In our paper airplane company, some inputs were fixed and some were variable. Match the input to whether it was VARIABLE or FIXED. Paper- Stapler- Staples- Employees- Production space-
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In our paper airplane company, some inputs were fixed and some were variable. Match the input to whether it was VARIABLE or FIXED.
Paper-
Stapler-
Staples-
Employees-
Production space-
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- Define the statement. Whether correct or incorrect. The production of a firm is diminishing due to the poor technology. This is macroeconomic issue.There are two factors of production, X and Y. They are being used to produce a fixed amount of output called A. If the amount of output, A is held constant, and the isoquants are convex, would the price of X going down always mean less of Y is used? Explain why or why not by explaining through the use of a graph.Input Market Question Give an example of how to value cost of purchases in distorted input market when Inputs are in Fixed Supply. (Please use curve and figure to show your answer)
- Input either "increase" or "decrease" where relevant: An increase in the prices of inputs will cause the equilibrium price to ....... and the equilibrium quantity to .....wheat is the main input in the production of flour. all else equal, if the price of wheat decreases, what would we expect?Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs. choose all that apply. The aspirin Sharon receives Sharon's labor The $175 Paolo spends to purchase necklace from Classy's Jewelry Store The $300 per week Paolo earns working for Pillmart Pharmacy
- Known function is the production of a commodityQ = 40X + 12X2 - 1.2X3a. Calculate how many units of input X in order to achieve maximum total productb. Calculate how many units of input X in order to achieve maximum marginal productc. Calculate how many units of input X in order to achieve maximum average productThe desert town of Dry Gulch buys its water from The desert town of Dry Gulch buys its water from LowTech Inc. LowTech hires residents to walk to the nearest oasis and carry back buckets of water. Thus, the inputs to the production of water are workers and buckets. The walk to the oasis and back takes one full day. Each worker can carry either 1 or 2 buckets of water but no more.a. Draw some of LowTech’s isoquants. With buckets renting for $1 a day and workers earning $2 per day, draw some of LowTech’s isocosts. Draw the expansion path.b. LowTech owns 5 buckets. It could rent these out to another firm at $1 per day, or it could rent additional buckets for $1 per day, but neither transaction could be arranged without some delay. Illustrate the following, using tables, graphs, or both: the total product and marginal product of labor; the shortrun total cost, variable cost, average cost, average variable cost, and marginal cost; the long-run total cost, long-run…Con Co. produces a collectible card game. Currently, the price of capital is at $50 and the price of labor is at $10. The marginal product of capital is 200 and the marginal product of labor is 30. To minimize cost of the given output, Con Co. should Use more capital Use more capital and labor Leave capital and labor as is Use more labor
- The degree of convexity of an isoquant determines the degree of substitutability of factors of production. Do you agree? Explain.In the long run, all factors of production are Group of answer choices rented. variable. fixed. materials.An economy has the following Cobb-Douglas production function: ?=100?^(1/3)?^(2/3) . The economy has 125 units of capital and 64 units of labor. d. Calculate the marginal product of capital MPK. e. Calculate the marginal product of labor (MPL).
