Suppose that you have graduated from college. If you had not gone to college, you would have worked and earned about $30,000 per year. Which of the following is the best way to think of the $30,000 per year? a Sunk cost. b Opportunity cost. c It was an opportunity cost, but is now a sunk cost. d It was a sunk cost, but now is an opportunity cost.
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- Compute the Total Cost of the following: Formula: TC = Price of L (Labor Q) + Price of K (Capital Q) Combination Output Units of Labor (L) Labor Costs Units of Capital (K) Capital Cost Total Costs A 10,000 5,000 5,000 B 10,000 1,000 9,000 Price of Labor per unit: php 50.00 Price of Capital per unit: php 100.00Identify 10 examples of direct factors (labor, capital, technology, resources) used for production and 10 examples of indirect factors (i.e factors other than labor, capital, technology, or resources).Capital (K) Labor (L) Total Product (TP) total fixed cost (TFC) total variable cost (TVC) total cost (TC) average fixed cost (AFC) average variable cost (AVC) average total cost (ATC) marginal cost (MC) 10 0 0 10 1 5 10 2 15 10 3 30 10 4 50 10 5 75 10 6 85 10 7 90 10 8 92 10 9 92 10 10 90 1.1 From the information in the table, calculate total fixed cost (TFC), total variable cost (TVC), total cost (TC), average fixed cost (AFC), average variable cost (AVC), average total cost (ATC) and marginal cost (MC). 1.2 At what point is average total cost minimized and at what post…
- 2. Calculate the appropriate learning rate and the overall average improvement rate for this data set. (Hint: Subtract Average labor/unit of previous lower production level from the Average labor/unit of the production level for which you are trying to figure out the learning rate, then divide by the previous production level average labor/unit. See example above 6-5.4/6=10%) I included an image that has a table in itTheory of Production1. If 1 orchard, 7 workers, and 3 tons of fertilizer yield 1,000 bushels of peaches, while 1 orchard, 7 workers, and 4 tons of fertilizer yield 1,300 bushels, a. the average product of labor equals 1,150 bushels. b. the marginal product of labor cannot be calculated. c. the average product of fertilizer equals 1,150 bushels. d. the marginal product of fertilizer cannot be calculated.When answering the next five questions (2-6), refer to the following graph.2. The marginal product of labor is rising with increased use of labor until a. 10 workers are employed. b. 20 workers are employed. c. 30 workers are employed. d. 40 workers are employed.3. The average product of labor is falling with increased use of labor once a. 10 workers are employed.. b. 20 workers are employed. c. 30 workers are employed d. 40 workers are employed.4. As long as fewer than 30 workers are employed, a. the average product of labor exceeds the marginal product of labor. b. the marginal product…Question 4.4. Which expression is another way of saying "marginal cost"? Scarce resources Additional cost Opportunity cost Unrecognized cost
- 18. This is a 3 part question.What is the relationship between the marginal product of labor and the value of the marginal product of labor?Does history suggest that most technological progress is labor-saving or labor-augmenting?A highly-paid research scientist works 12 hours a day, while a common laborer works only 5 hours a day. Offer a likely explanation, using the concept of opportunity cost.Q5. A bicycle manufacturer in China currently employs 40 production workers and five supervisors and produces . The marginal product of the last production worker employed is 60 units of output per hour, and production workers are paid 50 CNY per hour. The marginal product of the last supervisor employed is 120 units of output per hour, and supervisors are paid 80 CNY per hour. i. If the firm produced 2,100 bicycles per month before the last production worker was hired, how many bicycles does it produce now? ii. Assume that the firm's isoquants are smooth curves and that labor hours can be varied continuously. Is the firm producing the maximum level of bicycles given its current level of cost? Explain why or why not. If it isn't, explain what it should do to increase output.Which of the following is an implicit cost of production? 16: A) the utility bill paid to water, electricity, and natural gas companies B) the loss in the value of capital equipment due to wear and tear C) the salary you pay yourself for running your business D) the interest you pay your mother for the money she loaned you to start your business
- Can you put a solution to this? Instruction: (see other instructions below, for the submission of answer sheet) A. Complete the Column for MRS. Show your solution for each answer, Number each solution that corresponds to each unknown MRS. B. Graph the Labor-Capital function, making sure that Labor units are in the horizontal axis MRS = change in K/ change in L change in K = final K - initial K change in L = final L - initial L MRS = 26-30 /2-1 MRS = -4/1 MRS = - 4 Units of Labor Capital MRS 1 30 0 2 26 -4 3 22.5 (1) 4 19.5 (2) 5 17 (3) 6 15 (4) 7 13.5 (5) 8 12.5 (6) 9 12 (7) 10 12 (8)Method Units of Labor Units of Capital 1 50 10 2 20 40 3 10 70 A small company that shovels sidewalks and driveways has 100 homes to service for the winter. It can use various combinations of labor and capital: lots of labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. A summary of the methods is listed above. If hiring labor cost $100/unit and a unit of capital costs $400, what production method should be used? If labor cost increases to $200/unit what method should be chosen? You must show your calculations.EM.19 Billy is an economics student and can use a practice exam to test his knowledge. After one hour of studying, he scores 50% on the exam. After two hours, he scores 75%. After three hours, he scores 85%. After four hours, he scores 90%. What economic concept is most clearly illustrated here? a diminishing marginal returns b worker fatigue c input inefficiency d opportunity cost