The cost of production of extra unit is $100 and a third person born the cost of production of additional unit is $20. What is the value of social marginal cost.

Q: The notion of outsourcing has been highly controversial for several decades.Why?

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Q: A nursing home is deciding whether to add an additional employee to its staff. The marginal cost of…

A: Marginal cost refers to an additional cost which is incurred by producing one more unit of good.

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A: Given production function y = x1/2 , price P= 10 and  cost of labor =w =5

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Q: actors of production

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A: Marginal product of worker refer to the change in total output due to change in worker.

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A: Answer; Correct option is (c) $38

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Q: Different between informal and formal Labour Costs

A: Labor costs are the expenditure that is borne by the employers for hiring labor. Labor costs consist…

Q: What is an isoprofit line? What is a factor demand curve?

A: The iso-profit line indicates the same amount of profit that produces by different combinations. In…

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A: Marginal effect measures the change in dependent variable due to change in independent variable.

Q: Q = 4L + 8K Q = 50K04L0.6 Q = [K0.5L0.5]3 i) Calculate the marginal products of labor and capital

A: Marginal product is the change in total product with an additional unit of input hired. Marginal…

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Q: Farmer Joe’s production function is f(x1, x2) = x 1/3 1 x 1/3 2 , where x1 is the number of pounds…

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Q: If four workers can produce 18 chairs a day and five can produce 20 chairs a day, the marginal…

A: In economics and specifically neoclassical financial aspects, the minimal item or negligible actual…

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: our enterprising uncle opens a sandwich shop that employs 7 people. The employees are paid $6 per…

A: A firm hires optimal labor at the following point in order to maximize profit. i.e., MPL = W / P…

Q: efit exceeds the marginal cost.

A: Marginal Revenue is the additional revenue that a producer earns by the sale of an additional unit.…

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Q: Every day around your tent you find eight branches and four cherries. You meet some otherstranded…

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Q: How do you legally reduce labor surplus? Give an example for each.

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A: Please find the attached explanation of all the given terms below-

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A: Scarcity Rent is related to the use of resources, such as work. Demand here is high, but supply is…

Q: The nation of Ectenia has 20 competitive apple orchards, all of which sell apples at the world price…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: Robert can make 10 pizzas each hour. He works 8 hours each day. He Is paid $100 a day. The shop can…

A: The marginal product of labor (MPL) measures that by how much the output is going to change when a…

Q: What is a product possibility curve?

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

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Q: Regarding. The Rise and fall of the Manorial System: the serf in eastern Europe became a defacto…

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Q: Video games and sports events are two of the creative industries. Select one: True O False

A: Video games and sports event are two of the creative industries - TRUE

Q: Oberlin, Ohio is a small town in Ohio home to Oberlin College. Oberlin College employs more than…

A: Monopsony: In monopsony there exits a single buyer controls the market. Since he serves as a single…

Q: Robert can make 10 pizzas each hour. He works 8 hours each day. He is paid $100 a day. The shop can…

A: Total pizzas produced in a day can be calculated as follows: Total pizzas per day=10×8=80

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A: Marginal Product of labor means how much extra unit of output the new labor brings when he enters…

Q: Disutility Q.3.3 Explicit cost

A: Answer Disutility    Utility = Level of satisfaction that is feasible once the products are were…

Q: How is marginal product affected if workers are added who are equally good at the job? a. The…

A: Law of diminishing return to scale implies that as the number of a variable input is raised keeping…

Q: Your enterprising uncle opens a sandwich shop that employs 11 people. The employees are paid $15 per…

A: Number of employed = 11 people Given wage = $15 Selling price = $3

Q: Which area best represents the inefficiency associated with this level of production?

A: Option (b).

Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.