Number Of Output Workers 1 50 2. 110 3. 300 4 450 590 665 700 725 710 10 705 According to the above table, At what point does diminishing returns set in? 4th labor O 3rd labor O 1st labor O 2nd labor 5678a
Q: O'Brien and Tony own the only pub in a small town in New York They have two different views on Price…
A: Selling the maximum number of drinks is possible only up to a point where marginal cost is equal to…
Q: consider an exchange economy with 2 goods (1 and 2) and 2 consumer (A and B). a bundle with x units…
A: Competitive Equilibrium refers to the allocation of goods in a market where pareto efficiency is…
Q: Q1. A monopolist will not produce at all if the intersection of marginal revenue and marginal cost…
A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…
Q: You find that both the US and ECB treasury yield curves are backwardated. This is suggestive that:…
A: While the current situation resembles Greenspan's bond problem in some ways. The changes in bond…
Q: How would you classify the market structure for Food Network’sofferings (both content and tangible…
A: Market structure describes how various industries are classified and differentiated based on the…
Q: Portia Grant is an employee who is paid monthly. For the month of January of the current year, she…
A: Given:- Total earned=$8938FICA tax for Social security=6.2%FICA tax for medicare=1.45%FUTA…
Q: Information concerning the fictitious small island nation of Llamalandia is Number of employed…
A:
Q: 7
A: The outcome of a situation of interactions between persons with competing interests is studied by…
Q: Discuss malevolent and benign mercantilism. What kind of activities would the State undertake under…
A: Mercantilism was a practice that existed throughout the 16th and 18th centuries. Because…
Q: Which of the following is correct about the imperial international system? O A. It is the current…
A: The answer is - C. Imperialism predates the modern nation state system.
Q: Assume a company is producing 600 units of output per day and minimizing total cost with the…
A: Short-run marginal cost is the adjustment of complete cost when an extra result is delivered in the…
Q: 6) Classical cconomists believe ill A. Lack of aggregate demand B. Negative supply shocks C. Lack of…
A: Answer is given below
Q: uld not show up in the Consumer Price Index because it is imported from Columbla. uld show up in an…
A: Inflation is the rise in price level of goods/services in an economy over a period of time. CPI is a…
Q: What are the relevance of the state amid globalizations.
A: Globalization also fosters a sense of interdependence, which càn lead to power inequalities between…
Q: What are the complaints of LDCS against free trade? How do you counter argue for them? Explain…
A: LDCS's complaints about free trade and counter-arguments.Argument for infant industries: Growing…
Q: Suppose that both Friedman and Fisher are absolutely correct. Assume that over many years money…
A: Money Supply refers to the quantity of money that is supplied or released into the economy of a…
Q: C(x) = 60 + x² dollars. %3D (a) Find the marginal cost at x = 4 units. MC(4) = Tell what this…
A: Cost function alludes to the functional connection among cost and result. It concentrates on the way…
Q: In response to high rates of obesity among residents living in low-income communities in Oklahoma,…
A: The question is somewhat related to health economics as the health department is trying to help the…
Q: The national debt when the federal government incurs a stays the same; surplus rises; surplus stays…
A: The National debt refers to the total amount of borrowing that is incurred by the government of any…
Q: During periods in which average labor productivity is (Click to select) ▼, average living standards…
A: Answer 1 - Higher Answer 2 - Higher Option B - Growth can lead to an increase in the supply of goods…
Q: What would likely result of the Feds buying bonds be on both
A: The federal reserve operates the monetary policy. It affects the Money supply by buying and selling…
Q: Consider an exchange economy with two agents, A and B, and two goods, 1 and 2. Agent A will only…
A: Total supply of a good is equals the endowments of two goods. We have 2 Goods with two person.
Q: A firm that is perfectly competitive in the output market faces a demand curve for its output: P =…
A: A firm that is perfectly competitive in the output market faces a demand curve for it's output P= MR…
Q: 7) Candice wants to sell two types of chocolate bars, Dark (D) and White (W) to three consumers: A,…
A: Given information 2 goods and 3 consumers
Q: 5. Consider an oligopoly where firms sell differentiated goods and compete in prices. In this case…
A: Imperfect Competition Imperfect competition can be a market situation which is opposite of perfect…
Q: In IS-MP model what variable is on horizontal axis? If IS-MP have different variable on horizontal…
A: IS that is an investment and saving is a downward sloping curve, this curve shows that with an…
Q: The U.S. economy is based on_ and O facts, funding income, funding services, information services,…
A: An economy basically refers to a system of production, distribution, and consumption of commodities…
Q: Find the consumers' surplus at a price level of p = $130 for the price-demand equation below. p=…
A:
Q: year for repairs, adjustments, and shutdowns. A new mac omplish the functions desired and has an…
A: *Answer: Solution : Old Machine New Machine Cost 2,000…
Q: The "5 Why" technique is useful in identifying... Six Sigma projects that should be prioritized. O…
A: Statistics deals with the aspects of the data.
Q: Question 10 When the Fed steps in during a recession and adds money to make sure businesses can get…
A: A recession refers to a fall in the economic activity in an economy. This implies there is a lower…
Q: 5. The Corporate Average Fuel Efficiency standards a Increases revenue from gasoline taxes b Has…
A: sustainable development is the main goal for any economy to conserve the environment . Emission of…
Q: Assume the following: i. The public holds no currency. ii. The ratio of reserves to deposits (0) is…
A: Given the reserve ratio = 0.10 Demand for money, Md=Y(0.81 - 3.7i) Monetary base = $67 billion…
Q: Given the following model; Qd= a-50 P Qs= -100 + 20P
A: Demand function is the function which shows relationship between quantity demanded and price of a…
Q: Differentiate absolute advantage from comparative advantage. Explain how a country should…
A: a. Absolute advantage Vs Comparative advantage 1. Absolute advantage relates to a country's or…
Q: answer for this one! Instructions: 1. Show your complete solution to the problem. 2. State clearly…
A: *Answer: Given data is,
Q: A firm estimates that it will sell N units of a product after spending x dollars on advertising,…
A: We differentiate the N(x) function snd get the maximum value of x.
Q: Reference the cash flows shown below. Pick the best alternative using the ERR method. MARR = 15%. e=…
A: The Economic Rate of Return is defined as the rate calculated from the Cashflow of an investment,…
Q: Table 1 Transaction Balance of Payments Transactions (Year 2022) number Amount 1 Interest paid by a…
A: The difference between the value of a nation's net imports and net exports over a particular time…
Q: In this problem, p is in dollars and x is the number of units. The demand function for a product is…
A: Demand function: - demand function is a functional relationship between the quantity demanded and…
Q: 2.0%? b) Given the selling price from part (a), what was your annual rate of return from owning this…
A: The annual rate of return is the percentage change in the value of an investment. For example: If…
Q: Analyse how and why bond and share prices will be affected by an unexpected fiscal expansion.
A: A Bond is defined as a financial instrument which is issued by companies and are tradable assets. It…
Q: Why is it significant for salespeople to know that value is a subjective concept? (Minimum 45 words)
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: As new firms enter a monopolistically competitive industry, the demand and marginal revenue curves…
A: Monopolistic competition is a type of market structure. It has features of both i.e. perfect…
Q: Increases in nonwage income: Select all that apply (can be more than one answer) o are shown as a…
A: Nonwage income is the income that a person get apart from his/her salary like incentives, disability…
Q: (c) In a city, the consumer price index in 2015, 2016, and 2017 were 100, 108.5, and 113.5…
A: (C). Consumer price index is the tool or an instrument to measure inflation. It is used to measure…
Q: Business Cycles are fluctuations about trend in real GDP. Identify and explain one of the most…
A: Business cycles are a sort of variation in a country's overall economic activity.A cycle consists of…
Q: After graduating from college in 2010, Art Major's starting salary is $35757.00. Suppose Art Major…
A: Here, it is given that Art Major has the salary of $35757.00 in 2010 and the table gives the…
Q: "Alternative forms of Financial Inflow". Present the topic objectively
A: The "capital flows" of an investment, trade, or company transaction are the transfers of funds.…
Q: If there is a high rate of inflation (as well as an ample money supply), this finding is associated…
A: In economics, there are numerous principles applied at the marketplace based on different markets…
Step by step
Solved in 3 steps
- What is a production technology?What is task definition (as a situational variable)?Give an example of how it can influence theconsumption process.15. A firm can use three different production technologies, withcapital and labor requirements at each level of output as follows:TECHNOLOGY 1 TECHNOLOGY 2 TECHNOLOGY 3DailyOutputK L K L K L100 3 7 4 5 5 4150 3 10 4 7 5 5200 4 11 5 8 6 6250 5 13 6 10 7 8a. Suppose the firm is operating in a high-wage country, wherecapital cost is $100 per unit per day and labor cost is $80 perworker per day. For each level of output, which technologyis cheapest?b. Now suppose the firm is operating in a low-wage country,where capital cost is $100 per unit per day but labor cost isonly $40 per unit per day. For each level of output, whichtechnology is cheapest?c. Suppose the firm moves from a high-wage to a low-wagecountry but its level of output remains constant at 200 units
- A car wash firm calculates that its daily production (in numbers of cars washed) depends on the number of n workers it employs according to the formula P=30n-0.05n^2 cars. (a) Calculate the marginal product of labor at employment level of 50 workers. ___ cars/workers. Interpret the results. This means that, at an employment level of 50 workers, the firm’s daily production will increase at a rate of ____ cars per additional worker it hires.A commercial fisherman notices the followingrelationship between hours spent fishing and thequantity of fish caught:HoursQuantity of Fish(in pounds)0 hours 0 lb.1 102 183 244 285 30a. What is the marginal product of each hour spentfishing?(TCO C) You have been hiredto manage a small manufacturing facility whose cost and productiondata are given in the table below.No. of workers Total LaborCost Output TotalRevenue 1 $150 100 $170 2 300 108 550 3 450 114 1150 4 600 119 1470 5 750 123 1600 6 900 125 1700 7 1050 126 1750 Based on your knowledge of marginal analysis, how manyworkers should you hire? Explain youanswer.
- Number of workers Total products Marginal product Fixed cost variable cost Marginal cost 0 0 $100 $0 1 900 $100 $100 2 1900 $100 $200 3 2400 $100 $300 (A) The highest productivity level (AP) of worker is achieved at which number of worker? Prove your opinion WIth calculation. (B) At each number of workers, calculate the marginal product (MP) and determined at which level of worker does diminishing marginal product begin? (C) Calculate the total cost used to produce 2400 units of Good Y. (D) Calculate the marginal cost (MC) at each level of worker Leave answers in 2 decimal place.12. The number of repairs produced by a computer repair shopdepends on the number of workers as follows:NUMBER OF WORKERS NUMBER OF REPAIRS(PER WEEK)0 01 82 203 354 455 526 577 60Assume that all inputs (office space, telephone, and utilities)other than labor are fixed in the short run.a. Add two additional columns to the table and enter the marginalproduct and average product for each number of workers.b. Over what range of labor input are there increasingreturns to labor? diminishing returns to labor? negativereturns to labor?c. Over what range of labor input is marginal product greaterthan average product? What is happening to average productas employment increases over this range?d. Over what range of labor input is marginal product smallerthan average product? What is happening to average productas employment increases over this range?L TP AP MP 0 0 1 35 2 80 3 122 4 156 5 177 6 180 1. Compute marginal products and average products of the various quantities of labour! 2. Made coclusions!
- Complete the table below: Output TotalCost(RM) Totalvariablecost(RM) Totalfixedcost(RM)Averagefixedcost(RM)Averagetotalcost(RM)Marginalcost (RM) 0 505 16010 20020 25036 33058 40072 48088 580106 700130 820150 98015. PLEASE ONLY C A firm can use three different production technologies, withcapital and labor requirements at each level of output as follows:TECHNOLOGY 1 TECHNOLOGY 2 TECHNOLOGY 3DailyOutputK L K L K L100 3 7 4 5 5 4150 3 10 4 7 5 5200 4 11 5 8 6 6250 5 13 6 10 7 8a. Suppose the firm is operating in a high-wage country, wherecapital cost is $100 per unit per day and labor cost is $80 perworker per day. For each level of output, which technologyis cheapest?b. Now suppose the firm is operating in a low-wage country,where capital cost is $100 per unit per day but labor cost isonly $40 per unit per day. For each level of output, whichtechnology is cheapest?c. Suppose the firm moves from a high-wage to a low-wagecountry but its level of output remains constant at 200 unitsper day. How will its total employment change?15. PLEASE ONLY C. A firm can use three different production technologies, withcapital and labor requirements at each level of output as follows:TECHNOLOGY 1 TECHNOLOGY 2 TECHNOLOGY 3DailyOutputK L K L K L100 3 7 4 5 5 4150 3 10 4 7 5 5200 4 11 5 8 6 6250 5 13 6 10 7 8a. Suppose the firm is operating in a high-wage country, wherecapital cost is $100 per unit per day and labor cost is $80 perworker per day. For each level of output, which technologyis cheapest?b. Now suppose the firm is operating in a low-wage country,where capital cost is $100 per unit per day but labor cost isonly $40 per unit per day. For each level of output, whichtechnology is cheapest?c. Suppose the firm moves from a high-wage to a low-wagecountry but its level of output remains constant at 200 units