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Distinguish between economic resources and noneconomic resources.
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- i want real life examples of labor-intensive technology and capital-intensive technology :)How does the scarcity of resources affect the firm’s decision making? Justify your answer through discussing specific situations.Which cost concept is used to determine the most cost-efficient level of production? a) Average cost b) Total cost c) Marginal cost d) Variable cost
- The input factors of production include Land, Labor, Capital, Technology, and Entrepreneurial ability. Which of the following is an example of Capital? (a)The secret formula used to create a can of Coca Cola. (b)The total of all the workers employed by the firm. (c)The 200 acres the factory sits on (d)The machines required to produce carsmarginal cost minus marginal benefit. the time spent on an economic activity. the value of the best forgone alternative. the money cost of an economic decision. 2. (TCO1) Which is not a factor of production? Money Land Labor Capital 3. (TCO1) A point outside the production possibilities curve is attainable, but there is not full employment attainable, but there is not optimal allocation unattainable because the economy is inefficient unattainable because of limited resources 4. (TCO1) A basic characteristic of a command system is that wages paid to labor are higher government owns most economic resources free markets are never permitted in a command economy government planners play a limited role in deciding what goods will be produced 5. (TCO 2) Which is consistent with the law of demand? A decrease in the price of tacos causes no change in the quantity of tacos demanded An increase in the price of pizza causes an increase in the quantity of pizza demanded An increase in the price of…Scarcity is a condition that exists when there is a fixed supply of resources relative to the demand for the product. there is a large demand for a product. resources are not able to meet the entire demand for a product. All of these
- In choosing a production technology, how will firms react if one input becomes relatively more expensive?What is capital and labour intensive production techniqueJosh and Alex work as design engineers creating high‑end lighting fixtures. After one particularly enlightened afternoon, they decide to follow their dreams and open a cupcake bakery. Please classify their various costs. Supplies like sugar, butter, and baking trays Advertising space taken out on a social networking site The salary Alex earned in his previous job designing light fixtures The garage spaced used for baking that can no longer be rented out to a college student The money they pay their neighbor's six-year old son to deliver cupcakes to their customers Implicit costs Not a cost Explicit costs
- Describe the unit-of-production method?Assume you are pursuing a bachelor’s degree and you have 40 hours to divide between work and school in a week. You choose the amount of time you spend on each based on the classes you take and the hours you request at work. The degree will take you 3 years to complete if you dedicate 40 hours a week and do not take summers off. Obviously, if you devote no time to school, you never get your degree. You have been going to school full time for two quarters. In the third quarter, you do not receive as much loan money as you anticipate and need. You decide to work 20 hours a week to make up the difference and take fewer classes. What is your opportunity cost? Make sure to include how this change will factor into the length of time it will take you to finish your degree.We know two friends that have decided to work together in a start-up business in Ithaca; they want to open a herbal shop. Dolores used to work as a high school teacher for $40,00 per year but quit in order to start her own catering business. Louis used to work as a high counselor for $30,000 per year but quit in order to start her own catering business They borrowed $30,000 from the bank; the banks charges 10 % interest per year. Interest is paid one time at the end of the year. During the year they will pay $30,000 for ingredients per year and will receive revenue of $100,000 per year. They agreed to share the expenses and revenue. There is no cost in closing the business, and they can return to their former jobs. We learn that they can return to the former jobs anytime they wish. Since they agreed to equally share the accounting profit, will this business survive and should they even try to operate the business based on economic theory?