Explain all resources that economic relies on.

Q: Calculate total profits in this hypothetical economy: Units of capital: 100 Units of labor: 200 W:…

A: Ans. Total profit is the difference between total revenue and total cost.       Total profit = Total…

Q: If the law of diminishing returns did not hold, we can produce a the food the world needs in one…

A: In economics, diminishing returns is the decrease in marginal output of a production process as the…

Q: Consider the factors of production that go intoa fast-food restaurant. Give an example of…

A: Factors of production are regarded as the building blocks as they are essential for the production…

Q: Among the three stages of production, until what point should one produce considering the law of…

A: The law of diminishing marginal product explains the three stages of production that is applicable…

Q: If marginal physical product is continually declining, what does marginal cost look like?

A: The marginal physical product is the additional output which can be produced by the firm by…

Q: Jaafar is trying to decide how to divide his time between his job as a stocker in the local grocery…

A: The data presented by the question above is as follows:- Per hour pay for Jaafar = $7 Per window…

Q: The entrepreneur's sole function is to combine other resources (land, labor, and capital) in the…

A: The resources which are used for the production of a good or a service are called factors of…

Q: At Dana's dairy farm, the average total cost of producing 19 liters of milk is $10, while the…

A:

Q: The optimal level of the activity is __________units. At the optimal level of the activity, marginal…

A: The equilibrium is reached where the marginal benefit (MB) is equal to the Marginal cost (MC). It is…

Q: Your Econ. Professor bought airline tickets to leave a conference early on Saturday morning. He…

A: He brought the airline ticket to leave a conference early on Saturday morning. But when he found…

Q: How firm choose optimum combination of inputs in short run and long run explain theoritically and…

A: There are two type of period in economics which are short run and long run. In the short run, there…

Q: How Zuwaina is helping Oman’s economy, explain?

A: In this situation, Zuwaina, the Chief Executive Officer of Dar Al Herfya (World of Handicrafts),…

Q: (a) Explain how a firm uses resource price and value data to determine the appropriate combination…

A: Production function plays an important role to determine the nature of production of a firm and…

Q: (a) (b) (c) 'Write down Tom's budget constraint. Write down Tom's optimal consumption-leisure…

A: a) Tom's budget constrain can be written as C=w(h-l) C= Consumption w = wage rate h = 24…

Q: 4. If TC = 12q can produce and stay below our budget? (Excel) 12q? +32q + 32 and have a budget of…

A: ??= 12?3 ― 12?2 +32?+ 32 Budget = $100,000 To find the number of units produced to be below budget:…

Q: Chandra received a gift certificate that covers threesalsa dance lessons. After the first lesson,…

A: The opportunity cost is that cost which must be given up to get something desirable.

Q: The most efficient scale of production is where at which point?

A: According to the given question In simple words we can say that scale of production basically or…

Q: Imagine that you are considering starting your own business. Please share what you think would be…

A: The potential advantages that an individual, investor, or organization foregoes by choosing one…

Q: What is a cost that changes with the change in volume of activity of an organization

A: The cost that changes with the change in volume of activity of an organization or in other words,…

Q: The graph which indicates the various production possibilities of two products when resources are…

A: Production possibility frontier or PPF shows the various combination of two goods that can be…

Q: You need to have work done on your home. In addition to the expense, it will be annoying to have…

A: You need to have work done on your home. In addition to the expense, it will be annoying to have…

Q: What must an entrepreneur do to earn a profit? How do the actions of firms earning profits influence…

A: An entrepreneur should always remember that its revenue should be higher than its cost in order to…

Q: What stage of production is efficient region of production in short run?

A: There are three stage of production. The law of variable proportion can be divided into three…

Q: Poornima is a hard-working college junior. One Saturday, she answered 100 practice problems for her…

A: Poomima is a hard-working junior college .one Saturday ,she decides to work nonstop until she has…

Q: Discuss the impact of rational self-interest on each of the following decisions. Whether to attend…

A: the question and specify the other subparts you’d like answered. It is believed and assumed in…

Q: he Chief Executive Officer of Dar Al Herfya (World of Handicrafts) spends her days contacting…

A: Zuwaina is an entrepreneur based in Oman who left a corporate desk job to venture out on her own.

Q: Refer to the accompanying table below. The marginal cost of the 4th unit of activity is: Units of…

A: The marginal cost (MC) is the cost incurred when one extra factor is employed in the production. IN…

Q: How is the optimum point of production for a firm determined?

A: Point of optimum production is that in which the plant is operated at its full capacity. When the…

Q: Mark can cook dinner in 30 minutes and wash the laundry in 20 minutes. His roommate takes half as…

A: Mark's roommate takes 15 minutes to cook dinner and 10 minutes to wash the laundry.

Q: ny units of X can be produced whe s are utilized in its production

A: Since you have asked multiple questions we will answer the first one for you. When only two goods…

Q: et opened a candy store. He rented a building for $30,000 a year. During the first year of…

A: Total Revenue = $135,000Explicit Costs = Rent on building +Salary to employees + Utilities +…

Q: total cost

A: The opportunity cost depicts the value or cost of next best alternative forgone. When one has to…

Q: te a topic on economies of scale, economies of scope, or learning curves.

A: Economy scale refers to changes within prices per unit because the range of units is multiplied. A…

Q: John owns a computer repair shop and he owns the building where his shop is located. If he closed…

A: The term “opportunity cost” is defined as the value of the next best alternative foregone. It…

Q: Discuss about the concept of marginal cost using your own example?

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: What is the definition of equal product curves in microeconomics? Mention the important applications…

A:

Q: Sven runs a daycare for some of the neighborhood children, where he earns $300/day in revenue. He…

A: Here, some information about revenue band cost related to Sven's daycare job.

Q: In the use of the resources, it is important to any the concept of opportunity cost . Define…

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: You have decided that you want to attend a costume party as Black Panther. You estimate that it will…

A: The marginal cost is the additional cost of production when one more unit of quantity is produced.

Q: The time path of resources is described by X(t) = X(0)e*". If you graphed In X(t) on the y-axis, and…

A: * ANSWER :-  * The OPTION C is correct answer.