in economy Is employing 4 units of capital, 5 units of raw materials, and 5 units of labor to produce Its total output of 150 units. Each unit of capltal costs S10; each unit of raw materlals, $4; and each unit of labor, $3. The per-unit cost of production In this economy is Multiple Choice $.50. $14.00. $0.75. S0.05. O O O

in economy Is employing 4 units of capital, 5 units of raw materials, and 5 units of labor to produce Its total output of 150 units. Each unit of capltal costs S10; each unit of raw materlals, $4; and each unit of labor, $3. The per-unit cost of production In this economy is Multiple Choice $.50. $14.00. $0.75. S0.05. O O O

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 27RQ: What is the difference between economies of scale, constant returns to scale, and diseconomies of...

See similar textbooks

Similar questions

What is the difference between economies of scale, constant returns to scale, and diseconomies of scale?
Farmer Greene faces diminishing marginal product.If she plants no seeds on her farm, she gets noharvest. If she plants 1 bag of seeds, she gets3 bushels of wheat. If she plants 2 bags, she gets5 bushels. If she plants 3 bags, she getsa. 6 bushels.b. 7 bushels.c. 8 bushels.d. 9 bushels.
My candy bar company made 100 million bars last year, sold for $1 each. I also paid 100 people last year, with an average salary of $100K last year. I have overhead cost of $10M. What is my labor productivity (no units, rounded to 2 decimal places)? My candy bar company made 100 million bars last year, sold for $1 each. I also paid 100 people last year, with an average salary of $100K last year. I have overhead cost of $10M. What was my TOTAL productivity (no units, rounded to 2 decimal places)? My snow shovel company forecasts demand that shows strong seasonanilty by quarter. The linear trend can be estimated by the equation y(t) = 1000 + 1000t. My forecasts start with t = 0, which corresponds with Q1 of 2021 (Jan - Mar). t = 1 corresponds to Q2 of 2021 (Apr - Jun) and so on. The seasonal relatives for Q1 = 1.5, Q2 = 0.5, Q3 = 1, Q4 = 2. What is the seasonalized forecast for Q2 of 2022. I have a process that produces ice cream tubs. I need the the ice cream tubs have volume between…
2. Calculate the appropriate learning rate and the overall average improvement rate for this data set. (Hint: Subtract Average labor/unit of previous lower production level from the Average labor/unit of the production level for which you are trying to figure out the learning rate, then divide by the previous production level average labor/unit. See example above 6-5.4/6=10%) I included an image that has a table in it
The per-unit cist of an item is its average total cost=(=total cost/quantity). Suppose that a new cell phone application costs $100,000 to develop and only $0.70 per unit to deliver to each cell phone customer. What will be the per-unit coat of the application if it sells 100 units? What will be the per-unit coat of the application if it sells 1,000 units? What will be the per-unit cost of the application if it sells 1 million units?
what is the main difference between average physical and marginal physical product? describe the concepts of fixed and variable cost and provide an example for each. describe purchasing power while also providing an example of decreased purchaing power
The table shows total production of a firm. If units of labour (L) increase, find below. 2 marks Units of Labour Total Product (TP) Marginal Product (MP) Average Product (AP) 0 0 1 80 2 200 3 330 4 400 5 450 6 480 7 490 8 480 Compute the marginal product of labour (MP) from first to eighth units of labour. Now compute the average product (AP) of the various quantities of labour and enter them into table. There are increasing return to labour from the first through the ---------------- units of labor and decreasing return from the --------------through eighth units. d. When total production is increasing, marginal product is (positive, negative) --------------- and when total production is decreasing, marginal product is ----------------
(a) Complete the following table and draw the corresponding graphs. Capital inputs Labor inputs Total product Average product Marginal product 20 0 0 20 1 15 20 2 34 20 3 51 20 4 65 20 5 74 20 6 80 20 7 80 20 8 75 (b) What is relationship between MP and AP? Explain why MP first rises, then declines and ultimately becomes negative? (c) Whether the above phenomenon is long run or short run and why? (d) Does law of diminishing marginal returns holds in above scenario? Why and why not.
In a short-run production process, a diminishing marginal product of labor explains why marginal cos is? 1.A negative and falling 2.zero 3.positive but falling D. positive and rising
8.1) While the technology level and the amount of other inputs are constant, as the amount of bit input increases, what is it called?a) increased efficiency of the variableb) constant availability of variable inputc) the law of diminishing returnsd) the law of increasing datae) increased efficiency of fixed input
1) a. What is a production function? How does a long-run production function differ from a short-run production function?b. Explain the term “marginal rate of technical substitution.” What does a MRTS = 4 mean?
Both short-run and long-run average cost curves are likely to have a negative slope up toa given level of output/scale. What are the reasons behind such negative relationshipbetween average costs and output in the short and the long-run?