Figure 7.7. What is the marginal gain in output from increasing the number of barbers from 4 to 5 and from 5 to 6? Does it continue the pattern of diminishing marginal returns?
Q: Table 3 Employed Unemployed Not in the Labor Force 95,000 people 5,000 people 80,000 people Referrin...
A: The labor force is the sum of the number of people employed and the number of people unemployed but ...
Q: You own a printing firm. Two of your senior managers provide you with advice. The first manager stat...
A: The process of combining multiple material and immaterial inputs (plans, know-how) to generate a con...
Q: CIBC Bank publishes the annual report every year on the 2nd of April. the Bank is at hearing to the ...
A: The company has to publish its annual financial reports every year as per regulatory requirements ...
Q: Afake economy has a trade deficit of 500. imports of 800 and national savings of 2000, Investment in...
A: Given information are Trade deficit =500 Imports M=800 and National saving S=2000
Q: Consider the following hypothesis test. Ho: H = 15 Hại H # 15 A sample of 50 provided a sample mean ...
A: a. Since the sample size is larger than 50, using the Central Limit Theorem, we have the test statis...
Q: outcome is a Nash-Coumot equilibrium, why did the prices rise less than in proportion to the firms r...
A: Oligopoly market is characterized by the presence of the few dominant firms. These firms have some m...
Q: Analyse the action that government can take to assist the economy during a recession
A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and scarcit...
Q: In the latter years of the command economy in the Soviet Union, there was some experimentation with ...
A: Between 1929 and 1933, Stalin ordered the collectivization of agriculture, which he pursued vigorous...
Q: Question 23 Immigration rules/laws are the responsibility of the: O a. Federal Government O b. State...
A: Immigration refers to the situation when people move from one Nation to another nation in search of ...
Q: The first costs of an equipment is P 65,000 and a salvage value of P 3,000 at the end of its 6- year...
A: Cost of equipment = 65000 P Salvage value = 3000 Time = 6 years
Q: A central assumption of the Neoclassical growth model is that O A. there are increasing returns to s...
A: Capital accumulation and the decision to save, according to neoclassical growth theory, are major de...
Q: Are beer and pretzels complements or substitutes?
A: Answer:- Yes beer and pretzels are substituted as pretzels are being substituted by relatively cheap...
Q: Please help me with this macroeconomics question! 5
A: macroeconomics means the study of the conduct of the public or economy as a whole. It is worried abo...
Q: What will happen to Vladimir Putin after the war with Ukraine? What kind of consequences will he and...
A: Throughout 2021 and 2022, Russian military development on the boundary of Ukraine has raised pressur...
Q: Kerer to the information provided in table 4 below to answer the question(s) that follow. Table 4 $B...
A: Answer: (a). GDP=PCE+GP+NPDI+Exports-ImportsWhere,PCE=private consumption expenditureGP=government p...
Q: The production function for a product in given by q-10OK a merginal product functiore MP100K and MP1...
A: Firm will minimise cost at a point where marginal rate of Transformation is equal to the price ratio...
Q: 2. The Balance of Payments (BOP) measures all international transactions between two countries. The ...
A: Disclaimer: Since you posted a question with multiple parts, I am providing you with the answers to ...
Q: Good Y 100 120 140 $0.60 $0.60 $1.00 a. Assuming that this economy produces only two goods Good X an...
A: Formulas: Nominal GDP = Price of all goods in current year + Quantity of all goods in current year R...
Q: which of the following best describes marginal product? A.)Left over output- the loaves a bakery mak...
A: Total product refers to the total output produced with the given inputs. Marginal product refers to ...
Q: In the diagram below, a doubling of the price of X causes one to Y 100 20 40 45 50 100 increase the ...
A: When the price of x doubles, the budget constraint swivels around the x-axis. The Y coordinate howev...
Q: For an imaginary economy, when the real interest rate is 7 percent, the quantity of loanable funds d...
A:
Q: In Billion of AED Gross domestic product 23,560 Goods produced in foreign countries with UAE. Capita...
A: The Gross Domestic Product (GDP) can be measured in multiple approaches, like: The Product Approac...
Q: Calculate the steady state level of investment in an economy with a savings rate of 15%, population ...
A: The steady-state level of investment in an economy is when investment is equal to the depreciation, ...
Q: The Fed raises the interest rate when it O a. fears inflation. O b. wants to increase the quantity o...
A: We have show that If the federal Reserve ràises interest rates it does not want to increase the amou...
Q: In a simple model without government spending or taxation, if C = a +bY where C is consumer spending...
A: Consumption Function is the function relationship between the spending of the consumer and the facto...
Q: QUESTION 33 Assume that over the long run, a firm increases their scale of operation and hires doubl...
A: Here, it is given the firm decides to increase its scale of operation due to which it employs double...
Q: A company in a perfectly competitive market produces an output level Q = 100 where marginal revenue ...
A: In perfectly competitive markets firms do not have any market power so they take the price as given....
Q: In Ethics. The act of killing the priest inside the church during the mass is heavier act of killing...
A: It is already a serious crime to murder a priest. It would be much more serious if it is done within...
Q: Consider the following demand function: U(X,Y) = X5Y5 Find the solution of the maximization problem.
A: The demand function shows the inverse relationship between two variables or components that are pric...
Q: Suppose that an investor wishes to deposit an amount now so that in 30 years $1,000,000 will be in a...
A: Let the amount deposited now be represented by P. Let F represents $1,000,000 which appears to be in...
Q: Doesn’t environmental protection hurt the economy?
A: Enviornmental protection refers to the government programs and activities to protect and maintain th...
Q: If the Fed increases interest rates, other things remaining the same, foreigners demand dollars, cau...
A: Currency's demand and supply market is called the foreign exchange market, and The price of a domest...
Q: Using the data in the above table, the average fixed cost of producing 16 units is
A:
Q: Which of the following are reasons that market prices might not reflect true social costs? O Monopol...
A: Monopoly is the reason that market prices might not reflect true social costs.
Q: Which of the following is NOT an example of improper methods when conducting a cost-benefit analysis...
A: A cost-benefit analysis is a systematic process used by businesses to determine which decisions shou...
Q: It has been suggested that homeowners be allowed to deduct part of their mortgage (loan to buy a hom...
A: If homeowners are allowed to deduct part of their mortgage interest payments on their income tax for...
Q: A state, such as Pennsylvania, may not impose import duties, but may tax exports. Choose: O True O F...
A: Basics:- As international trade is matter of federal government so no state can impose any such duti...
Q: What can socilety do about fake new?
A: To find : How society deals with fake news
Q: Consider an economy in which taxes, planned investment, government spending on goods and services, a...
A: Given information Ca=1500-20r MPC=0.6 I=2450-60r G=1980 NX=-200 T=1750
Q: 1) If investment spending depends on GDP, this is called induced investment? T/F 2) A change in ...
A: When a good is manufactured with the use of factors of production, cost takes place for producing t...
Q: Give five examples of goods and services that people consume on a daily basis as a result of globali...
A: Globalization The word "globalization" refers to how commerce and technology have made the globe a m...
Q: Plot the above AD-AS curves on the (Y, T) diagram. Describe the slopes of both the AD curve and the ...
A: Economists generally agree that the rate of money growth is one determinant of an economy's inflatio...
Q: 5. Japan and the European Union have flexible exchange rates. Suppose Japan attracts an increased am...
A: Answer: If Japan sees increased foreign funds then the supply of loanable funds will increase in Jap...
Q: The term "figure skating" refers to the shapes that skaters used to trace in the ice as part of skat...
A: Figure skating: The figure skating used by athletics earlier, there are many changes that happened s...
Q: 12. Excise tax is a part of
A:
Q: What is the main reason why GDP deflator and CPI differ from each other? A) CPI includes investment...
A: The measure that depicts the final value of goods and services being produced in an economy during a...
Q: What is the total variable cost of 2 oil changes?
A: Total cost is the sum of fixed cost and variable cost.
Q: $20.00 $22.00 4.20 Haircuts 2 $25.00 Hamburgers 10 4.00 4.50 DVDS 6 15.00 15.00 14.00 a. Calculate t...
A: A consumer price index is a price index, the price of a weighted average market basket of consumer g...
Q: Examine the data in Table 6.7 on UK immigrants by ethnicity and generation. The data are from the Br...
A: Given information In the given table income gap or inequality of income received among whites and e...
Figure 7.7. What is the marginal gain
in output from increasing the number of barbers from
4 to 5 and from 5 to 6? Does it continue the pattern of
diminishing marginal returns?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?Inventory Costing Methods—Periodic MethodThe Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ $9 per unit 10 Purchased 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Answer Cost of Goods Sold: Answer B. Last-in, first-out: Ending Inventory Answer Cost of Goods Sold: Answer C. Weighted-average cost: Ending Inventory Answer Cost of Goods Sold AnswerA jeweler has hired a craftsman to make handmade jewelry. All items produced are identical, but the jeweler notes that the 15th item produced costs $425 while the 30th item produced costs $375. What is the percentage change in labour cost when output is doubled from 15 to 30? a.-11.8% b.13.3% c.-13.3% d.11.8% e.88.2%
- • Total revenue $ 500,000• Wages and salaries $ 40,0000• Forgone salary $ 80,000• Interest paid $ 10,000• Forgone rent $ 10,000• Raw materials $ 50,000• Other payments $ 20,000• Forgone interest $ 7,000 ABC Company produces 100 pendants per day. The total fixed cost for the plant is $5000 and the total variable cost is $15000 per day. Calculate the average fixed cost, average variable cost, average total cost and total cost at the current output level.Thelma has a long term lease on her cotton farm with an annual lease payment of $10,000. Prior to planting in the spring of 2020, she predicts that she will have $5000 left after paying all of her costs except for the annual lease payment. In this case, what should Thelma do?Select one:a. continue to operate because total revenue exceeds total costb. shut down and experience an accounting loss of $5000c. continue to operate even though she predicts an accounting loss of $5000d. exit the market and experience an accounting loss of $10,0001. The amount of fixed factory costs applied to the product during the first 6 months under absorption costing is? A. Over-applied by $20,000. C. Under-applied by $40,000. B.Equal to the fixed costs incurred. D. Under-applied by $80,000. 2. Reported net income (or loss) for the first 6 months under absorption costing is? A. $160,000 B. $0 C. $40,000 D. $(40,000) 3. Reported net income (or loss) for the first 6 months under variable costing is? A. $180,000 B. $40,000 C. $0 D. $(180,000)
- A company produces two products. FC = Total Fixed costs = $580VC1= variable costs from product 1 = $920VC2= variable costs from product 2 = $805TR1= revenue from product 1 = $900TR2= revenues from product 2 = $900In the short run, what should the firm do? a.Produce product 1 but not 2 b.Produce neither c.Produce both d.Produce product 2 but not 1upon graduating with an accounting degree, you open your own accounting firm of which you are the sole employee. To start the firm you passed on a job offer with a large accounting firm that offered you a salary of RM60,000 annually. Last year you earned a total revenue of RM100,000. Rent and supplies last year were RM50,000. 2.1) Your annual economic costs areMartinez Company's relevant range of production is 7,500 units to 12,500 units. The unit costs when it produces and sells 10,000 units are provided in the table. If 12,500 units are sold, what is the variable cost per unit sold? Amount per unit ($) Direct materials 6.00 Direct Labor 3.50 Variable manufacturing overhead 1.50 Fixed manufacturing overhead 4.00 Fixed selling expense 3.00 Fixed administrative expense 2.00 Sales commissions 1.00 Variable adminsitrative expense 0.50
- Suppose a firm decided to leave a high-cost/ high-tax state like California to reloacte to a low-cost / low-tox state like Nevada. They are doing this because they will be able to save 30 percent on the cost of their labor (employees) and becouse the Nevada state government is giving them generous state tax incentives for new machinery and free land. This decision would be a good example of economies of scale. (Telsa car battery factocy story) True or FalseThe Jones Company has the following cost schedule: Output Total Cost (Units) (OMR) 0 3000 50 3750 100 4275 150 4675 200 5000 250 5300 300 5700 350 6250 400 7050 450 8225 What is the Fixed Cost (FC) and Variable Cost (VC). What is the average fixed cost (AFC), average variable cost (AVC) and average total cost (ATC) for each level of output What is the marginal cost (MC) for each level of output1. Last year, your company purchased a site license to the accounting software suite CookTheBooks® for $1,150. Yesterday, your IT department discovered that the software erroneously calculates 2 + 2 = 5 and suggested purchasing a replacement software, BeanCounter®, for $950. How should your company assess or quantify the cost of the decision to replace its software? The BeanCounter® software includes a monthly fee of $37 per site license (i.e., the fee to the company is $37 per month regardless of the number of computers on which the software is installed or how often it is used); how would the company characterize this cost (in terms of the concepts we've discussed this week which is short and long run production and cost)?