In the circular-flow diagram, firms are sellers in Select one: O a. the factors of production market O b. both markets C. the goods and services market. d. neither market
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- 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.Draw a well behaved production function and show the 3 stages of production. What distinguishes these 3 stages in productionA. Explain, how or why the commodity (say bottled water) market can be considered as a good example of perfect competitive market? B. Explain why perfect competitive markets are regarded as the best market structure for the society?
- In perfect competition market, Firms have perfect knowledge of market. What does that mean?Please look at image and redo 2nd graph is wrong. Where should points A,B & C be? 2nd graph is incorrect Thanks!what are the three stages of production? explain with TP, MP, and AP graph PLEASE DON'T COPY PASTE IT FROM GOOGLE OR JUST CHANGE WORDING BY USING SPIN BOT
- Economics Following is the information available for Bubble Gums produced by Bano and Co.Output (Q) Labour (L) Capital (K) Price0 0 5 10100 1 5 10300 2 5 10600 3 5 10800 4 5 10950 5 5 101,080 6 5 101,120 7 5 101,120 8 5 101,050 9 5 101.000 10 5 10 ⦁ Define the production function in long run and short run. ⦁ Find MPL and APL and exhibit it graphically. ⦁ Identify all three stages of production. ⦁ Assume you are the Economist for Bano and Co. decide how many labour would you hire to attain the firm’s objective and why. Please aanswer all sir.. I have no more question sir please sir answer allFactors of production are inputs used to consume goods and services. a. False O b. TrueFill in the blank and explain the choice of correct answer. When the marginal product--------------------, the marginal cost--------- A) increases; increases. B) increases; remain the same. C) increases; dearases. D) remains the same; increases.
- 4) A firm faces a production function of twittle-twaps: Q(K,Lp,Ln) = 5*K(2/5)*LP(1/3)*LN(1/5) per hour, where capital (K), production labor (LP), and non-production labor (LN) are input factors used in production. The firm operates in a competitive market, where they are a price taker within the capital & labor markets and its own price (r = 40, wP = 25, wN = 50, P = 20). Answer the following.a. If capital and non-production labor are fixed at K = 32 and LN = 243, what is the general form MPLP and graph Q wrt to LP changing [you do not need to solve for LP yet].b. Is this production function decreasing, constant, or increasing returns to scale and why.c. Given the wage of production workers and the price of twittle-twaps, what is the optimal number of LP to employ to maximize profits and the quantity produced (VMPLP = wP).d. If the firm can control both K and LP, what does the Isoquant curve look like and its slope in relative terms if LN is fixed at 243 units [IQ slope =…4) A firm faces a production function of twittle-twaps: Q(K,Lp,Ln) = 5*K(2/5)*LP(1/3)*LN(1/5) per hour, where capital (K), production labor (LP), and non-production labor (LN) are input factors used in production. The firm operates in a competitive market, where they are a price taker within the capital & labor markets and its own price (r = 40, wP = 25, wN = 50, P = 20). Answer the following.a. If capital and non-production labor are fixed at K = 32 and LN = 243, what is the general form MPLP and graph Q wrt to LP changing [you do not need to solve for LP yet].b. Is this production function decreasing, constant, or increasing returns to scale and why.c. Given the wage of production workers and the price of twittle-twaps, what is the optimal number of LP to employ to maximize profits and the quantity produced (VMPLP = wP).d. If the firm can control both K and LP, what does the Isoquant curve look like and its slope in relative terms if LN is fixed at 243 units [IQ slope =…How firm choose optimum combination of inputs in short run and long run explain theoritically and graphically?