7 d. If shovels rent for $5, and workers must be paid $25, whatis the minimum cost for Mad Max to fill 30 potholes?e. If the cost of renting a shovel suddenly rises from $5 to $6, what will happen to the composition of inputs that Mad Maxuses to fill potholes? Why?Mad Max will use more shovels because workers are still more costly to hire than renting shovels.O It will not change because Mad Max still needs to have an equal number of workers and shovels.O It will not change because workers are still more costly to hire than renting shovels.Mad Max will use more workers because shovels are relatively more expensive than they used to be. Producer BehaviorEnd of Chapter ProblemMad Max's Road Warriors fix potholes in interstate highways. Max's road crews fill potholes using workers and shovels in 1 to 1correspondence. A worker with 1 shovel can fill 10 potholes in a day. A worker with 2 shovels can still only fill 10 potholes, ascan 2 workers with 1 shovel.a. If 30 potholes need to be filled in 1 day, Mad Max willb. The production function for Mad Max's Road Warriorsneed to hireworkers and rentshovels.is:c. Move the isoquant in the graph to show the appropriate placement when Q=30.Q30Quantity of Shovels

The process of conversion of inputs being material and non-material into output that could be…

Producer Behavior- End of Chapter Problem Mad Max's Road Warriors fix potholes in interstate highways. Max's road crews fill potholes using workers and shovels in 1 to 1 correspondence. A worker with I shovel can fill 10 potholes in a day. A worker with 2 shovels can still only fill 10 potholes, as can 2 workers with I shovel. a. If 30 potholes need to be filled in I day, Mad Max will b. The production function for Mad Max's Road Warriors need to hire workers and rent shovels, is: c. Move the isoquant in the graph to show the appropriate placement when Q=30.

Producer Behavior- End of Chapter Problem Mad Max's Road Warriors fix potholes in interstate highways. Max's road crews fill potholes using workers and shovels in 1 to 1 correspondence. A worker with I shovel can fill 10 potholes in a day. A worker with 2 shovels can still only fill 10 potholes, as can 2 workers with I shovel. a. If 30 potholes need to be filled in I day, Mad Max will b. The production function for Mad Max's Road Warriors need to hire workers and rent shovels, is: c. Move the isoquant in the graph to show the appropriate placement when Q=30.

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter3: The Fundamental Economic Problem: Scarcity And Choice

Section: Chapter Questions

Problem 4TY

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