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- In applying factor markets , suppose mr. Youw is in a restaurant giving his order to the server where is the economics3. In applying Factor Markets, suppose Mr. You are sitting in a restaurant giving his order to the server. Where is the economics?7. It can be argued that the theory of factor endowment is based ona. Identical preferences and tastesb. Even quality of factor inputsc. Homogeneous technologyd. All of the above
- THIS IS FOR MATHEMATICAL ECONOMIC CLASS Question (2): The market for disposable cell phones: Q = 2300 – 16p and Q = 1850 + 14p. Suppose that more consumers prefer the disposable cell phone over the smart phone because the disposable cell phone is more durable than the smart phone. This latest news comes after the fact that firms that manufacture disposable cell phones have the latest technology integrated into their production facilities. What will be the market effect? Going back to question (d), suppose that the price of a disposable cell phone is now set at $11.75. How many disposable cell phones will be demanded by consumers? Whichever curve you’ve determined should be shifted, derive the new function.In factor endowment theory,opportunity cost is A.increasing B.decreasing c. constant d.increasing first and decreasng afterDefine MARKET FACTORS?
- Classify the following as microeconomics or macroeconomics andprovide justification A firm's decision about how many workers to hireFor a subsistence agricultural household, which of the following happen when the price of the staple they are producing increases? [SelectMultiple] Group of answer choices Due to profit effect, their utility as producers increases. The impact on overall welfare of the household is ambiguous since it depends on the relative forces of profit effect and price effect. Their is no effect since subsistence households never sell or buy their staple production. Due to price effect, their utility as consumers decreases.Give typing answer with explanation and conclusion When a company only pays workers .50 an hour why would this be acceptable according to Martin Wolf’s theory?
- Using the model developed in The Economy Unit 3, Section 3.7, consider an individual who is facing a wage (w) of $20 per hour. Assume that their spending on goods and services cannot exceed their earnings per day. Maximum consumption (c) per day is: c = w(24 – t) where t = hours of free time per day. a) Initially when facing w = $20 per hour the individual chooses to work 10 hours per day and have 14 hours of free time per day. In a fully labelled diagram show the individual’s optimal combination of free time and consumption. (Fully labelled means that you must label both axes, correctly determine the vertical axis and horizontal axis intercepts, label the slope of the budget constraint and show the optimal amount of free time and consumption associated with it.) b) Assume that the wage increases to $30 per hour. Show the new utility maximizing combination of free time and consumption in your diagram from a). c) On your diagram decompose the overall change in hours of free time in…Sharing the Surplus A farmer works on a plot of land owned by a landlord. The figure below illustrates the feasible combinations of free time and bushels of grain. Why does the farmer’s feasible frontier slope down? Why is it concave? The farmer’s reservation option is a job that pays 20 bushels of grain for 10 hours of work - this option is labeled Z in the figure. What is the name of the curve running through Z? What does this curve illustrate? Why does it have the shape it has? If the landlord knows the farmer’s feasible frontier, along with the other curve given in the figure, then they will make the take-it-or-leave-it offer implied by point X in the figure. How does this point relate to the distance between the two curves? How does this point relate to MRS and MRT? What is the (approximate) surplus in bushels under the landlord’s take-it-or-leave-it offer? How is the surplus split between the farmer and landlord? Is this allocation efficient? Is it fair? Briefly explain…A marginal is one that?
