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- Smiling Cow Dairy can sell all the milk it wants for$4 a gallon, and it can rent all the robots it wants tomilk the cows at a capital rental price of $100 a day.It faces the following production schedule:Number of Robots Total Product0 0 gallons1 502 853 1154 1405 1506 155a. In what kind of market structure does the firm sellits output? How can you tell?b. In what kind of market structure does the firmrent robots? How can you tell?c. Calculate the marginal product and the value ofthe marginal product of each additional robot.d. How many robots should the firm rent? Explain.What must an entrepreneur do to earn a profit? How do the actions of firms earning profits influence the value of resources?Please don't copy ans Economics You are the owner of a motorbike company that currently has two different factories, an old one and a new one. The old factory uses an old technology that requires large amounts of labor to produce motorbikes. The production technology for the old firm is given by Fo(L) = m*L^1/2 . The new factory uses a much more modern production technology given by Fn(L) = n*L^1/2 . a. What are costs as a function of output for each individual factory? b. Suppose that you want to produce 1000 motorbikes. How many motorbikes will you produce at the old factory and how many will you produce at the new factory? c. Derive an expression for the total cost of producing y motorbikes (assuming that you always divide production between the factories in the optimal way). How does this cost function compare to the individual factory cost functions? d. It turns out that you can upgrade your old factory to make it just as efficient as the new factory. To pay…
- If this firm is producing.... please solveIn 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?what is the importance of long run and short run production in production theory?
- Explain Homogeneous products and give more examplesThree 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 fallName the following Refers to the situation in which the increase in the scale of the production give rise to certain benefits to the producers
- A production technology that lies on the diagram's $500 isocost line dominates a technology that lies on the diagram's $700 isocost line, no matter what happens to the price of labour and capital. is it true or falseEM.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 costidentify whether it best applies to lean businesses (L) or traditional businesses (T). Uses push production.
