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Describe two ways labor exerts influence on the economic landscape. Give one example lf a constraint labor faces.
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- For the annual school bazaar, Emmy can produce and sell either origami frogs (F) or birds (B). For his origami he needs to work with sheets of paper, glue, and paper clips. Below table shows how many units of each input factor is needed to produce one origami. It also shows the total amount of input units available. Emmy’s profits per origami bird and frog are =1 and =2, respectively. 1:Which formula describes the sheets of paper constraint? a F <= 5 b F <= 6-2/3B c B <= 5 d F <=7-1B 2: Which formula describes the glue constraint? a F <=7-1B b F <= 5 c B <= 5 d F <= 6-2/3B 3: Which formula describes the paper clips constraint? a B <= 5 b F <=7-1B c F <= 6-2/3B d F <= 5 4: The iso-profit line has a slope of negative a…Graphically demonstrate how the following economic events influence (ceteris paribus) the relevantsupplyfunction. Label your axes, and specify the market you are discussing. (a) Strong profits in the market for cyber security attract new firms. (b) Low-cost energy reduces the expense of producing and storing ice creamuppose two individuals (Cindy and Elicia) each have 12 hours of labor to devote to producing either roti (X) or fry rice (Y). Cindy’s demand for X and Y is given by: XC = 6/PX and YC = 6/PY, whereas Elicia’s demands are given by, XE = 8/PX andYE = 4/PY. The individuals do not care whether they produce X or Y and the production function for each good is given by X = 3L; Y = 4L where L is the total labor devoted to production of each good. The equation for the frontier is given by X/3 + Y/4 = 24. Which is the price ratio, Px/Py?
- What is transaction cost economics?why is the market for recycled aluminium good and the market for plastic bad in the US? Depict this with a firm input choice model. I understand that recycled plastic decreases in qualiy everytime it is recycled while aluminium does not and can be recylced without the decrease in quality, but I dont know how to depict this graphicallyGive one example of external economics of scale?
- Suppose to produce iced milk coffee and toasted bread need capital and labour, and price of capital is 4 per unit. Given the ratio of marginal product of labour (MPL) to marginal product of capital (MPK) is 2 for milk coffee production and 1/2 for toasted bread production, prove and explain whether allocation resources in iced milk coffee and toasted bread production is efficient. If not, what should you do to achieve efficient production? Use relevant graph to support you’re answer."A pareto efficient allocatiob must always be on the contract curve ". Discuss this sentence with detailsClassify the following as microeconomics or macroeconomics andprovide justification A firm's decision about how many workers to hire
- The nation of Ectenia has 20 competitive appleorchards, all of which sell apples at the world priceof $2 per apple. The following equations describethe production function and the marginal product oflabor in each orchard:100100 2 ,2 5 25 2Q L LMPL Lwhere Q is the number of apples produced in a day,L is the number of workers, and MPL is the marginalproduct of labor.a. What is each orchard’s labor demand as a functionof the daily wage W? What is the market’s labordemand?b. Ectenia has 200 workers who supply their laborinelastically. Solve for the wage W. How manyworkers does each orchard hire? How much profitdoes each orchard owner make?c. Calculate what happens to the income of workersand orchard owners if the world price doubles to$4 per apple.d. Now suppose that the price is back at $2 perapple but a hurricane destroys half the orchards.Calculate how the hurricane affects the income ofeach worker and of each remaining orchard owner.What happens to the income of Ectenia as a whole?For a subsistence agricultural household, which of the following happen when the price of the staple they are producing increases? [SelectMultiple] Group of answer choices Due to profit effect, their utility as producers increases. The impact on overall welfare of the household is ambiguous since it depends on the relative forces of profit effect and price effect. Their is no effect since subsistence households never sell or buy their staple production. Due to price effect, their utility as consumers decreases.Suppose Alphonsos town raised the price of bus tickets to 1 per trip (while file price of burgers stayed at 2 and his budget remained 10 per week.) Draw Alphonsos new budget constraint. What happens to file opportunity cost of bus tickets?