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- 4. Discuss the difference between productivity on the "extensive margin" and "intensive margin" (A bonus will accrue to those who incorporate COVID vaccines and boosters into their answer.)The information on three different technologies named as q, v and x is listed in the table below. Note that all of these technologies use different combinations of two types of factors of production, labor and capital, to produce 1000 units of output. Consider the first scenario where the per unit prices of the inputs, labor and capital are $50 and $25 respectively. Technology No of Labors Capital (tons) Cost value ($) A 10 50 B 30 20 C 50 10 Now imagine that a discovery has been made which has led to labor advancements leading to a reduction in per unit price of labor to $10, ceteris paribus. Which technology will a typical firm adopt under these changed circumstances and why? Using the value of costs found, what is the value of the economic rent for this firm?With current technology, suppose a firm is producing 400 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 5 units of labor, 7 units of land, 2 units of capital, and 1 unit of entrepreneurial ability, selling at prices of $40, $60, $60, and $20, respectively. If the firm can sell these 400 loaves at $2 per unit, what is its total revenue? Its total cost? Its profit or loss? Will it continue to produce banana bread? If this firm’s situation is typical for the other makers of banana bread, will resources flow toward or away from this bakery good?
- 3 Explain how economies of scale can be a barrier to entry. Your initial post should be 3-4 paragraphs in length. Make sure to demonstrate critical thinking and analysis by using research. For full credit, include one journal article to support your pos t.t.Please help me with this. Thanks. Factors of Production Innovation and physical capital are two of the four factors of production. Analyze specific ways that 1 of the following laws increased the productivity of innovation and physical capital: 1862 Pacific Railway Act 1956 Federal Aid Highway Act 1946 Federal Airport Act Now that you have considered how a law can increase the productivity of innovation and physical capital, address the following: - Describe 3 other examples of economic concentration - What are the risks and advantages to economic concentration? - How has economic concentration influenced your industry? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.6. Refer to Narrative 16-1. When Peter maximizes his profits, what is his total cost per day?
- 2.1 Economies of scale and economies of scope are said to be directly related. Discuss whether this is the case or not.Refer to figure above. The combination of outputs in the figure describes a situation in which:A) a company specializing in cars and another in tractors would generate the same output as a single company producing both.B) joint production has advantages that enable a single company to produce more cars and tractors with the same resources than would two companies producing each product separately.C) a direct relationship between economies of scale and economies of scope.D) a two-output firm can enjoy economies of scope only if its production process does not involve diseconomies of scale.Q44. Suppose that cellphone batteries can be produce using 3 different types of technologies. The table below indicates the total cost related to each technology for the amount of output produced per day. a. Samsung is considering which technology to adopt to produce its cellphone batteries. Use the information to find the average-total-cost of each technology and identify the most efficient choice of technology and plant size if Samsung would like to produce 6 batteries. b. In general, where must the marginal cost curve intersect the average total cost curve?
- Discuss the five (5) types of entrepreneurial groups evident in the case, as well as a minimum of two (2) skills required to be a member of each group.6. Which of the following describes the difference between economies of scale and economies of scope? The difference is that economies of scale are characterized by a firm's short run average total cost curve. Economies of scope deal with a firm's ability to add inputs to production. economies of scale are characterized by a decreasing long‑run average total cost curve due to specialization of labor. Economies of scope deal with firm's ability to produce related products due to similar production processes. economies of scale are characterized by an increasing long‑run average total cost curve. Economies of scope deal with a decrease in a firm's short run total cost. economies of scale are characterized by a firm's ability to add products that are interdependent. Economies of scope are characterized by a decreasing long‑run average total cost curve.Multiple choice - microeconomics 45) Refer to Figure 13-2. What does the changing slope of the total-cost curve reflect? A. decreasing marginal cost B. decreasing marginal product C. decreasing average variable cost D. decreasing average total cost 44) What distinguishes short-run cost analysis from long-run cost analysis for a profit-maximizing firm? A. In the short run the size of the factory is fixed B. In the short run there are no fixed costs C. In the short run the number of workers used to produce the firm’s product is fixed. D. In the short run output is not variable.