DISCUSS Smith's pin factory example. describe the dramatic effects and the method by which these are achieved. should Smith be criticized for choosing pins for making his point (instead of, for example, textiles)
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DISCUSS Smith's pin factory example. describe the dramatic effects and the method by which these are achieved. should Smith be criticized for choosing pins for making his point (instead of, for example, textiles)
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- Alec and Ellie are the only detectives in the town of Broadchurch. They work together. Assume efficient production. Each has 10 hours in a day to allocate between conducting interviews and completing paperwork. In two hours Alec can produce 5 interviews or 19 files of paperwork. In two hours, Ellie can produce 13 interviews or 22 files of paperwork. What is Ellie's Opportunity Cost of an interview in terms of files of paperwork? Enter a number only. Note: The question here is asking you for the opp. cost in terms of files so you can just enter a number. On the assessments if the question is phrased as "what is the opportunity cost?", you will have to enter the units as well, without which you will not get full credit.Three managers of APISYONADO Company are discussing a possible increase in production who do you think is right? Why? MR.API - we should examine whether our company's productivity galloons of perfume per worker would rise or fall MR.NADO- we should examine whether the extra revenues from selling the additional perfume could be greater or smaller than the extra cost MR. SYO- we should whether our average cost per worker could be rise or fallGive an example of "diseconomies of scale" and describe how this diseconomy could arise.
- EM.19 Billy is an economics student and can use a practice exam to test his knowledge. After one hour of studying, he scores 50% on the exam. After two hours, he scores 75%. After three hours, he scores 85%. After four hours, he scores 90%. What economic concept is most clearly illustrated here? a diminishing marginal returns b worker fatigue c input inefficiency d opportunity costfill in missing word The _______ economy is a way of organizing activity based on returning all resources involved in the production of goods and services back into productive used with the goal of eliminating waste and reducing material inputs.In Bushville, residents typically either work as salaried employees or owns small business on Central Square. Salaried employees on average earn $56,000 per year. All of the stores are rented by real estate companies who own the buildings. Currently the typical store brings in $325,000 of revenue per year. The typical variable costs needed to run a store in Bushville (paying for labor, buying material, etc.) are $210,000 year. a) What is the opportunity cost of running a store? Explain how you know this. b) Given this opportunity cost, what rent will the real estate companies charge? Explain. c) Suppose that a new highway brings more visitors to town, and stores on Central Square now brings in $472,000 of revenue per year with modest increase in variable costs to $236,000. What will happen to rents? Who will benefit – shop owners or the real estate companies?
- The following key concepts under the philosophy of production in Islamic economics are true EXCEPT, producers should be wise and abide by Shari’ah rules in using resources in the production process. production process is part of the collective responsibilities of humankind as the Khalifah of Allah on earth. resources are entrusted as amanah and should be managed according to the ways and means determined by Allah. producers should produce something that maximizing their profit as the resources are owned by them.Discuss about the concept of marginal cost using your own example?Multiple choice questions - Microeconomics 35) What is the firm’s efficient scale? A. the quantity of output that minimizes average total cost B. the quantity of output that minimizes average variable cost C. the quantity of output that minimizes marginal cost D. the quantity of output that minimizes average fixed cost 34) Marginal cost increases as the quantity of output increases. What property does this reflect? A. diminishing total cost B. increasing marginal product C. increasing total cost D. diminishing marginal product
- Using an example , explain the production procesRelating to these two objectives, please answer the following: Examine the principles and theories underlying the concepts of production and cost as well as the relationship between these two concepts. Analyze these principles of production and cost in order to derive the optimum behavior of producers and sellers Question 1 You are a manager of an advertising company. The company is running short of funds, so you decide to increase revenue. Should you increase or decrease the price of running ads? Explain. Question 2 You own a printing firm. Two of your senior managers provide you with advice. The first manager states that your company is losing money for every unit that is printed. To minimize losses, she advises that you reduce your production levels. The second manager states that if your firm sells some more units, the price will cover your increase in costs. In order to reduce losses, the second manager recommends that you should increase production. Explain which manager is…To earn the maximum amount of points, I recommend responding in a 150 to 200 word response. Check it for spelling/punctuation and develop the draft in a word document. The reason I recommend this is because Canvas logs you out and you might lose the data while your word document may preserve it. Please do not summarize the article for me. I have read them. Instead, respond to the following prompt by using economic terms/concepts from the textbook. You can use your own experience to reflect how the articles relate to the chapter from the book and copy terms from the book. However, whenever you copy something exactly word by word, make sure you put parenthesis for example, "words". Relate the following article(s) to the law of supply and demand. Ford shuts factories over tire crisis Ford Motor company is to temporarily close three US truck assembly plants temporarily to help it deal with the Bridgestone/Firestone tire crisis. The car giant said that 70,000 tires which were due for…