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Option (d).
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- What is die price commonly called in the labor market?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?Define economic rent. In the graph below, assume that the market demand curve for labor isinitially D1. a. What are the equilibrium wage rate and employment level?What is the economic rent? What is the opportunity cost?b. Next, assume that the price of a substitute resource increases,other things constant. What happens to demand for labor? Whatare the new equilibrium wage rate and employment level? Whathappens to economic rent? What is the opportunity cost?c. Suppose instead that demand for the final product drops, otherthings constant. Using labor demand curve D1 as your startingpoint, what happens to the demand for labor? What are the newequilibrium wage rate and employment level? Does the amountof economic rent change? Does opportunity cost change?
- use diagramsa. What is the effect on the equilibrium price and quantity traded in market of theintroduction of a new technology that reduces costs of production for all firms?b. What is the effect on the equilibrium price and quantity traded in a market of a changein tastes that reduces the demand for the product?c. What is the effect on the equilibrium price and quantity traded in a market of theimposition of a tax per unit sold on suppliers?d. What is the effect on the equilibrium price and quantity traded in a market of thepayment of a subsidy per unit sold paid to suppliers?COURSE: MICROECONOMICS - PRODUCTION THEORY Suppose a company engaged in manufacture of wheat whose production function is represented by: Q =10KL.In addition, firm must pay wages of $200 and rent on capital is $600. It is known that firm has a budget of $30,000 for cheese production.a) Calculate break-even point of both factors of production and graph itb) What will happen if minimum wage is now fixed at $300? Graph itc) Assuming that new minimum wage at point b) is maintained and, assuming that investor demands a capital rent of $900, explain what happens to optimal factor level. Graph it1a. Explain Ricardo’s theory of rent and the law of diminishing returns. b.What is socialism and what are the principal methods by which its advocates have tried to bring it into existence?
- Supply of construction workers in a small town is given by Qs = 4W- 20, and demand for construction workers is given by Qd 100-2W, where Q is the number of workers and W is the hourly wage. The town government imposes a tax of $1 per hour per construction worker. What percentage of the tax will construction workers end uppaying?OA. 50%O B. 60%OC. 75 %OD. 33%10. What is likely to happen to price if supply curve shifts to the right with demand curve constant. Price... a. decreases b.constant c. increases 8.Where will be the movement of Supply curve for agricultural products if the rent for land increases? a. left b. right c. no movement 7. If both supply curve and demand curve shift to the right with a greater percentage shift of demand, price increases. True or False?A firm uses a single input to produce a commodity according to itsshort-run production function f(x) = 4√x, where x is the number of units ofinput. The commodity sells for $100 per unit. The input cost $50 per unit.(a) Write down a function that states the firm’s profit as a function ofthe amount of input.(b) What is the profit maximizing amount of input and output?(c) Suppose the firm is taxed $20 per unit of its output and the priceof its input is subsidized by $10, explain in detail how this will affect the newinput and output levels?
- 5 enter your answer as whole numbers A. What is the market equilibrium rental price per month and the market equilibrium number of apartments demand and supplied? market equivalent rental price is: ______ per month B. If the local government can enforce a rental control law that sets the maximum monthly rent at $2250 will there be a surplus or a shortage? ______ Of how may units ______ apartments per month How many units will actually be rented each month? ________ apartments C. Suppose that a new government is elected that wants to keep out the poor. It declares that the minimum rent that can be charged is $3,250 per month. If the government can enforce that price floor will there be a surplus or a shortage? _______ Of how many units? _______ apartments per month how many units will actually be rented each month? _______ apartments  In macroeconomic analysis, a transfer payment is considered a a. fixed tax. O b. negative tax. O c. positive tax. O d. variable tax. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.suppose the demand and supply equation for eggs in market is: Qd= 100-2p; Qs= 10+40p Complete the given table Graphically show the equilibrium Find PED: for 0.5 to 1.5 and 2.5 to 1.0 What happened to the eggs market if Government increases tax on poultry farm business and on the other hand consumer decreases the consumption of eggs because of reeducation in their income level (show and explain graphically) Price 0.5 1.0 1.5 2.0 2.5 Qd Qs
