Let's say PPF in the diagram to the right is for the year 2022 — How can we shift out the frontier for 2023 to be able to produce more of both goods? Question 11 options: A) Increase the amount of land, labor, capital and entrepreneurship we have — the factors of production B) Increase the amount of technology we have — new inventions and innovations C) Both of the above will help.
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- Studying has both costs and benefits. If you continue tostudy (e.g., for a test) for as long as the marginal benefitsof studying are greater than the marginal costs, and youstop studying when the two are equal, will your actionbe consistent with having maximized the net benefits ofstudying? Explain your answer.Nimbus, Inc., makes brooms and then sells themdoor-to-door. Here is the relationship between thenumber of workers and Nimbus’s output during agiven day:Workers OutputMarginalProductTotalCostAverageTotalCostMarginalCost0 0 ____ ________ ____1 20 ____ ________ ____2 50 ____ ________ ____3 90 ____ ________ ____4 120 ____ ________ ____5 140 ____ ________ ____6 150 ____ ________ ____7 155 ____ ____a. Fill in the column of marginal products. Whatpattern do you see? How might you explain it?b. A worker costs $100 a day, and the firm has fixedcosts of $200. Use this information to fill in thecolumn for total cost.c. Fill in the column for average total cost. (Recallthat ATC T 5 C Q/ .) What pattern do you see?d. Now fill in the column for marginal cost.(Recall that MC TC 5 D ∆ / Q.) What patterndo you see?e. Compare the column for marginal productwith the column for marginal cost. Explain therelationship.f. Compare the column for average total costwith the column for marginal cost. Explain…Intermediate MicroeconomicsProblem Set 10.Submission options:⢠in person during lectures or TA sessions;⢠in Xiaoye Liaoâs mail box at 19 West 4th, 6th Floor;⢠(less recommended) e-mail Xiaoye Liao atxl775@nyu.eduâ in that case, be sure to use the subject line: âSubmission Problem Set 10â.Exercise 1Consider a game of rock-scissor-paper. There are two players, player 1 and player 2,and the winner receives $1 from the loser (if they draw, nothing happens). They playthis game simultaneously.1. What kind of game is this? Express this game in normal form.2. What are the set of possible actions and strategies?3. Find all Nash equilibria of this game.Exercise 2Consider a game represented by the following payoff matrix. Find all pure strategyNash equilibria. UMD LCR?10, 0 ?10, ?1 ?10, ?1?8, ?8 0, ?102, ?14, 57, ?101, 1 Exercise 3Consider a game represented by the following…
- Point Pizzas Airplanes A 0 200 B 80 160 C 120 100 D 140 0 Is the production combination of 120 pizzas and 110 airplanes inside, outside, or on the country's PFF and is this production attainable? is the production combination of 100 pizzas and 100 airplanes inside, outside, or on the country's PFF and is this production combination attainable?why is the market for recycled aluminium good and the market for plastic bad in the US? Depict this with a firm input choice model. I understand that recycled plastic decreases in qualiy everytime it is recycled while aluminium does not and can be recylced without the decrease in quality, but I dont know how to depict this graphicallyWhat is the difference between a positive and a normative statement?
- Alyssa’s Custom Cakes currently sells 4 birthday, 3 wedding,and 2 specialty cakes each month for $45, $155, and $105each, respectively. The cost of labor is $50 per hour (includ-ing benefits) and it takes 90 minutes to produce a birthdaycake, 240 minutes to produce a wedding cake, and 60 min-utes to produce a specialty cake. Alyssa’s current multifactorproductivity ratio is 1.30.a. Use the multifactor productivity ratio provided to calcu-late the average cost of the cakes produced.b. Calculate Alyssa’s labor productivity ratio in dollars perhour for each type of cake c. Based solely on the labor productivity ratio, which cakeshould Alyssa try to sell the most?d. Based on your answer in part (a), is there a type of cakeAlyssa should stop selling?Budi and Ahmad are stranded on a remote island. Each had a few cans of bacon (D) and a few packs of macaroni cheese (M). Budi has quite flexible tastes and has a UB satisfaction function = 4D + 3M. Ahmad is a very picky person and will only eat smoked meat and cheese macaroni with a combination of 1 can of smoked meat and 2 packs of macaroni cheese. Ahmad's level of satisfaction is UA=min(D,M/2). There are only 100 cans of bacon and 200 packs of macaroni cheese. Questions: a. Draw an Edgeworth Box diagram illustrating the possible trade-offs that occur under these conditions. Determine the possible exchange rate in equilibrium. b. Suppose Ahmad has 40 cans of bacon and 80 packs of macaroni cheese. Determine the equilibrium that will occur. c. Suppose Ahmad has 60 cans of bacon and 80 packs of macaroni cheese. Determine the equilibrium that will occur. d. Suppose Ahmad, who is stronger than Budi, decides not to follow the agreed exchange rules. Determine the equilibrium that will occur.Q.No.1. Differentiate the following by giving at least one practical exampleMacro Economics Vs Micro Economics
- In market economies, fifi rms rarely worry about the availability of inputs to produce their products, whereas in command economies input availability is a constant concern. Why the difference?13. A layperson says that a proposed government project simplycosts too much and therefore shouldn’t be undertaken.How might an economist’s evaluation be different?14. Economists say that individuals make decisions at themargin. What does this mean?15. How would an economist define the efficient amount oftime spent playing tennis?16. Ivan stops studying before the point at which his marginalbenefits of studying equal his marginal costs. Is IvanView History Bookmarks Profiles Tab Window Help Current Students | Minneapol X MINNEAPOLIS COMMUNITY & Trock COLLEGE Communications Z minneapolis.learn.minnstate.edu/d21/le/content/6153940/viewContent/61105502/View 2 of 5 Su23 ECON 2200-80 Principles of Micro... ts Activity Files Activity 6 Question List ty 6 Question List ...: Activity 6: Chapter 10- Su23 X Assessments ♥ Resources A.12 If P = $35, the firm will supply $____ 2 Questions A.12-A.17: Here is cost data for a single firm in a competitive industry. Apply the MR - MC profit-maximizing rule. SEE NOTE ON PAGE 1. W S - A.13 If P = $45, the firm will supply____ units and earn profits of $ X A.14. If P = $55, the firm will supply_____ units and earn profits of #3 −1+ A.15. If P = $60 and there are 200 identical firms with this cost data, the quantity supplied in the market will be with each firm earning a profit of $_ D Activity 6 Question List - Su2 X Automatic Zoom units and earn profits of 4 C R Technology Help Training…