Q: Q 4. ( A) Consider the following production functions: are products and xy is the use of input i in…
A: We are given 2 production functions, where input x is used in producing both Y1 and Y2 Y1= 2x1 Y2=…
Q: The following question is based on the production function Q=80L0.7K0.3 where the cost of labour is…
A: Given Q =80L0.7K0.3 ........ (1) Cost of labour = $6 Cost of capital =$4 The total cost of…
Q: The optimal level of production for any company is the level of production that either maximizes…
A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…
Q: You sell homemade candles online for $50 each and you hire your family members to make the candles.…
A: Break even quantity is the quantity at which total revenue = total cost. Where total revenue = 50q
Q: Suppose the economy of Utopia has a labor force of 600 workers, 100 units of capital and 400…
A: Since the question you have posted consists of multiple parts, we will solve the first two parts for…
Q: Which of the following would be exhibited if a doubling of output can be achieved without doubling…
A: Usually, this happens only with increase in the productivity or technological advancements.
Q: The information on three different technologies named as q, v and x is listed in the table below.…
A: With the use of technology, a firm can minimize its cost for production to get more profit.
Q: Q(K, L) = 4K²L2 Type your answers in all of the blanks and submit The production function of good x…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: . Omi Sushi uses waiters H and robots K to produce orders Q. The firm production function for Omi…
A: A production function gives the mechanical connection between amounts of physical sources of info…
Q: What is the definite rule to maximize profit?
A: Profit is the difference between total revenue and total cost and profit is maximized where the…
Q: 6. 3.4 from Microeconomic Analysis Given the production function f(r1, 22) = r, calculate the…
A: Production function : f(x1 , x2 ) = x1a1x2a2 Let the output price be (p) , cost of (x1) be (w) and…
Q: Crew Brew produces a popular brand of beer in its mini-brewery located on a small river in…
A: Given, Production function: Q=50(K+L) Q = 50K + 50L
Q: What mix of inputs should be used to produce a given level of output?
A: The production function refers to the function that determines the maximum quantity of output that…
Q: Which of the following input resource(s) can be used to measure the productivity of a firm? a.…
A: The productivity shows the efficiency of the input used in production. In other words, it shows how…
Q: Why is having a business objective of increased economies of scale always desirable?
A: Economies of Scale in the Business World When it comes to economies of scale, the size of the…
Q: 6. Duane breeds parrots for a living. He has discovered that the production function for parrot…
A: Part d) Q = k1/2 l1/2 MPK = 1/2 (l1/2 k -1/2) Yes, capital obeys "the law of diminishing returns"…
Q: The optimal level of production for any company is the level of production that either maximizes…
A: All firms will make the production where its marginal revenue (MR) equals to marginal cost (MC), to…
Q: Would you please tell me how the economies of scale can spread out the cost of production, so that…
A: Economies of scale are achieved when a business starts witnessing the cost reductions due to…
Q: Where average costs of production are lowest when all output is produced by a single firm
A: Average cost curve: It is a cost bend which is commonly U-shaped. Average variable cost (AVC) is…
Q: Suppose the production function of a firm is given as: Q = 5L + 10L2 – 2L3 Find the number of labors…
A: Given production function Q = 5L + 10L2 -2L3 This is also referred as Total Product Average Product…
Q: Suppose Yamahonda, a Japanese-owned motorcycle manufacturer, builds a production plant in Alabama.
A: Suppose Yamahonda, a Japanese-owned motorcycle manufacturer, builds a production plant in Alabama.…
Q: technology can exhibit constant returns to scale and diminishing marginal product to each factor.…
A: A) TRUE The law of diminishing marginal returns is a hypothesis in financial matters that predicts…
Q: Economists assume that a firm's decisions are made in an attempt to
A: A firm is a business that is formed to provide services to its customers.
Q: What is economies of scale? What are differences between internal and external economies of scale?
A: Economies of Scale: When a company expands its production then usually the cost per unit falls.…
Q: According to data from the Longitudinal Survey of Companies of 2017, labor productivity in Chile is…
A: Disclaimer: Since you have asked multiple questions, we will solve the first question for you. if…
Q: In your "toast" production function, you used your labor and a toaster as capital. Keeping capital…
A: The marginal product of labor is the ratio of change in output to change in labor. It diminishes…
Q: Alec and Ellie are the only detectives in the town of Broadchurch. They work together. Assume…
A: In this question we have to find out the additional paperwork files to be given up with the help of…
Q: Consider the units of output, TFC, and TVC given in the following table. Units of output Total…
A: Units of output Total fixed cost (TFC) Total variable cost (TVC) Total cost Average fixed…
Q: Explain why each of the following statements is True, False, or Uncertain according to economic…
A: The economics as a study is associated with the phenomenon that each society tend to have a limited…
Q: An is a collection of input bundles that yield the same output level
A: An Isoquant is a collection of the input bindles that yield the same output level
Q: Answer the question based on the following information: Suppose 20 units of product A can be…
A: ANSWER Total Revenue=Price*output=1.00*20=20
Q: Alec and Ellie are the only detectives in the town of Broadchurch. They work together. Assume…
A: Alec and Ellie are the only detectives in the town of Broadchurch. They work together. Assume…
Q: With the use of an example, briefly explain the main difference between the ex-ante and the ex-post…
A: The advantages of an item or commodity that are forfeited because an alternative good was chosen…
Q: Suppose a firm produces bicycles will the firms accounting statement reflect the opportunity cost of…
A: There are two types of profit: Economic Profit Accounting Profit The economic profit can be…
Q: Suppose the production function is given by Q = 5K + 3L. What is the average product of capital when…
A: Given: The production function is: Q = 5K + 3L
Q: What economic principle explains why average variable costs and marginal costs initialy decrease as…
A: A U-shaped curve represents the average variable cost function. Initially, as output increases, the…
Q: A firm has two opportunities for a new plant location, one is in China and the other is in Mexico.…
A: A firm has two opportunities for a new plant location, one is in China and the other is inMexico The…
Q: . Which of the following is also known as plant curves?
A: Plant curve is a curve which represents the plant size of the firm. A firm operates on any one plant…
Q: Explain any assumptions and arguments we must use in order to conjecture that firms choose the…
A: Once a firm has determined the least expensive manufacturing technology, it will consider the…
Q: what is the best example of negative integration and positive integration?
A: Economic integration:- Economic integration is a treaty among nations that typically means the…
Q: Suppose you are a producer and you need to identify what combination of labour and capital you…
A: An isoquant shows all the combinations of two inputs that a firm uses to produce any given level of…
Step by step
Solved in 2 steps
- Q7: Please show exact detailed steps for each problemOnly typed answer and please don't use chatgpt otherwise I downvote the answer Q = 12S1/2P-2. Q is number of newspapers sold and S is number of inches of news printed. The cost of reporting S units is $10S. The cost of printing one copy of the newspaper is $0.08, so the total cost of Q = $10S + .08Q. How many copies will be sold at the profit maximizing price when S = 100? Round (up) to the nearest newspaper.Decide the best choice. a. The inndividual waiting times experienced by customers in a busy breakfast cafe would be an example of a deterministic process because several customers are waiting to be seated. b. Informmation Systems and Informmation Technology are identical and synonyms that mean the exact same thing. c. In 2019, both manuffacturing and service sectors employed roughly the same percentage of the labor force in USA. d. Today, services constitute a large percentage (e.g., more than 60%) of the U.S. economy. e. Both choices ‘a’ and ‘b’ are correct.
- What P(s1) would the decision-maker be indifferent between the "buy" and "make" decisions, all other data input remaining the same?The HR department is trying to fill a vacantposition for a job with a small talent pool. Validapplications arrive every week or so, and theapplicants all seem to bring different levels ofexpertise. For each applicant, the HR managergathers information by trying to verify variousclaims on resumes, but some doubt about fitalways lingers when a decision to hire or not isto be made. What are the Type I and II decision error costs? Which decision error is more likely tobe discovered by the CEO? How does this affectthe HR manager’s hiring decisions?5. Create a histogram of profit at the productionlevel Q. Create a histogram of profit when theproduction level Q equals mean demand. Whatis the probability of a loss greater than $100,000in each case? ■
- What is task definition (as a situational variable)?Give an example of how it can influence theconsumption process.Select all statements that are true using the attached chart. A.)Breakeven is the quantity where TR - TC = 0 B.)The profit maximizing quantity of participants/bags is MR ≥ MC 300 C.) The profit maximizing quantity of participants/bags MR ≤ MC 400 D.) Using Qb = F/(MR – AVC) the breakeven quantity of participants/bags is 113 and 115 bags.A company estimated that the relationship between the unit price and demand per month for a potential new product is approximated by P = $ 100 – $ 0.1D. The company can produce the product by increasing fixed costs $ 17,500 per month, and the estimated variable costs is $ 40 per unit. What is the optimal demand, D*, and based on this demand, should the company produce new product? Why? a) Work out the complete solution by differential calculus, starting with formula for profit or loss per month b) Solve graphically for an approximate answer
- A farmer believes there is an equal chance that the next growing season will be abnormallyrainy. His expected return function has the formExpected return = 0.5lnYNR + 0.5lnYRwhere YNR and YR represent the farmer’s income in the states of “normal rain”and “rainy,” respectively.Suppose the farmer must choose between two crops that promise the following incomeprospects:Crop YNR YRMaize $14,000 $5,000Cotton $9,500 $7,500a) Which of the crops will he plant?b) Suppose the farmer can plant half his field with each crop. Would he choose to do so?Explain your result.c) What mix of Maize and Cotton would provide maximum expected utility to this farmer?d) Would Maize crop insurance, available to farmers who grow only Maize, which costs$2,000 and pays off $4,000 in the event of a rainy growing season, cause this farmer tochange what he plants?Choose the correct answer plz asap!Electrical Components Profit A company’s dailyprofit from the production and sale of electrical components can be described by the equation P(x) =6.45x - 2000 dollars, where x is the number of unitsproduced and sold. What level of production andsales will give a daily profit of more than $10,900?