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- Choose an answer 8. A production function with the character Decreasing Return to Scale (DRTS) means that if the production scale is doubled, the output will be a. Increased twofold c. It has more than doubled b. Increased less than twofold d. Neither is true 9. If the own-Pice elasticity of supply is 0.8, then ……. A decrease in P will decrease Q by as much as ……… a. 10%, 2% c. 8%, 10% b. 8%, 2% d. 10%, 8%Read Optimize DTC Profits and Full Cost. Discuss how the concepts of price elasticity of demand and production costs can help firms set their selling prices.The short run aggragate supply curve slopes_______ showing a _____________ relationship between _______, a measure of output and ________.
- Consider an imaginary price index, the Undergraduate Price Index (UPI), created to represent the annual purchases made by a typical undergradute. The following table contains information on the market basket for the UPI and the price of each good in 2020, 2021, and 2022. The cost of each good in the basket as well as the basket’s total cost are given for 2020. Perform these same calculations for 2021 and 2022, and enter the results in the following table. Quantity in Basket 2020 2021 2022 Price Cost Price Cost Price Cost (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) Streaming services 1 64 64 104 134 Iced coffees 150 2 300 2 2 Textbooks 10 80 800 85 105 Notebooks 8 2 16 2 4 Energy drinks 40 3 120 4 5 Total cost 1,300 Price index 100 Suppose this price index uses 2020 as the base year. In the last row of the table, calculate and…Due to COVID-19 situations the oil prices fall in international market. Let’s assume that output starts at its natural level.What happens to country A's economy (output and price) in the LONG run? Explain your answers using graphs. (150words)Hand Sanitizer Due to the H1N1 flu outbreak, the demand for hand sanitizer has tripled. Should Johnson & Johnson increase production of their Purell hand sanitizer? Should it invest in doubling production capacity?
- Which of the following are short-run and which are longrun adjustments? a. Wendy’s builds a new restaurant.b. Harley-Davidson Corporation hires 200 more production workers.c. A farmer increases the amount of fertilizer used on his corn crop.d. An Alcoa aluminum plant adds a third shift of workers.Since most consumers spend very little on salt, a small increase in the price of salt will:A. reduce quantity demanded by a large amountB. not reduce quantity demanded by very muchC. not change quantity demandedD. increase quantity demanded by a small amount 2.Fred is considering opening a ski shop in Colorado. Assume Fred will incur the following costs: building rent= $100000/year, inventory= $250000/ year, energy=$50000/year, and labor (one clerk) = $10000/year. In addition, Fred’s current income as a computer programmer is $40000 per year. Assuming Fred would earn $ 460000 in revenues, he could expect to earn:A. an accounting profit of $10000 per yearB. an accounting profit of $ 60000 per yearC. an economic profit of $ 10000 per yearD. an economic profit of $50000 per year 3.Suppose a firm employs only capital and labour (K and L) and its production function is Q = 2KL. If the quantities of labour and capital are fixed at K =10 and L = 25, then:A. total output cannot exceed 125B.…What happens to employment in a competitive firm that experiences a technology shock such that at every level of employment its output is 200 units per hour greater than be fore?
- You sell bracelets online. The demand for these bracelets is:P = 91 – 2QThe bracelets cost $4 each to produce. If you choose to sell a bracelet, you cannot sell a necklace, which has averaged $17 in profit. At what price should you sell the bracelets? Enter as a value. ROUND TO TWO DECIMAL PLACES.Consider an item that is ordered on a monthly basis. The daily demand for the item is200 and the lead-time for supply is 7 working days. A month consists of 25 workingdays. the cost of ordering is USD 100 per order and the cost ofcarrying inventory is USD 10 per unit per year of inventory.a. What will be the cost of the existing plan of ordering inventory?b. What will be the economic order quantity (EOQ)?c. What will be the new cost of the plan if the organization chose to order as perEOQ?Consider the fictitious firm, Icelandic Investment Managers (IIM). The company hire investment managers as workers and laptop computers with artificial intelligence (AI) as capital to offer investment advice to clients. Both managers and the AI can provide advice, but they are not perfect substitutes. Draw representative isoquants for the two inputs. What assumptions are you making when you draw the isoquants? If the AI gets smarter, and as a consequence the inputs are more substitutable, what should happen to the shape of the isoquants? Both inputs are costs; managers have to be paid a wage, called “w” and the AI needs electricity, the price of which is “Pe”. This will generate an isocost line for a particular cost level C*. Please draw this, explaining carefully and fully the purpose of the axes. Now we can put these together. For a given output level of advice, A*, show what the optimal level of inputs are for IIM in a diagram. What is the economic interpretation of the intersection…
