The formal study of economics began when Adam Smith (1723-1790) published his famous book The Wealth of Nations in 1776. In the first chapter of The Wealth of Nations, Smith introduces the idea of the division of labor. Define "division of labor" and give an example.
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- What shapes would you generally expect a total product curve and a marginal product curve to have?The formal study of economics began when Adam Smith (1723-1790) published his famous book The Wealth of Nations in 1776. In the first chapter of The Wealth of Nations, Smith introduces the idea of the division of labor. Define "division of labor" and illustrate with an example.Adam Smith introduced the concept of division of labor with an example of making a pin. Describe why the division of labor increases production. There are 3 economic concepts in the answer. 1pt for each concept will be awarded. 3pts possible
- 3. In a von Thunen model with homogeneous labor with subways and cars, an improvement in automobile speed (e.g. due to better roads) will . . . A. Raise rents in the areas where the residents use cars, because these areas are more attractive now. B. Raise rents in the areas where the residents use subways because landlords there feel less com- petitive pressure from the landlords in the automobile areas. C. Reduce the number of people living in areas where people use cars because the price of housing is higher there. D. None of the above.In your city , each police officer has a budgetary cost of $40000 per year. The property loss for each burglary is $4000. The first offecer hired will reduce crime by 40 burglaries and each additional officer will reduce crime by half as much as the previous one. How many officers should the city hire ? Illistrate with a graph with a marginal benifit curve and a marginal cost curve Can someone answer this correctly with an MC and MB graph? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.In your "toast" production function, you used your labor and a toaster as capital. Keeping capital constant, i.e., with only one toaster if you keep adding the labor, i.e., bring your friends to help you with making toasts, which of the following might happen? Group of answer choices Marginal returns to labor will be a constant. Marginal returns to labor will keep decreasing and, after a point, it will become negative. Marginal returns to labor will keep increasing. Marginal returns to labor will keep increasing and then be a constant.
- I need help with econ multiple hw questions asap! 103)What is the value of the marginal product of labour equal to? A. the change in total profit caused by the addition of the last worker B. the change in total cost caused by the addition of the last worker C. the change in total revenue caused by the addition of the last worker D. the change in marginal cost caused by the addition of the last worker 102) The labour supply curve is fundamentally a representation of the trade-off people face. What is this trade-off between? A. work and leisure B. work and the wage rate C. technology and the wage rate D. the wage rate and productivityEM.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 costWhat is managerial economy
- First graph the related points, shown in the picture, the part I am confused in doing is how to find the marginal product of each of the first four workers and what the marginal product of each of the second workers.I thought the first set would be 7 and the second set would be 5 but then I noticed I need to do it based on the graph.How would I get both questions via the graph?Only typed answer and please don't use chatgpt Question: In Figure 1, if labor is the variable input and all other inputs are fixed, then at Q4 units of output Group of answer choices: a) total cost is at a minimum. b) marginal product is at a maximum.average variable cost is at a minimum. c) average variable cost is at a minimum. d) the marginal product of labor is less than the average product of labor, (MPL < APL). e) the marginal product of labor is greater than the average product of labor, (MPL > APL).WHY BARTLEBY IS TAKING MORE THAN 2 DAYS TO ANSWER ONLY ONE QUESTIONS. FOR THE LAST 2 WEEKS YOU ARE DOING THE SAMETHING TAKING FEWS DAYS TO ANSWER ONLY ONE, IF I INCLUDE 2 QUESTIONS, WHEN IT TAKES TO MUCH TIME AND I'M THINKING THAT MIGHT BE ANSWERING BOTH QUESTIONS BECAUSE OF THE TIME, WHEN IT SAYS THAT THEY ANSWER THE FIRST QUESTIONS. I'M GETTING FRUSTADED WITH BARTLEBY.