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A: As given Profit = $375 billion Retain amount = $218 billion
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A: Answer: Explicit cost: It is the payment made to outsiders for hiring factor services. It involves…
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A: please find the answer below.
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A: Economic activities can be studied in the span of the short-run or long run.
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Q: Edith is the owner and manager of a small coffee shop that employs three workers who use the one…
A: Edith is not right in her view. The reason for this is explained in the next step.
Q: The basic characteristic of the short run is that?
A: Short-run is a period of time in which at least one input is fixed and the others are variable. It…
Q: . The hiring of labour with fixed factor of production under short run after sometimes leads to…
A: Answer to the question is as follows :
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A: option 2 is correct.
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Q: C + G + I + NX ≡ Y ≡ YD + (TA − TR) ≡ C + S + (TA − TR)
A: This Equation is used in economics to calculate the GDP/GNP/GNI C+G+I+NX ≡ Y ≡ YD + (TA - TR) ≡ C+S+…
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A:
Q: 2. Assume that we have a Cobb-Douglas type aggregate production function in the form: Y = WK" L1-r…
A:
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Q: Distinguish between 'short-run' and 'long-run' Phillip curves.
A: Phillips curve is a concepts that was introduced by A.W. Phillips in the early century. The Phillips…
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A: The above question has been summarized in the table below: The table indicates that the cost…
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A: Capital is term that broadly describes anything that grants value or benefit to its owner, which…
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A: Average product refers to the total output produced divided by the quantity of the variable input…
Q: )What is the difference between the average product of labor and the marginal product of labor?…
A: Meaning of Production Function: The term production function refers to the situation under which a…
Q: Suppose the representative firm of the economy has a production function of the form F(K, N) AKO.5N…
A: A common definition of economics is "a social science concerned with the fulfillment of needs and…
Q: Suppose that production function is Y=K1/3(AN)2/3 and competitive firms hire capital and labor to…
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A: The answer is B) Horizontal growth
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A: Ans. a) A labour market is defined as a market situation where workers and employers interact with…
Describe each of the following terms.
Q.3.4 Short-run period
Q.3.5 Collusion
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- Long-run: Assume you are examining the economy of India. Assume the Indian economy is initially in equilibrium. Suppose a war breaks out between India and neighboring Pakistan. What happens to Indian equilibrium if 500,000 Pakistanis immigrate to India in the span of a year? Analyze this strictly in the context of production. Group of answer choices real GDP rises, price level rises real GDP rises, price level falls real GDP falls, price level rises real GDP falls, price level fallsEdith is the owner and manager of a small coffee shop that employs three workers who use the shop’s one coffee machine to make and serve coffee to paying customers. Business has begun to pick up; lines are getting longer every day in her shop. On a busy morning, she sees her baristas scrambling to take orders, get cups, fill coffee from the coffee machine, add cream and sugar, and serve customers in a timely manner. She figures if she hires three more baristas she’ll be able to sell twice as much coffee Do you think she’s likely to be right? Why or why not? Yes, hiring more workers will mean more customers can be served. Yes, more workers will increase the supply and make more coffee available for sale. No, more workers will just create more chaos behind the counter as the additional workers still have to wait to fill from the coffee machine. No, the current workers just need better training to work more efficiently. Adding more and more workers does not constantly increase…Edith is the owner and manager of a small coffee shop that employs three workers who use the shop’s one coffee machine to make and serve coffee to paying customers. Business has begun to pick up; lines are getting longer every day in her shop. On a busy morning, she sees her baristas scrambling to take orders, get cups, fill coffee from the coffee machine, add cream and sugar, and serve customers in a timely manner. She figures if she hires three more baristas she’ll be able to sell twice as much coffee. a. Adding more and more workers does not constantly increase production because of _______ SELECT THE CORRECT ANSWER different productivity levels between various laborers. diminishing marginal costs. diminishing marginal product of labor. substitutes in production.
- Suppose Firm A and Firm B sell their output in the same output market, purchase inputs in the sameinput markets and use the same production technology. The only difference between the two firms isthat Firm A hires only women and Firm B hires only men. That is: WF(1+ dA) < WM and WF(1+ dB)>WM* Which firm will earn a higher profit?A. Firm A will earn a higher profit.B. Firm B will earn a higher profit.C. Both firms will earn the same profit.D. Their relative profit cannot be determined.Edith is the owner and manager of a small coffee shop that employs three workers who use the one coffee machine to make and serve coffee to paying customers. Business has begun to pick up; lines are getting longer everyday in her shop. She sees her employees scrambling to take orders, get cups, fill coffee from the coffee machine, add cream and sugar, and serve customers in a timely manner. She figures if she hires three more employees she’ll be able to sell twice as much coffee. Do you think she’s likely to be right? Why or why not?“It’s not in the company’s interests . . . ’’ “The company thinks that . . . ’’ “From the company’s viewpoint . . . ’’ “As far as the company is concerned. . . ’’—all of us have heard, perhaps even used, expressions that treat a business organization like a person or at least like a separate and distinct entity. Capitalism permits the creation of companies or business organizations that exist separately from the people associated with them. We take the existence of companies for granted, and some experts go so far as to say that the company is “the most important organization in the world.’’ Do you agree that companies exist in their own right and are the most important organizations in the world today? please help with this discussion
- Q)What is the difference between the average product of labor and the marginal product of labor? Average product shows all explicit and implicit costs while marginal product shows output per unit of labor. Average product shows the change in output that results from employing one additional unit of labor while marginal product shows total output at some level of employment. Average product shows total output at some level of employment while marginal product shows output that results from employing an additional unit of labor. Average product shows output per unit of labor while marginal product shows output that results from employing an additional unit of labor.True or False? What we call “short-run output,” denoted by Ỹ, is measured in dollars. True FalseSuppose that production function is Y=K1/3(AN)2/3 and competitive firms hire capital and labor to produce output. Let r be the return paid to capital and w be the real wage paid to labor. Which of the following is true? Group of answer choices A) a profit-maximizing firm hires capital and labor until average products equal factor prices B) labor income share is 1/3 C) real return to capital r grows at the rate of productivity growth D) real wages w grows at the rate of productivity growth
- Think you are a manager of an MNC.As your company operate in different countries with different cultures like people of theory X,Y and Z.So,catagorize your managerial style for each cultures employeesExplain to your elderly relative, who is wondering what is the global marketplace that they keep hearing about. They have also heard about "mancession", "she-economy" and the "circular economy". They are surprised by these terms and also very puzzled. Explain to them your understanding of "mancession" the "she-economy" and the "circular economy". How are these impacting or driving business in the global marketplace or not?Suppose there are two primary factors of production, labour (L) and capital (K), and there are nosecondary factors of production. The production function for this economy is simply Y = cKL,where c is a constant and α= 0.5. Which of the following is true? 1.This economy exhibits constant marginal product of labour 2.This economy exhibits decreasing returns to scale 3.This economy exhibits constant marginal product of capital 4.This economy exhibits diminishing marginal product of labour