Suppose you have the following information on the marginal physical product of labor in rice production and apparel production in Japan and Thailand: Marginal Physical Product of Labor Thailand Japan 8 Rice (bushels per hour) 15 Apparel (units per hour) 32 12
Q: A small decrease in a production quota will have a large impact on the support price if: (Please…
A: The answer is - C) demand is inelastic
Q: Why should economic empowerment of women through tourism be approached with caution?
A: The travel industry supports the income of the economy, makes huge number of occupations, fosters…
Q: The only kind of interest rate that can be used in the interest formulas is: (EXPLAIN YOUR ANSWER) A…
A: In a market for loanable funds and securities, a lender receives interest rate and a borrower pays…
Q: (a) (i)Define "weakly Pareto efficient" and "strongly Pareto efficient" allocations.
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: What are the strengths factors of Tesla Inc. in 2018?
A: Tesla, Inc. is an innovative automotive and energy solutions company based in California that was…
Q: Suppose at your university you are asked to find the relationship between weekly hours spent…
A: The best scholars spend between 50-60 hours studying per week. This will certainly cut into…
Q: Q4. Evaluate to total present worth of all the cash-flow of machine XYZ for an interest rate of 10%…
A: In the present worth method, we find the sum of the present value of all the costs and benefits that…
Q: How did the Bretton Woods Systems came into existence? Explain brie
A: The existence of the Bretton Woods System can be explained as follows:
Q: The current price for a good is $20, and 90 units are demanded at that price. The price elasticity…
A: Given At price $20, the quantity demanded is 90 Price elasticity =-2 Change in price = -10%
Q: How did GE lose $507 billion (more than 85 percent) of its market valuation since its peak? What…
A: The major reason that General Electric or GE's worth has dropped by $507 billion since its high is…
Q: What is unemployment? How to measure unemployment?
A: Unemployment: - unemployment is that portion of the labor force that is able to do work and looking…
Q: The details for the two project proposals are shown below: IRR NPW (15%) EUAW(15%) PROJECT 1 20.01%…
A: Answer is given below
Q: In Billions of Dollars 14000 12000 10000 8000 6000 4000 2000 TO-000€ 2000-06 10-100 60-100 2002-02…
A: In macroeconomics, the money supply (or money stock) alludes to the complete volume of cash held by…
Q: Rogue Corporation is planning to replace an old machine. The annual cost of operating the old…
A: * SOLUTION :- From the given information the calculation is given below as ,
Q: Costs and Profit Maximization Under Competition: End of Chapter Problem a. Use the variable cost…
A: Total cost is the sum of Fixed and variable cost. Fixed cost is the cost that remains same at all…
Q: If the central bank of India buys foreign exchange reserves in the foreign exchange market, this…
A: Balance of Payment is an accounting records of all monetary transaction occurred between nations in…
Q: Consider the following information for a monopoly: Q 3 4 5 6 7 8 R100 P R200 R180 R160 R140 R120…
A: Option (i) Marginal Revenue= Change in Total Revenue / Change in the output When Q=5, TR=P*Q…
Q: Referring to Figure 1 in Question 14. The firm will shut down in the short run if the price of the…
A: Answer - Short Run :- Short run under not all variable are free to vary rather than few variables…
Q: Union membership in the public sector is higher compared to the private sector even as the overall…
A: Union membership in the public sector is higher compared to the private sector even as the overall…
Q: Imagine that in the fictional country Microtopia, the market for a specific good is controlled by a…
A: In monopoly, eqm Q(quantity) is found by the intersection of MC(marginal cost) and MR(marginal…
Q: Consider the following cost function: C(Q)=9,300+44Q+0.025Q 2 Calculate total costs when Q=180
A: The cost function calculates the lowest possible cost of manufacturing a specified quantity of…
Q: Assume, in producing one unit of a good X, an agent can exert either the good effort (G) or the bad…
A: Introduction Assume we have producing one unit of a good x, it can be either good effort or the bad…
Q: using an 8% rate of return determine the acceptability of a proposed engineering project using…
A: *Answer:
Q: Assume that the market for oil is made up of two firms: Exxon Mobil and Chevron. Also assume that…
A: One of the main characteristics of an oligopoly market is few sellers and homogenous products. The…
Q: Explain why in the medium run an increase in the price of oil will cause an increase in the…
A: The jobless who will work and are effectively searching for a task communicated as a percent of the…
Q: You want to buy a $32,000 car. You can finance the car for 1.5% interest for 6 years. What is your…
A: The formula for monthly payment is calculated as follows: Monthly payment = Pr121+r12n1+r12n-1 where…
Q: How do political dynasties affect society
A: A political dynasty, can often be call a political family system, is a family system in which the…
Q: Use the information below to find the missing information. Chase Bank Assets Liabilities Total…
A: 1. a. Total Reserve=Exccess Reserve+Required Reserve =2,000,000+660,000…
Q: Figure 1 Use this figure for questions 14-20. This figure shows costs for a firm in a perfectly…
A: Total revenue is defined as the total receipts which have been received by the seller after selling…
Q: Economics Assume a country has presidential elections every three years. If a political business…
A:
Q: You have 2 accounts: Account A has a $700 balance and a $1000 credit limit. Account B has a $150…
A: Debt to credit ratio, also known as the credit utilization rate is defined as the amount of…
Q: 1. Understanding the implications of taxes on welfare The following graph represents the demand and…
A: Answer is given below
Q: 2 Assume that needs to Calculate cach If she and she a blf C and If and If she and of the the Jane…
A: * SOLUTION :- (6)
Q: • Let the base year used for calculating CPI be 2010. . CPI in 2019 equals 130. What nominal amount…
A: Consumer price index is the change in average price level of basket of goods . It shows the living…
Q: Directions: Analyze and compute problems. Write your answer on the answer sheet provide 1. An…
A: Given information Demand function Qdeb=2-0.4Peb+0.0005I+0.15Phb Peb=10.68 I=2300 Phb=21.40
Q: Explain the term random walk in consumption. Under what conditions will consumption follow such a…
A: Random walk in consumption:- Since consumers usually modify regular consumption whenever they get…
Q: Question 17 Referring to Figure 1 in Question 14, When price is $175, will firms enter or exit the…
A: Perfect competition is a type of market structure.
Q: IPhones are mostly made of aluminum. Assume that iPhones are normal goods and that their substitutes…
A: iPhone's are mostly made of aluminium. Here we assume that iPhones are normal goods and that their…
Q: Suppose that the government believes the economy is not producing goods and services at its optimal…
A: Answer is given below
Q: The data of unemployment is given below: - Employed population is 42.5million - Participation rate…
A: Labor force is the sum of employed and unemployed people. Employed are the people who are willing…
Q: Which of the following makes it less likely that private solutions to externalities will succeed?…
A: Externality refers to spillover effect of a good on third party which is not involved in the…
Q: Ellen is downloading labor market data for the most recent month , but her connection is slow and…
A: Given Unemployment rate =5% Participation rate =62.5% Not in labor force =60 million Let the labor…
Q: PRICE à à à à P₂ P₁ P aa'a P₂ P₁ MC ATC AVC
A: In the perfectly competitive market, equilibrium is established where the P =MC. the price should…
Q: Suppose that you could either prepare your own tax return in 12 hours or hire a tax specialist to…
A: The opportunity cost of doing an activity is the foregone value of the alternative activity that you…
Q: Migration and income inequality is negatively related. Explain.
A: Inequalities can likewise result from expanded hindrances to movement, sporadic and problematic…
Q: Providing in-aisle checkout service is a way for retailers to combat what omni-channel shopping…
A: Omni-channel shopping is a requirement these days as there are different types of methods available…
Q: Price of beef increases by 12% and the quantity of beef demanded falls by 10%. Calculate the…
A: Elasticity of Demand: Elasticity of Demand is the degree of responsiveness of demand to changes in…
Q: Show graphically and explain how increasing import influence exchange rate
A: The equilibrium of trade influences cash trade rates through its effect on unfamiliar trade supply…
Q: 3Commenting on the decision, Massmart CEO Mitchell Slape said: “This is an unprecedented time for…
A: The covid-19 outbreak occurred at an unforeseen time in human history. Such occurrences are…
Q: Suppose the inverse demand curve on ore is given by P = 85-0.30 Q. Ore can be either mined or…
A: Here the total quantity get from mining (q1) and recycling (q2). We required to compute first total…
9
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 3 images
- Give the three reasons that explain why the division of labor increases an economys level of production.If two painters can paint 200 square feet of wall in an hour, and three painters can paint 275 square feet, what is the marginal product of the third painter?One article interviews a Turkish citizen, and finds that he was thinking of cancelling a trip abroad due to the rising cost. Using notation from class, how would this person calculate the price in Lira (L) of purchasing a meal in US, that has a price of 25 $. A) EL|$ *(25 $) B) E$|L*(25 $) Group of answer choices B A
- As an economist it is important to know that resources are scarce. Explain what u understand that resources arenscarce in economic termsSuppose to produce iced milk coffee and toasted bread need capital and labour, and price of capital is 4 per unit. Given the ratio of marginal product of labour (MPL) to marginal product of capital (MPK) is 2 for milk coffee production and 1/2 for toasted bread production, prove and explain whether allocation resources in iced milk coffee and toasted bread production is efficient. If not, what should you do to achieve efficient production? Use relevant graph to support you’re answer.Consider two neighboring island countries called Contente and Dolorium. They each have 4 million labor hours available per week that they can use to produce jeans, corn, or a combination of both. The following table shows the amount of jeans or corn that can be produced using 1 hour of labor.
- use the following scenario to answer the following quation : an economy has a two workers smith and ricardo. each day theywork .smith can produce 4 computers and 16 smartephone. and ricardo can producce 6 computers and 12 smartphones. (1) the opppertunity cost for smith to produce one computer is ......... smart phones. (a) one quater of (b) one half of (c) one (d) two (e) four(a) Explain with the help of a graph the effect of an increase in the relative price of a labor-intensive good on input choice. (b) “Generally, an economy will tend to be relatively effective atproducing goods that are intensive in the factors with which the country is relatively wellendowed.” Explain the above statement with the help of a graph.11 11. Consider the following economy: There are three goods, legume, tillip and quillip, two consumers (called 1 and 2), and two firms (called x and y). Firm x is owned entirely by consumer 1 and makes tillip out of legume according to the simple linear production technology t :::; 3l . That is, for every unit of legume input, this firm produces three times as many (or less) units of tillip. Firm y is owned entirely by consumer 2 and makes quillip out of legume according to the production technology q = 4l. Each consumer initially owns 5 units of legume. Consumer 1 has utility function u1(t, q) = 6 + .4ln(t) + .6ln(q). Consumer 2 has utility function ui(t, q) = 8 +ln(t) + ln(q). (a) What is the general equilibrium of this economy? Assume that firms take prices as given and are profit maximizers, and consumers take prices as given. When you give prices, normalize…
- At the moment, Marge uses 16 labour hours and 16 hair dryers. Suppose that Marge can use any amount of either input without affecting the market costs of the inputs. If Marge increased her use of labour hours and hair dryers by 10%, how much would her production increase?Suppose that initially Denali uses 1 million hours of labor per week to produce pistachios and 3 million hours per week to produce chinos, while Sequoia uses 3 million hours of labor per week to produce pistachios and 1 million hours per week to produce chinos. As a result, Sequoia produces 24 million pounds of pistachios and 32 million pairs of chinos, and Denali produces 12 million pounds of pistachios and 72 million pairs of chinos. Assume there are no other countries willing to engage in trade, so, in the absence of trade between these two countries, each country consumes the amount of pistachios and chinos it produces. Sequoia's opportunity cost of producing 1 pound of pistachios is4 pairs of chinos, and Denali's opportunity cost of producing 1 pound of pistachios is2 pairs of chinos. Therefore,Sequoia has a comparative advantage in the production of pistachios, andDenali has a comparative advantage in the production of chinos. Suppose that each country…The nation of Ectenia has 20 competitive appleorchards, all of which sell apples at the world priceof $2 per apple. The following equations describethe production function and the marginal product oflabor in each orchard:100100 2 ,2 5 25 2Q L LMPL Lwhere Q is the number of apples produced in a day,L is the number of workers, and MPL is the marginalproduct of labor.a. What is each orchard’s labor demand as a functionof the daily wage W? What is the market’s labordemand?b. Ectenia has 200 workers who supply their laborinelastically. Solve for the wage W. How manyworkers does each orchard hire? How much profitdoes each orchard owner make?c. Calculate what happens to the income of workersand orchard owners if the world price doubles to$4 per apple.d. Now suppose that the price is back at $2 perapple but a hurricane destroys half the orchards.Calculate how the hurricane affects the income ofeach worker and of each remaining orchard owner.What happens to the income of Ectenia as a whole?