O Stevenson_Wolfers_chap7_14.png (364x347) - Google Chrome A learningcurve.macmillanlearning.com/question_pics/Stevenson_Wolfers_chap7_14.png Price Actual quantity Marginal $150 cost Marginal benefit $10 $60 $95 Quantity 12:24 AM 4) ENG T10 3/24/2020
Q: QUESTION 5 Even though local newspapers are very inexpensive, people rarely buy more than one of…
A: When an additional (marginal) benefit derived from reading a second newspaper is less than the…
Q: Explain each one of these. 1. Government Black Entry 2. Control Key Resources 3. Network…
A: Government Black EntryThe black market is defined as the illegal market. The government entry to the…
Q: A new French law is forcing industry giants to donate or recycle unsold goods that they would have…
A: Answer 1) French policy differ from that in the U.S. as there is a new French law which is forcing…
Q: The graph shows the market for shrimp. The government passes a new law that requires producers to…
A: When demand and supply curve intersect then it brings the market in equilibrium. At equilibrium…
Q: Good U Good Z (unit) (unit) 1750 100 1700 200 1650 300 1580 400 1480 500 1300 600 1090 700 850 800…
A: Plot the given data on a graph. First, plot the points on the XY plane and then joined them with a…
Q: Com 120.000 80.000 40.000 C A Robots 5.000 10.000 15.000 In the graph above, the resources in this…
A: The production possibility frontier of an economy shows the maximum amount of two goods that an…
Q: The figure shows the market for college education. The efficient quantity of education is Price and…
A: MB- Marginal benefit shows marginal private benefit MSB- Marginal social benefit Good with…
Q: Zach is a physics student who is considering taking an extra course in history. An incentive that…
A: The economics as a study is used to determine how the allocation of the resources are done in the…
Q: H) The lona College intern suggests that the company should increase the number of sweatshirts it…
A:
Q: One article interviews a Turkish citizen, and finds that he was thinking of…
A: To calculate the price in Lira (L) of purchasing a meal in the US, that has a price of 25 $, we…
Q: 3.with the following data M = 1800 Px =7 Py = 10 Q = x.y determine producer equilibrium graph with…
A: "Since you have asked two question, we will solve the first question for you.If you want any…
Q: Jackie land is known for the production of Cupcakes and Robots. The following is a PPT for Jackie…
A: The production possibilities curve shows various combinations of the two goods that a country can…
Q: 1. Production Possibility Curve for the economy is concave to the origin. Provide an explanation for…
A: The slope of the production–possibility frontier (PPF) at any given point is termed the marginal…
Q: Mr. Ömer buys a laptop for his daughter Ms. Asiya. In this scenario,Ms. Asiya is a O a. User O b.…
A: A customer is the one who purchases the product. The user is the one who uses the product. It is…
Q: Paul's firm
A: Given : Cp( qp ) = 7.6 qp + 2.2. Cs( qs ) = 7.6 qs + 2.2. Total units produced = 595 units Half of…
Q: a situation in which markets fail to allocate resources efficiently is called Select one: O a.…
A: Corporate bankruptcy occurs when a firm cannot pay all the creditors due to insufficient income and…
Q: aul's firm produces the same good as Sal's firm. The total cost of producing qp units in Paul's…
A: Answer - Need to find- efficiency loss Given in the question- The total cost of producing qp units…
Q: Ryanair is considering offering discounted flights from New York to Honolulu. The airline is…
A: Meaning of Opportunity Cost: The term opportunity cost refers to the situation under which the…
Q: Profesör Çabuk homotetik bir fonksiyonu γ’ıncı dereceden homojen bir fonksiyonun monotonik artan bir…
A:
Q: When you make a choice, whatever you give up as a consequence is called a/an a) priduction cost b)…
A: Resources are scarce and wants are limited. Thus there always exists tradeoff of resources.
Q: Suppose that you own a 20-acre plot of land that you would like to rent out to wheat farmers. For…
A: Profits are the excess of revenue receipts over the costs incurred by the firm due to the production…
Q: The economic resource that organizes the use of other economic resources is called Select one: a.…
A: An economic resource aids in carrying out various economic activities of production and consumption.…
Q: John has been in the habit of mowing Willa's lawn each week for $20. John's opportunity cost is $15,…
A: The cost of the alternative which is the second option out of all the other options is reffered to…
Q: You are moving across town. Doing your research, you find that the average rate of a moving company…
A: We are going to calculate consumer surplus and optimisation techniques to answer this question,
Q: The perfectly competitive output level is Pareto-optimal because at this output level Paras output…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Please read the article attached below titled “Notable & Quotable: Gouging” (March 31, 2020) and…
A: A perfectly competitive market is a place where there are large numbers of buyer and sellers.…
Q: Hi! Can you help me with the question below? Northside Social (NS) sells cups of coffee and amazing…
A: The elastic demand shows the responsiveness of quantity demand for a good when its price changes.…
Q: Marginal benefit and marginal cost (dollars per swim) A 50 MC 40 30 20 10 MB D B 2 4 5 Manatee swims…
A: In the above diagram, when the manatee swims per week is 1, the marginal benefit is $40 at point A…
Q: Reler to the production possboty fronter below for a t that producee kce oreams and Jelly beans. The…
A: A production possibility frontier is a curve that shows various amounts of two products that can be…
Q: A company with production technology y = K 0.5. L 0.5, where y, Ki L are, respectively, the units of…
A: A company is at optimum when it produces at a point where marginal rate of technical substitution is…
Q: Principles of Microeconomics Name: Homework #3 Prof. R. Harris DUE: Wednesday, April 17, 2019 at the…
A: Let us first understand what the following costs mean:Total Cost (TC): Total costs are the total…
Q: By producing output level Q: MC АТС Q Q2 Quantity Price P.
A: Allocative efficiency shows that the resources are employed in a such a way that maximizes social…
Q: The following tables show a small firm’s long-run average cost of manufacturing a good at two…
A: Total cost of a firms production consists of the fixed cost and variable. Marginal cost is the…
Q: If MP w > MPKIT then the firm should produce using O A less L and more K O B. less L and less K C. O…
A: The effort that people tend to contribute to the production of goods and services is known as labor.…
Q: An anicle on forbes.com discussed a business decision by Mat OHayer, owner of Vital Farms. OHayer…
A: An increase in production or total products leads to a company's growth.
Q: Kip is trying to decide whether to take a one-day martial arts class at Rex Kwan Do. The fee for the…
A: The marginal cost indicates the cost of producing an extra unit of good or cost of making a…
Q: Q. Analyze relation between law of demand and law of deminishing marginal cost?
A: The law of demand is one of the fundamental principles of economics that asserts an inverse…
Q: Question 4 of 10 A farmer has developed a new type of fertilizer. This new fertilizer costs 20…
A: Opportunity cost Opportunity cost refers to the cost which is sacrificed by the producer by…
Q: Your aunt gives piano lessons for $25 per hour. She also can grow tomatoes, which she can arrange…
A: Given: Piano lessons per hour=$25 Sale of tomatoes=$150
Q: Complete the following table by indicating whether the output combination each point represents is…
A: As wants and desires of the residents of the economy are unlimited but the resources possessed by…
Q: Paul's firm produces the same good as Sal's firm. The total cost of producing qp units in Paul's…
A: Answer- Need to find Loss of efficiency Given in the question- The total cost of producing qp units…
Q: HW#4 (Costs of Production, Competitive Markets) Attempts: Keep the Highest: /6 20. Problems and…
A: Hi, thank you for the question. As per the Honor code, we are allowed to attempt only first…
Q: The following table ilustrates alternative production techniques for producing 18 widgets that can…
A: Techniques or Method of production: It is a combination of inputs or factors of production required…
Q: 9:00 AM 60 10:00 AM 105 11:00 AM 135 Noon 150 Use the table to answer the following questions. The…
A: The marginal gain from doing anything is addition to total gain from any additional particular…
Q: Quantity (Cases) Price Total Revenue Marginal Revenue Marginal Cost Average Total Cost Total Cost 0…
A: The profit-maximizing output is the level of output when profit is maximum.Formula:Profit=Total…
Q: "Creative destruction" is the name given to: Select one or more: O a. The process of destroying…
A: The term Creative destruction is explained below:
Q: COSTS REVENUES- Quantity Tetal Marginal Quantity Total Marginal Produced Cest Cest Demanded Price…
A: Maximize profit is where when MR=MC , so here we calculate the table and complete it and calculate…
Q: a) Discuss the following (Draw neat and labelled diagrams wherever necessary) i. Normal and Inferior…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
If the deadweight loss in the market represented by the graph is $1,400, what is the actual economic surplus?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- A young chef is considering opening his own sushi bat'. To do so,he would have to quit his cttt'rent job,which pays $20,000 ayea1; and takeovet' a store building that he owns and cut'rently rents to his brother fol' $6,000 a year. His expenses at the sushi bar would be $50,000 for food and $2,000 for gas and electricity.\'Vhat at'e his explicit costs? a.$26,000 b.$66,000 c.$78,000 d.$52,000Q = f(L) = 15L2 – L3 Price = 10Wage Rate = 270Graphically and mathematically show that the optimal input level is within the stage II of production. Calculate for the firm’s optimal output and maximum profitYou are scheduling production of your popular Rustic Coffee Table. The table requires a top, fourlegs, 1/8 gallon of stain, 1/16 gallon of glue, 2 short braces between the legs and 2 long bracesbetween the legs, and a brass cap that goes on the bottom of each leg. You have 100 gallons ofglue in inventory, but none of the other components. All items except the brass caps, stain, andglue are ordered on a lot-for-lot basis. The caps are purchased in quantities of 1,000, stain and glueby the gallon. Lead time is 1 day for each item. a) Schedule the order releases necessary to produce 640 coffee tables on days 5 and 6, and128 on days 7 and 8. (See Appendix A1.) I need answer in appendix A1 MRP form Please take note of this !!!
- Table: Spring Water Quantity(Cases) Price TotalRevenue MarginalRevenue MarginalCost AverageTotalCost Total Cost 0 $16 $0 $25 $15 $10 1 $15 $15 35.00 $35 $13 $6 2 $14 $28 20.50 $41 $11 $4 3 $13 $39 15.00 $45 $9 $2 4 $12 $48 11.75 $47 $7 $3 5 $11 $55 10.00 $50 $5 $3 6 $10 $60 8.83 $53 $3 $5 7 $9 $63 8.29 $58 $1 $9 8 $8 $64 8.38 $67 Reference: Ref 15-12 Table: Spring Water Table: Spring Water. The table shows the demand and cost data for a firm in a monopolistically competitive industry producing drinking water from underground springs. The profit-maximizing output is _____ cases. Select one: a. 7 b. 5 c. 6 d. 82. A man is considering investing P500, 000 to open a semi-automatic auto-washingbusiness in a city of 400, 000 population. The equipment can wash, on the average, 12 carsper hour, using two men to operate it and to do small amount of hand work. The man plansto hire two men, in addition to himself, and operate the station on an 8-hour basis, 6 daysper week, 50 weeks per year. He will pay his employees P25. 00 per hour. He expects tocharge P25. 00 for a car wash. Out-of-pocket miscellaneous cost would be P8, 500 permonth.He would pay his employees for 2 weeks for vacations each year. Because of the length ofhis lease, he must write off his investment within 5 years. His capital now is earning 15%,and he is employed at a steady job that pays P25, 000 per month. He desires a rate ofreturn of at least 20% on his investment. Would you recommend the investment?a) Use ROR method b) Use present worth method c) Use future worth method d) Solve for the payback period and the IRRAssume you are pursuing a bachelor’s degree and you have 40 hours to divide between work and school in a week. You choose the amount of time you spend on each based on the classes you take and the hours you request at work. The degree will take you 3 years to complete if you dedicate 40 hours a week and do not take summers off. Obviously, if you devote no time to school, you never get your degree. You have been going to school full time for two quarters. In the third quarter, you do not receive as much loan money as you anticipate and need. You decide to work 20 hours a week to make up the difference and take fewer classes. What is your opportunity cost? Make sure to include how this change will factor into the length of time it will take you to finish your degree.
- A small manufacturing plant makes three types of inflatable boats: one person, two-person,and four-person models. Each boat requires the services of three departments, as listed in thetable. The cutting, assembly, and packaging departments have available a maximum of 380,330, and 120 labor-hours per week, respectively.Department One-PersonBoatTwo-PersonBoatFour-PersonBoatCutting 0.5 hr 1.0 hr 1.5 hrAssembly 0.6 hr 0.9 hr 1.2 hrPackaging 0.2 hr 0.3 hr 0.5 hra) Calculate how many boats of each type must be produced each week for the plant tooperate at full capacity.b) Calculate how is the production schedule in part (a) affected if the packagingdepartment is no longer used.c) Calculate how is the production schedule in part (a) affected if the four-person boat isno longer produceda. In your backyard at your home you have established a small workshop where you repair theequipment of your home that have gone out of order. Will this act of repairing your own householdequipment count as production? Explain. b. If a fisherman catches fish from river then which factor of production is he using for hisproduction? Explain this factor in detail.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
- The manager of the donut shop tells you that hesells donuts for $1 each, and that if he were to makeadditional donuts, based on his current level ofoutput, it would cost him $0.80 per donut. Do yourecommend that the manager increase or decreasethe number of donuts he makes?Discuss “Land” as a special input of production?E xplain in deatail.18. Assuming England has 60 man-hours (mhrs) of labor resource available for production, and labor is the only resource, the per unit resource cost of wine in England is ____ mhrs/bottle. (Ple