In the circular-flow diagram, firms are sellers in Select one: O a. both markets O b. neither market O c. the goods and services market. O d. the factors of production market
Q: QUESTION 6 The basic difference between the short run and the long run is that O A. all costs are…
A: A short-run alludes to that time-frame, in which the establishment/installation of a new plant and…
Q: One of these approaches ( ) the horizontal axis but it does not intersect it: O Total product O…
A: Total product, marginal product and average product are parts of production function which shows the…
Q: introduces new techniques or methods so that firms can produce more output per unit of input. O a)…
A: New techniques and methods helps in the increase in output per unit of input i.e. the production…
Q: What you give up to obtain an item is called: Select one: O a. variable cost O b. direct cost OC.…
A: The monetary value that a business has expanded to manufacture something is referred to as cost. The…
Q: Your town is littered with discarded cans and bottles. The town council passes a law requiring all…
A: When merchants pay 10 cent per bottle then it become incentives for customers to return the bottles…
Q: Which of the following does not change with the level of output? O Marginal cost O Total fixed cost…
A: Marginal cost is the change in total cost with respect to change in output. Average Fixed cost is…
Q: How are the resource and product markets connected? A change in the product market affects the…
A: Resource market is where businesses purchase their resources in order to produce goods and services.…
Q: Explain all resources that economic relies on.
A: Economic resources: - all resources used as an input in the production and distribution of goods and…
Q: If Mr. White decides to open his sporting goods store, what is the opportunity cost of this…
A: If Mr. White opens a sporting goods store in the building then he is using the place for himself…
Q: What you give up to obtain an item is called: Select one: O a. variable cost b. opportunity cost O…
A: Variable costs are the portion of total cost, which rise (fall) with a rise (fall) in output.…
Q: An example of innovation rent is: Select one or more: O a. The cost of opening a new factory. O b.…
A: Innovation rent is the additional profit innovators can earn from their innovation which has…
Q: In the short run, when marginal product is positive and increasing O a. stage 1 production O b.…
A: Decreasing but still positive marginal returns characterise Stage II's short-run production. The…
Q: Explain the counter-intuitive proof of diminishing marginal productivity: if the law of diminishing…
A: Total product refers to the output amount that can be produced by a given amount of variable factor,…
Q: The relationship between the factors of production and the output of goods and services. O a.…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: O The sole gas station in a small town O Avocados at a farmers' market O Lowe's and Home Depot O A…
A: An oligopoly is a market arrangement in which a small number of enterprises can exert significant…
Q: Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: Offshoring of Goods and Services – End of Chapter Question Consider the model of a firm that…
A: Step 1: Total costs (TC) in components and R&D consists of payments to capital and labour (High…
Q: Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a…
A: Comparative advantage arises when the individual can produces good at lower opportunity cost than…
Q: Which of the following is an example of allocative inefficiency? O A. Consumers place positive value…
A: Allocative efficiency is where the marginal cost of producing an additional good is equal to the…
Q: All of the following economic questions deal with microeconomics EXCEP a. Are the country's…
A: Microeconomics is the investigation of people, families and firms' conduct in dynamic and portion of…
Q: In the factors of production market Select one: O a. households and firms are both buyers O b.…
A: In the factor of production market, factors of production are being sold and buy. Where the most…
Q: A graph that shows all the combinations of labor and capital that can be used to produce a given…
A: Cost minimization is done when isoquant is tangent to isocost curve.
Q: Points on a firm's total product curve are اختر أحد الخيارات .a. both attainable and technologically…
A: The total product curve shows the maximum quantity of output that a firm can produce with a given…
Q: Marginal cost is the one more unit of a good and opportunity cost of producing increases as…
A: Marginal cost refers to additional cost that is incurred by pricing one more unit of a good.
Q: A. Explain, how or why the commodity (say bottled water) market can be considered as a good example…
A: A commodity market is a market that trades in the primary economic sector rather than manufactured…
Q: Which of the following is CORRECT? Select one: O a. If a firm is technologically efficient, it is…
A: Option ‘A’ is correct answer If a firm is technologically efficient, it is always economically…
Q: Other things being equal, an increase in the average product of labor in steel production will…
A: The total output amount which could be produced by a firm with the given labor quantity is being…
Q: The circular-flow model shows that firms produce which are demanded by households through product…
A: The circular flow model reflects how the money flows through the markets among households and firms.…
Q: Human capital refers to society's understanding of the best ways to produce goods and services.…
A: a.) True
Q: Which arrow reflects the tuition that Andrea pays for this Which arrow reflects the money that a…
A: The circular flow of income is a model to understand the flow of income and factors of production…
Q: Goods that are produced by one firm for use in further processing by another firm is Select one: a.…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…
Q: a) Explain what is meant by the terms marginal cost and sunk cost in production theory, and give…
A: In economics, the marginal cost of production is the adjustment of complete production cost that…
Q: Ray hires students to mow lawns in the summer. The table sets out Ray's total product schedule.…
A: The marginal product of labor is the addition to the total product when an additional unit of labor…
Q: There are two factors of production, X and Y. They are being used to produce a fixed amount of…
A: Equilibrium is where isocost is tangent to isoquant.
Q: Question 2 in the second stage of production function the TP and MP is O A. TP is increase and MP is…
A: MP is the derivative of TP. Therere are three stages of production which shows the increasing…
Q: hat is tah relationship between average production and marginal prod
A: Total product refers to the output amount that can be produced by a given amount of variable factor,…
Q: If the firm is operating in a high wage country, where capital cost $150 per unit and labor cost…
A: Production cost is the cost associated with both labor and capital cost where labor cost is the wage…
Q: What are ways the profit arises in the changeable/dynamic word ? Comment
A: Answer: As we know that Idleness is defined as the state of being unable to do anything productive.…
Q: Moving along the total product curve, which of the following is held constant? Select one: a.…
A: The total product (TP) curve speaks to the aggregate sum of yield that a firm can create with a…
Q: People will consistently sit through terrible movies at the theater instead of leaving early. This…
A: The foundation of economics as a discipline is the notion that resources used by economies have a…
Q: Which of the following is the best example of a transactions cost? O the price of labor and…
A: Cost is the expenditure of producing goods and services. It is the sum total of the total fixed cost…
Q: "Creative destruction" is the name given to: Select one or more: O a. The process of destroying…
A: The term Creative destruction is explained below:
Q: What are the items that make opportunity cost differ from the accountant's measure of cost? A firm's…
A: A firm's opportunity cost is the cost foregone in terms of the next best alternative to pursue the…
Q: An example of an income payment is wages. These are paid in exchange for... O A. consumer spending.…
A: Wage is the sum of money paid by the employers to the employees in return for the services rendered…
Q: Assume that the basket of goods consumed in an economy are: Hamburger, leans and Movie tickets The…
A: The measure that depicts the final value of goods and services produced in an economy within a given…
Q: Suppose that aKC = 5, capital used to produce one yard of cloth. aLC = 8, labor used to produce one…
A: As you remember that there are 3 Central Problem . 1. what to produce 2. How to produce :- it is…
Q: Assume that X is great at computer programming AND at cooking pizza. Which of the following is true?…
A: When a person has two options A and B and if one has to choose one of them(let's say option A), the…
Step by step
Solved in 2 steps
- Only typed answer and please don't use chatgpt How does the market for inputs like labor differ from the market for goods and services? (Check all that apply.) Part 2 A. Firms are sellers in the market for goods and services, while individuals are sellers in the market for inputs. B. The demand for inputs is derived from the demand for final goods and services. C. Firms are buyers in the market for inputs, while individuals are buyers in the market for goods and services. D. The market for inputs resolves shortages and surpluses through government-supervised negotiations.In Happy Claptown, there are only 3 goods: Burgers, Patties, and Pizza. The following table shows the prices and quantities produced of these goods in 1990, 2000, and 2010: 1990 1990 2000 2000 2010 2010 Price Quantity Price Quantity Price Quantity Burgers 2.00 500 1.00 600 1.10 690 Patties 7.00 300 10.00 200 10.50 110 Pizza 0.70 300 4.00 200 0.75 420 a) A "market bundle" for a typical family is deemed to be 5 burgers, 3 patties, and 4 pizzas. Compute the consumer price index (CPI) for each of the three years, using 1990 as the base year. b) What was the rate of inflation from 1990 to 2000, using the CPI you calculated in (a)?Describe the similarities and differencesbetween the markets for land and capital and themarket for labor.Describe the similarities and differencesbetween the markets for land and capital and themarket for labor.
- 3. use the theory of market( i.e demand and supply ) to expaln what is happening in each of the following scenarioUse the following information toanswer the questions belowComputers:Soybeans:Total revenue =Total120revenue = 120Payments to labor =60Paymentsto labor = 80Payments to capital =60Paymentsto land = 40Holding the price of computersconstant, suppose the price ofsoybeans rises 10% and that the wagerate increases 5%.a. What is the effect of these changeson the rental rate of capital?b. What is the effect of these changeson the rental rate of land?please only do: if you can teach explain steps of how to solve each part what is the optimizatio formula that was use for foc? please solve each part
- use the theory of market to discuss market (i.e demand and supply) to expalin what is happenning in eachof the following scenariosSven runs a daycare for some of the neighborhood children, where he earns $300/day inrevenue. He runs the daycare out of his home, for which the mortgage costs $3,000 per month($100 per day). Each day, Sven spends $50 on food, diapers, and other supplies. He also hassome toys and playground equipment that originally cost $500, but which he wouldn’t getany money for reselling today. Sven looks after all the children himself, so he doesn’t pay anymoney in labor costs. If he weren’t busy with the daycare, he could earn $120 per day as aprivate nanny. What is Sven’s daily economic profit from the daycare? (Select one from below) (a) $300: Economic profit is equal to revenue.(b) $180: That is his revenue minus opportunity cost.(c) $150: That is his revenue minus input cost.(d) $130: That is his revenue minus variable cost.(e) $50: That is his revenue minus accounting cost.(f) $30: That is his revenue minus economic cost.(g) $0: In the long run, all firms must make zero profits.(h) –$200:…Explain J B Say’s Law of Market
- Think about a competitive market in which youparticipate regularly. For each of the characteristicsof a competitive market, explain how your marketmeets these requirements.Let's put dollar amounts on the flows in the circular flow diagram below. Costs BUSINESSES buy resources • sell products $ Resources Goods $ and services Revenue billion RESOURCE MARKET • Households sell • Businesses buy billion PRODUCT MARKET • Businesses sell Households buy Money income (wages, rents, Labor, land, capital, neurial ability Instructions: Enter your answers as a whole number. a. Suppose that businesses buy a total of $200 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $100 billion in wages, $30 billion in rent, and $40 billion in interest, how much are households paid for providing entrepreneurial ability? Interest, profits) HOUSEHOLDS • sell resources .buy products Goods and services Consumption expendit b. If households spend $105 billion on goods and $95 billion on services, how much in revenues do businesses receive in the product market? Note:- Do not provide handwritten solution. Maintain…Please, read the below small cases. All of them are related with Machboos. Answer questions for each of them Doctors do not recommend eat hamburgers. (people can replace hamburgers with Machboos) a. Which factor is this? b. What is changed: D, S, QD or QS? c. Draw the graph and show the change d.Show how EP and EQ will be changed
