QUESTION 5 Timothy own a Subway franchise. He used flour, oil, seasoning and oven to bake the bread for sandwich. Oven in this case is an example of O a. labor. O b. human capital. Oc physical capital. O d. natural resources.
Q: Calculate total profits in this hypothetical economy: Units of capital: 100 Units of labor: 200 W:…
A: Ans. Total profit is the difference between total revenue and total cost. Total profit = Total…
Q: Wages relative to the cost of capital 1.8 1.4 i England France 1580 1600 1620 1640 1660 1680 1700…
A: Isocost line refers to the line that shows the constraint for the combinations of the factors of…
Q: a. Is it possible to have diminishing returns to a single factor of production and constant returns…
A: Law of diminishing returns and constant returns to scale are different concepts. Therefore both can…
Q: Productivity refers to the amount of goods and services produced in a certain country. Select one: O…
A: GDP stands for gross domestic product. GDP is the value of all final goods and services newly…
Q: introduces new techniques or methods so that firms can produce more output per unit of input. O a)…
A: New techniques and methods helps in the increase in output per unit of input i.e. the production…
Q: (a) Explain the law of diminishing marginal returns in the Theory of Production. (b) Does this law…
A: The law of ‘diminishing marginal returns’ states that with the increase(↑) of a single production…
Q: The following does not seem to be belonging to the Asian marketplace, other than Japan. O a.…
A: Japan is famously known to home to high-skilled labor.
Q: Consider the following equation: average hours worked worker employment population real GDP real GDP…
A: Answer - Need to find- Suppose an economy has a low birth rate . What will this do to labor…
Q: 3. We often work with production technologies that give rise to initially increasing marginal…
A: Marginal product of labour is the change in output obtained by hiring one additional labour unit…
Q: Question 4. Suppose that in an economy, the production function is Y = KO.7L0.3, when K is capital…
A: A production function in economics describes the technical relationship between quantities of…
Q: The entrepreneur's sole function is to combine other resources (land, labor, and capital) in the…
A: The resources which are used for the production of a good or a service are called factors of…
Q: 1. Explain the relationship between the terms in each of these pairs: c. factors of production…
A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Firm XYZ produces specialty widgets using labor and capital. The table below shows the productivity…
A: Note:- Since we can only answer up to three subparts, we'll answer first three. Please repost the…
Q: Productivity is all about quantity of goods and services produced from each unit of labor input…
A: In economics, productivity is defined as the "quantity of goods and services produced from each unit…
Q: Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the…
A: The law of diminishing marginal product states that when more and more variables factors are used,…
Q: Olivia owns and manages an accounting firm. In Olivia's business, an example of physical capital…
A: Physical capital is defined as a factor of production that goes into making goods and services. It…
Q: The production function for Good X: AP OAK) Marginal Pruduct of Capital AP, OK Average Product ol…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: a. What is the least-cost combination of labor and capital the firm should employ in producing 80…
A:
Q: Human capital refers to the accumulated skills and training that workers have. O the money people…
A: Human capital is extremely crucial to a company since it is frequently claimed that an organisation…
Q: QUESTION 21 The entrepreneur's sole function is to combine other resources (land, labor, and…
A: An entrepreneur is someone who starts a new business, takes most of the risks, and enjoys most of…
Q: From the table below, if you know that each labor price (Wage) = (5$) and each capital price = (2$):…
A: Production technology signifies the method used by a firm in carrying out its production activity.…
Q: If q=KL and Price of capital is 4 and the price of labor is 2 then to produce 200 units of output…
A:
Q: and physical. A. Labor; profit B. Capital; financial C. Land; real estate D. Income; monetary
A: the correct answer is B. Capital; financial
Q: What is the response in a firm’s labour demand to a fall in the price of capital? How might such a…
A: The markets are the place where the buyers, or the consumers of goods and services tend to interact…
Q: Lauren owns a bakery. She wants to increase her daily production of baked goods, so she knows she…
A: In the production process, different types of resources are used by the firm to generate effective…
Q: Short Answer 12) Using the following table, which of the production choices (a, b, c, d, e) are…
A: Note: The last row values were not clearly visible. Production technique o/p capital labour A…
Q: hich 2 of the following statements are correct? elect one or more: O a. The higher capital per…
A: Production function shows how with increases in the input the output increases. It gives the…
Q: Pls help with below homework, I will upvote-) 2.1 What is differences between ‘economies of scale’…
A: DEfinition: Economies of scale are obtained by associations when creation becomes useful.…
Q: the early nineteenth century. 1.8 1.4 Wages relative to the cost of capital 5 0.9 England France 0…
A: Isocost lines denote the different combinations of the inputs that can be used to produce different…
Q: The 1920s business boom was most impacted by the Ford Touring Roadster, the world's first…
A: The 1920's business boom Many middle-class Americans, experienced the 1920s decade with…
Q: Explain how the company uses high-skilled and low-skilled labor? Most companies will use some mix of…
A: The companies use high-skilled and low skilled labor depending upon the kind of work. If the work…
Q: Question 1 A firm produces good Y with just 2 factors: Capital whic fixed in supply and labour which…
A: DISCLAIMER “Since you have asked multiple question, we will solve the first question and first three…
Q: Human capital refers to society's understanding of the best ways to produce goods and services.…
A: a.) True
Q: how changes in productivity influence the demand for labor.
A: In a market, labor is one of the important input resources that is used to generate or produce…
Q: Refer to the information provided in Table 16.1 below to answer the question(s) that follow. Refer…
A: Here, the given table shows the combination of labor and capital used to generate output at…
Q: If the firm is operating in a high wage country, where capital cost $150 per unit and labor cost…
A: Production cost is the cost associated with both labor and capital cost where labor cost is the wage…
Q: Question 4 Given the isocosts and isoquants of various quantities of labor and capital in the ficure…
A: Isoquant shows different combinations of two inputs for a given level of output to be produced,…
Q: 66. Which of the following input factor takes risk, innovates and coordinates A. O Capital B. O…
A: Entrepreneurs takes risks in terms of finance, innovate new ideas, and coordinate with their own…
Q: Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000…
A: Opportunity cost refers to the value of something that must be given up in order to get the other…
Q: Discuss the concept of production theory. Relate it to goals of minimizing the loss and maximizing…
A: In economics. the Theory of Production is defined as the effort to explain the norms by which a…
Q: 2. The following table provides information about Pottery Inc. The wage rate per worker per hour is…
A: Given: Wage rate per worker per hour=$10 Cost of machine per hour=$20
Q: Which of the following is/are not a factor of production? O a. Enterprise O b. Land O c. Capital O…
A: Production refers to the process of transforming inputs into output. Inputs in the production are…
Q: I. TOPIC: THE PRODUCTION THEORY III. Directions: Below is the production schedule for Output X with…
A: In a market, when a firm produces output, it makes a record of output generated by each unit of…
Q: Wages are paid to and interest is paid to O A. entrepreneurs; capital O B. labor; capital O C.…
A: Wages are a fixed payment which is paid regularly to the person who works on a daily/weekly basis.…
Q: a. Discuss the following statements: i. The second stage of production is the optimal one for a firm…
A: There are three stages of production. 1. stage -1 : Increasing return 2. Diminishing return 3.…
Q: a.)Suppose that labor is the only variable input in the production process. If the marginal cost of…
A: Note: You have uploaded two questions at a time . Hence, we shall answer only the first one for you.…
Q: What are the items that make opportunity cost differ from the accountant's measure of cost? A firm's…
A: A firm's opportunity cost is the cost foregone in terms of the next best alternative to pursue the…
Q: 1) The following table shows the production function for a firm. Number of workers Average…
A: Since you have asked multiple questions, we will answer the first question posted by you. If you…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?Suppose you have a team of two workers: one is a baker and one is a chef. Explain why file kitchen can produce more meals in a given period of time if each worker specializes in what they do best than if each worker tries to do everything from appetizer to dessert.a. What does the expression “marginal product of labour” mean? b. Why do workers (skilled and unskilled) migrate from labour abundant countries to countries with a scarcity of labour? c. How has that migration of labour been of advantage to other countries?
- Explain the process of accumulation as Smith and Marx saw it (Note: The descriptions by Smith and Marx are essentially the same). What are the underlying motivations of the firm that produce this behavior? How has the process of accumulation changed since the time of Smith and Marx?Define factors of production and describehow they contribute to output.In 2012, an estimated 7.8 million Mexican-born immigrants were employed in the United States. a. If 60 percent of the Mexican-born immigrants remitted money to family members in Mexico in 2012, and if they each sent $100 per month, how much money did they remit in total? b. If, instead, 100 percent of the Mexican-born immigrants remitted money to family members in Mexico in 2012, and if they each sent $250 per month, how much money did they remit in total? c. The actual amount remitted to Mexico in 2012 by Mexicanborn immigrants living in the United States was about $23 billion. If we assume that 75 percent of the Mexicanborn immigrants remitted money to Mexico that year and if we further assume that each of those immigrants remitted an equal amount each month, how much per month did each of those immigrants have to remit to total $23 billion for the year?
- 1.Explain how a firm uses resources price and value data to determine the appropriate combination of capital and labor resources to use in order to maximize profits. 2.how does this change when the firm want to produce a specific quantity of product with the least cost combination of resources? 3. if a software firm estimates that the MP of labor is 3 apps per month and the price is labor is $1100 per month, while the MP of capital is 5apps per month and its price is $2000, should the firm hire more labor and decrease its capital use or increase its use of capital and use fewer labor resources?explain the importance of production function and how can we enhance the productivity of a factor.Carefully explain how the following hypothetical situations would affect the cost.benefit calculation of going to co!lege: a. It is increasingly the case that full-time undergraduate students need 5 years toor's degree.complete all of the requirements for a bacheleb. The real earnings of college-trained workers increase while those for highschool-trained workers decrease.
- Compare and contrast human capital, H, and physical capital, K. How is H different from labour, L?16 Calculate the implied growth rate of technology in each scenario. Assume labor's share of output is 60% and capital's share of output is 40%. Instructions: Enter numbers rounded to two decimal place in each box. Growth Rate of Labor (8) Growth Rate of Capital (8) Scenario A B C D Growth Rate of Output (8) 3.0 4.2 3.0 4.2 2 3 2 1 2 3 1 4 Implied Growth Rate of Technology (8)A6 What is the response in a firm’s labour demand to a fall in the price of capital? How might such a change in the price of capital impact low and high skilled workers? Illustrate your answer with diagrams and / or a model, 500 WORD COUNT, NO PLAGIARISM.