The entrepreneur's sole function is to combine other resources (land, labor, and capital) in the production of some good or service O True O False
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…
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A: In economics, diminishing returns is the decrease in marginal output of a production process as the…
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A: New techniques and methods helps in the increase in output per unit of input i.e. the production…
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A: Q = 4L L = 0.25Q When Q = 50, L = 12.5 Total cost (TC) = wL + rK TC = 10 x 12.5 + 5 x 4 TC = 125 +…
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A: Total cost is the sum of fixed cost and variable cost.
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A: Productivity is represented as the ratio between the amount of output and the number of inputs. In…
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A: Diminishing marginal return is the concept which tells about the declining rate of increasing…
Q: Answer the question on the basis of the following output data for a firm. Assume that the amounts of…
A: Marginal Product is the addition made to the Total product as a result of employment of additional…
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A: Division of labour is the partition of a work interaction into various errands, with each…
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A: The MC cuts the AVC at the minimum point of AVC. The production function shows the relationship…
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A: The measure that depicts the total output amount that a firm could be a product with the amount of…
Q: d. Which worker(s) are in the region of diminishing marginal returns? e. Which worker(s) are in the…
A: marginal cost is the extra expense caused by the creation of another unit of a decent or…
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A: Physical capital is defined as a factor of production that goes into making goods and services. It…
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A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
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A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
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A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
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…
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A: Given:- Production function: f(L,K)=l0.5K0.5Hourly cost of capital=$10Hourly cost of worker=$40 To…
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A: Long run and short run differ from each other on the basis of the variability of factors of…
Q: .Answer the following given the information below and Product price $2.50, Labor cost = $15, Capital…
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A: Part d) Q = k1/2 l1/2 MPK = 1/2 (l1/2 k -1/2) Yes, capital obeys "the law of diminishing returns"…
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A: The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…
Q: 2. A firm requires labor and capital to produce a given output. Labor costs $8 0/6 per hour and…
A: A firm will maximize profit or minimise cost at a point where marginal rate of technical…
Q: The production function for good X in the table below exhibits increasing marginal returns to…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: 37. If Y = AKOSL°$ and A, K, and L are all 4, then the marginal product of capital is: а. 2. b. 4.…
A: A=4K=4L=4
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A: The marginal cost is the change in total cost divided by the change in the total output. Therefore,…
Q: Marginal cost is the one more unit of a good and opportunity cost of producing increases as…
A: Marginal cost refers to additional cost that is incurred by pricing one more unit of a good.
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Q: 5. Given Q = 10 K 04L00 a) Find the marginal productivity of capital and labour. b) If the company…
A: Note: There are two different questions posted together. Please post your questions separately.…
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A: An opportunity cost shows the possible gains that a person, buyer, or organization lacks by…
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A: Production cost is the cost associated with both labor and capital cost where labor cost is the wage…
Q: a) ________________________ a term referring to the fact that for many goods, as the level of…
A: Average cost: The average cost or the average total cost is the cost incurred per unit of a…
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A: Economic and accounting profits differ due to the concept of accrual of cost.
Q: Consider the following Cobb-Douglas production function F(K, L) = AKªL(2-a) %3D Is that production…
A: Given:
Q: Moving along the total product curve, which of the following is held constant? Select one: a.…
A: The total product (TP) curve speaks to the aggregate sum of yield that a firm can create with a…
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A: The technological relation that exists between quantities of the output of goods and the quantities…
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A: Wages are a fixed payment which is paid regularly to the person who works on a daily/weekly basis.…
Q: Labor Output (units per week) (workers per week) 1. 20 50 3 70 4. 85 5. 95 6. 100 The table above…
A: Marginal cost: - marginal cost is the cost incurred in the production of an additional quantity of…
Q: QUESTION 5 Timothy own a Subway franchise. He used flour, oil, seasoning and oven to bake the bread…
A: Factors of production: - The inputs that are used to produce goods and services are known as the…
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- Retune to Table 7.2. In the top half of the table, at what point does diminishing marginal productivity kick in? What about in the bottom half of the table? How do you explain this?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 costFactors of production are inputs used to consume goods and services. a. False O b. True
- Country JKL has a maximum of 50 labour(hours). The tab shows maximum quantity of wheat and cotton the Country produce with different labour (hours) used. Combination A B C D E F Corn 15 14 12 9 5 0 Wheat 0 2 4 6 8 10 1) Plot the production combinations on a graph paper combinations as A to F. 2) Can Country JKL produce the following A) 4,000 kg of wheat and 9 ,000 kg of cotton B) 14,000 kg of wheat and 6 ,000 kg of cotton 3)Suppose that Country JKL produces 6,000kg of wheat and 100kg of cotton a week.Calculate the opportunity cost it of producing 3,000kg extra cotton a week.please argunt !!!!!!!!!! state the three stages of productionQuestion 4.4. Which expression is another way of saying "marginal cost"? Scarce resources Additional cost Opportunity cost Unrecognized cost
- Course: Microeconomics - Theory of ProductionA field produces wheat. Land is a fixed factor, so the annual harvest depends on the number of hired workers. The following table shows the production of the farm measured in quintals per year. Workers 1 2 3 4 5 6 7 8 9 10 Total Product (TP) 125 ? ? 725 925 1.125 1.275 1.275 1.175 1.000 Average Product (AP) ? 150 ? ? 185 184 175 160 131 100 Marginal Product (MP) ? ? 200 ? 200 180 120 50 -100 -175 We ask: 1) Fill in the missing spaces in the table. 2) The farmer can hire workers for w (salary) = 1,200,000. The price per quintal of wheat is $10,000. How many workers should she hire and why?3) Suppose now that the price is COLLECTIVE OWNERSHIP and no wages are paid, but production is shared equally among those who produce it. How many members should be accepted in the COOPERATIVE if the welfare of the participants is to be maximized?Question 2 Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000 per year to rent the location and buy the stock. In addition, he would have to quit his Rs500,000 per year job as an accountant. A) Define opportunity cost. B) What is your uncle’s opportunity cost of running the hardware store for a year? If your aunt thinks he can sell Rs. 5,100,000 worth of merchandise in a year, should he open the store? Explain.Q: Determine whether the statement is true or false:- Economic relations in the production process do not depend on the form of ownership.
- 3. Understanding the least-cost rule Alex runs a surfing school on the North Shore of Oahu. He has two inputs: surfboards, which he rents from a local shop for $10 per day, and surfing instructors, whom he hires for $50 per day. Alex has figured out that the marginal physical product (MPP) of the last instructor hired is 15 lessons, and the MPP of the last board used is 2 lessons. Which of the following statements is correct? a. Alex could lower his costs without reducing his output if he employed fewer instructors and used more surfboards. b. Any of these answers may be right, depending on the price of a lesson. c. Alex currently employs a cost-minimizing combination of surfboards and instructors. d. Alex could lower his costs without reducing his output if he employed more instructors and used fewer surfboards.5 2. The following shows different technologies for producing 100 metres of cloth. Technology Number of workers Coal required (tonnes) A 4 2 B 1 6 C 3 7 D 5 5 a) Which technologies would not be chosen by firms? Explain. b) Of the remaining technologies, what determines the technology a firm would choose?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.