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- Please answer both parts! macroeconomics; long-run. Thank you!What is the importance of studying macroeconomics in our daily lives? (80 words minimum)Input Quanity 100 150 200 Real domestic output 200 300 400 The table gives information about the relationship between input quantities and real domestic output in a hypothetical economy. If the price of each input is $12, the per-unit cost of production in the economy is?
- hello, I need help with my homework 4.7 When to Use the Principle of Diminishing Returns? You are the manager of a firm that produces memory chips for mobile phones. In your decision about how much output to produce this week, would you use the principle of diminishing returns? Explain. In your decision about how much output to produce two years from now, would you use the principle of diminishing returns? Explain. My Textbook: macroeconomics by o’Sullivan 10th addition 978 013 519 6434 thank youLand is a factor specific to producing olives. When Padua starts to trade, it exports olives. Using the specific factors model, explain what happens to nominal and real rental rates of land.Select the example of macroeconomics. Liechtenstein is a country of about 40,000 people and has a GDP of nearly $6.2 billion. An U.S. computer company has its headquarters in Seattle, six factories in China, and stores in over 100 countries. It has over 30,000 employees and made $88 billion in profit in 2019. The Jackson family is made up of two parents and three young children. Together, the parents make about $120,000 per year. A company making surfboards has a factory in Oregon and has stores in Oregon, Washington, California, and Canada. It has 250 employees and made $12 million in profit in 2019.
- Which of the following is the best statistic to measure what is happening to living standards over the long run? Question 1 options: Unemployment rate Inflation rate Real GDP per capita Labour force participation rate1. MACROECONOMICSMacroeconomics deals with:a) the behaviour of firmsb) the activities of individual unitsc) economic aggregatesd) the behaviour of the electronics industry
- In the short‑run specific‑factors model, consider a decrease in the stock of land. For example, suppose a natural disaster decreases the quantity of arable land used for planting crops. Round values to the nearest one-half unit. a. Demonstrate a change in the supply of land on the accompanying graph. b. New equilibrium wage is? c. New quantity of agricultural labor is?Define the statement. Whether correct or incorrect. The production of a firm is diminishing due to the poor technology. This is macroeconomic issue.Consider the model of a firm that produces final goods using R&D and components as inputs, with cost dataas follows:Assembly: Total cost of production = PAQA = 400Earnings of High-Skilled Labor = WHHA = 100Earnings of Low-Skilled Labor = WLLA = 200Earnings of Capital = RKA = 100R&D: Total cost of production = PRQR = 400Earnings of High-Skilled Labor = WHHR = 175Earnings of Low-Skilled Labor = WLLR = 125Earnings of Capital = RKR = 100A) In which factor(s) is assembly intensive? In which factor(s) is R&D intensive?B) Suppose that due to the opening of trade, the price of assembly falls by ∆PAPA= −20%, the price of R&Dremains unchanged, ∆PRPR= 0%, and capital’s share earnings remains constant.C) What has happened to the relative wage of high-skilled/low-skilled labor? Does this match the predictions of the offshoring model?
