics is the microeconomic theory of the firm.…
A: In essence, managerial economics is the act of applying economic theory and methodology to business…
Q: President Biden recently boasted of his administration’s success in lowering the deficit of the US…
A: Austerity measures imply government policies that are objective to reducing public sector debt.…
Q: Consider a firm that estimates that its price elasticity of demand equals -1.5. Price equals $36 and…
A: Elasticity of demand measures the quantitative change in the demand in response to the change in the…
Q: 3. We-R-Food's, a restaurant consulting firm estimates that in the Southeastern United States a 10%…
A: The implied cross-price elasticity is a measure of the responsiveness of demand for one product to…
Q: Suppose that you’ve got $100 in a savings account earning 5% interest. How many years will it take…
A: Present value is the value of investment in today's dollar. Future value is the value of investment…
Q: Explain the difference between total cost, average cost, and marginal cost.
A: Economic cost: The economic cost is different from the accounting cost. Economics cost involves…
Q: Assume that household income increases as a result of recent economic prosperity in Country X. On…
A: Equilibrium in an economy is the point where the aggregate supply of that economy is equal to the…
Q: Assuming banks have little or no excess reserves, if the Federal Reserve raises the required reserve…
A: M1 is a measure of the money supply that includes currency in circulation, demand deposits, and…
Q: A situation where everybody plays a dominant strategy must be a Nash Equilibrium True False
A: The dominant strategy is the best course of action no matter what type of strategy is followed by…
Q: 2. SCHOOL SPIRIT As president of Student Council, Brandy is getting T-shirts made for a pep rally.…
A: The average cost (AC) is the total cost (TC) of producing a certain number of units of a product,…
Q: Suppose that a country's annual growth rates were 5, 3, 4 , -1 , -2 , 2 , 3 , 4, 6, and 3 in yearly…
A: Annual growth rate refers to the rate at which a certain quantity, such as a company's revenue or an…
Q: Problem 1: A company's revenue function can be defined as; TR = Price (P) x Quantity Demanded (Q).…
A: Since you have posted multiple questions, we will provide the solution only to the first three…
Q: QUESTION 12 How many years will it take to quadruple your investment if your savings account earns…
A: Under compound interest, interest is charged on the accumulated amount that is principal plus…
Q: Why is it important to perform a cost-benefit analysis when making a decision? A-It helps you to…
A: A cost-benefit analysis refers to an approach applied to measure the benefits of a decision or…
Q: The study of economics is primarily concerned with A-determining how scarce labor can be replaced by…
A: Scarcity occurs where the demand is greater than the availability of resources. Scarcity is main…
Q: Using a graph representing the market for loanable funds, show and explain what happens to interest…
A: In the loanable funds theory, the supply and demand of loanable funds determine the equilibrium…
Q: At what interest rate payable quarterly will payments of Php 500 at the beginning of each 3 months…
A: Given:Quarterly payment (PMT) = Php 500Year (n) = 7Payment frequency = 4Present value (PV) = Php…
Q: When economists use the term "money," what do they mean? Select an answer and submit. For keyboard…
A: Money: Money is economically important in three aspects. It is classified as an exchange medium. It…
Q: 2. Montyboy Pet Shop ships boxed can dogfood anywhere in the country. Using the following…
A: Trend forecasting is the process of predicting future buyer preferences and purchasing behaviors…
Q: suppose the marginal propensity to consume is 0.75, the marginal propensity to import is 0.25, there…
A: Aggregate expenditure is the sum of all spending made by all sectors of the economy. It includes…
Q: Carlisle Company has been cited and must invest in equipment to reduce stack emissions or face EPA…
A: The present worth of a cash flow refers to its value at present in accordance with its value in the…
Q: Use the graph below and the following information to answer the next question(s). The world price of…
A: Producer surplus is the difference between the price actually received and the minimum willingness…
Q: was $5.80, all of which was reinvested in the company. The firm's expected ROE for the next four…
A: The total of the present value of anticipated dividends discounted at the needed rate of return that…
Q: Download Q4 and generate a model of the annual maintenance expenses based on the age of the bug. If…
A: We can construct a regression model to analyze the relationship between the age of the bus and…
Q: Give correct typing answer with explanation and conclusion Is the drug problem an economic,…
A: A socio-economic perspective is a way of understanding society and the economy through the lens of…
Q: How is a Nash equilibrium outcome different from a rationalizable outcome? O In a Nash equilibrium…
A: A Nash equilibrium is a notion from game theory that refers to a stable condition in a game where…
Q: The green (upper) triangle has an area of . The purple (lower) triangle has an area of Place the…
A: The area of a triangle can be measured as 1/2× base × height.
Q: The supply curve of rubber balls is given by Q = 100P – 10. What happens to the quantity supplied of…
A: A supply curve is a graphical representation of the relationship between the quantity of a good or…
Q: How does a market compete with other firms efficiently to maintain profit in a competitive market…
A: Competitive market: In a competitive market framework, many firms face the market demand altogether.…
Q: Based on the graph you drew, Teresa would likely earn a salary of around per year.
A: The table has been provided in the question shows the years of education and corresponding salary.…
Q: A market for an economics textbook has N potential buyers. Each buyer i has a valuation (maximum…
A: A firm aims to maximize its profit by selling the product at a price where the marginal revenue…
typed answer please
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- If two painters can paint 200 square feet of wall in an hour, and three painters can paint 275 square feet, what is the marginal product of the third painter?What is a production technology?Continuing from Exercise 7.1, the films factory sits on land owned by the firm that it could rent for 30,000 per year. What was the films economic profit last year?
- 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?Question 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 1. Plot the APP and MPP curves on the same graph 2. Plot the ATC and MC curves on the same graphAndy’s Beach Gear rents snorkels for $10 each. From past experience Andy knows how many rentals his workers can do, which is shown in the table below. Workers No. of Rentals 1 100 2 130 3 155 4 175 5 190 6 200 7 205 In the third column, calculate the MPL (marginal product of labor) for each worker. In the fourth column, calculate the VMPL (value of marginal product of labor) for each worker. At a wage of $150, how many workers should Andy hire? Calculate the average product of labor when Andy employs five workers? Using the data in the table construct a labor demand curve for Andy’s Beach Gear.
- Currentlyyouworkfor40hoursperweekatthewagerateof$20anhour.Your free hours are defined as the number of hours not spent in work per week, which in this case is 24 hours × 7 days − 40 hours = 128 hours per week. Suppose now that your wage rate has increased by 25%. If you are happy to keep your total weekly income constant, how many hours will you work? How many free hours will you have?Factor Cigars (100 boxes) Soybeans (100 bushels) Acres of land (T) TC= 0.2 TS= 0.8 Hours of labor (L) LC= 0.4 LS= 0.4 where, TC = the number of acres of land used to produce 100 boxes of cigars. LC = the number of labor hours used to produce 100 boxes of cigars. TS = the number of acres of land used to produce 100 bushels of soybeans. LS = the number of labor hours used to produce 100 bushels of soybeans. The table above shows the amounts of land and labor used, given current factor prices, to produce a unit of each of two goods. According to this data, the cigar industry currently uses a land-labor ratio equal toIn 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
- 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 ‘average total cost’ d.With the aid…A car wash firm calculates that its daily production (in numbers of cars washed) depends on the number of n workers it employs according to the formula P=30n-0.05n^2 cars. (a) Calculate the marginal product of labor at employment level of 50 workers. ___ cars/workers. Interpret the results. This means that, at an employment level of 50 workers, the firm’s daily production will increase at a rate of ____ cars per additional worker it hires.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.