Q: a cost but accountants would not? O the interest income given up by the firm's owner because the…
A: For the most part, implicit expenses should be assessed and are not straightforwardly quantifiable,…
Q: a) Why is the marginal product of a variable input like labour likely to increase initially in the…
A: Ans. (a). Marginal Product is defined as the change in total out total output caused due to an…
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A: Total productivity of labor is maximum when Marginal Product equals to zero. At this point the TPL…
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A: Meaning of Production Function: The term production refers to the situation when the product…
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A: The effect of the combined efforts of the production factors is production. A fixed factor is one…
Q: According to the law of diminishing return in short run O as we hire more labors, while other inputs…
A: the law of diminishing return is when the marginal product of the output decreases as a single…
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A: Given: Number of Accountants (A) Number of returns per day (B) 0 0 1 5 2 12 3 17 4 20…
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A: The functional relationship between the factors of production (inputs) and output is shown by the…
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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: Productivity decreases when O a. Output and hours worked decrease at the same rate Ob. Hours worked…
A: Productivity refers to the ability of the business to produce more output. Productivity determines…
Q: Consider the following Cobb-Douglas production function F(K, L) = AK L(2-a) %3D Which of the…
A: Cobb-Douglas production function represents relationship between two or more inputs - capital and…
Q: Productivity is O A. the value of profit divided by the number of production workers O B. the value…
A: Hello, thank you for the question. Since there are multiple questions asked here, only the first…
Q: The relationship between the factors of production and the output of goods and services. O a.…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
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A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: The shape of the Total Product curve on the production side gives us the shape of which curve on the…
A: Total product curve represents the total output of a firm in the short run.
Q: Question 10 According to the law of diminishing return in short run O If we double all inputs,…
A: The law of diminishing returns refers to the generalized economic concept to explains the…
Q: The period of time for which there are no fixed factors of production is O Market period O Long Run…
A: Long run and short run differ from each other on the basis of the variability of factors of…
Q: Dwing production function: Q = 2K + 4L where K is Capital, Lis Labour and Q represents output.…
A: The production function Q = 2K + 4L Where, Q= Output…
Q: Question 8
A: The correct solution is option (b).
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A: Given: Production function: q=f(L,K) If, L=3 K=5 Output is: q=10
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A: The marginal product of labor (or MPL) refers to the increase in total production when one more unit…
Q: QUESTION 8 Which of the following statements concerning the relationships between total product…
A: We can answer this question using subsequent graph of the Total Product, Marginal Product and…
Q: The Production Function shows the relationship between O a. Input and Cost O b. Products and Cost c.…
A: The process of combination of inputs some being material and others non material for making a…
Q: Marginal cost is calculated as اختر أحد الخيارات .a. the increase in total cost divided by the…
A: Answer: Correct option: (b) Explanation: Marginal cost: it refers to the cost of producing an…
Q: Suppose a firm is operating at an input combination such that MRTS,LK How should the firm adjust its…
A: Firm will maximize profits when MRTS is equal to price ratio of two inputs.
Q: THEMATICAL ECONOMICS (IKT216) IZ EXAM -APRIL 27, 2022-16:00 RATION: 65 MINUTES ERE ARE 10 QUESTIONS.…
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Q: Which statement is nottrue regarding the total variable cost curve? Select one O A It shows the…
A: The total variable cost is the cost incurred on the variable factors of production.
Q: QUESTION 10 When Total product is at Maximum, Marginal product will be - O B. Negative ---- -- A.…
A: Total product (TP): - Total product is the amount of total final goods and services produced by a…
Q: Please explain why the marginal cost decreases first and then increases in your own words. Please…
A: Marginal cost is the cost of producing an additional unit of goods. It is a U-shaped curve.…
Q: For a standard Cobb Douglas production function which of the following is true: a. The ratio of the…
A: You have posted multiple questions. So as per Bartleby's answer guideline, I solved the first…
Q: 69 O Completed 17 out of 20 Question 7 of 20 Because P> MR, which equation applies to the value of a…
A: please find the answer below.
Q: Quantity of Labor workers) Total Product (units er hour) 0 1234 56 0 259 15|18 17 he table above…
A: Marginal product of labor refers to change in total output when one more unit of labour is hired.
Q: Refer to the data provided in Table 10.1 below to answer the following question(s). Table 10.1 Total…
A: As per given table, At profit maximizing point, Marginal product value = Marginal labour cost
Q: hire any more workers? She estimates that the additional workers would generate th following output.…
A: Workers hired Total Product Average Product Marginal Product 0 0 -- -- 1 12 12 12 2 22 11 10…
Q: 1 diminishing marginal returns vill set in after the very first unit f labour isb employed? What do…
A: According to the given question In simple words we can say that the diminishing marginal returns…
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A: A) Table with MP and AP
Q: n the short run, a firm cannot vary its capital and operates with K = 9. It can, however, vary the…
A: Production function: It shows a relation between physical output and input of a production process.
Q: The peak of the Total Product curve relates that a. Maximum output of production b. Maximum…
A: "Marginal product indicates additional output produced when one more unit of variable input is…
Q: If x₁ = x₂ = 16, the marginal product of input 1 is two inputs is w₁ = 2 and ₂ = 1. When ₁ is…
A: Production function shows the functional relationship between the output and inputs. The production…
Q: Exercise: If the fixed Input capital is k* = 3 and the variable input of labor is from 0 by 2's to…
A:
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…
Q: What does the long run average cost curve exhibit? It defines the least cost per unit of output when…
A: Answer: The long-run average cost (LRAC) curve shows the lowest cost per unit of output produced…
Q: pls explain if marginal product function (i.) and (ii) are either convex or concave? what is their…
A:
Q: Total product divided by the total quantity of labor employed equals the اختر أحد الخيارات .a.…
A: Total product divided by total quantity of labor employed equals the average product of labor.
Q: A firm's isoquant shows O A. The amount of labor needed to produce a given level of output with…
A: Isoquant Curve belongs to producer" Theory and Producer can find equilibrium level of output at…
Q: ase quickly!!!!thanks !!!! If a firm used only labor for production, and given current production…
A: The marginal product of labor is the addition to the total product when one additional unit of labor…
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- Consider a factory that produces iPhones. This factory relies on both employees (labor) and machines (capital). Which of the following would decrease the demand forlabor?O a. Public taste shifts away from iPhones towards AndroidsO b. The price of capital falls and labor is easily substituted for capital.O c. The factory has trouble hiring competent workers (workers become less productive).O d. (b) and (a)O e. all of the aboveMany businesses taco increasing marginal costs because___ O A. in order to increase output, you have to purchase more inputs.O B. a business may have to shift to more expensive sources of inputs in order to increase output.O C. most businesses are not near capacity.OD. when the price falls, output increases.A labour strike to negotiate a higher wage has been successful in increasing the wages of labourers Its impact on supply curve will be a. a leftward shift of supply curve O b. a rightward shift of supply curve C a decrease in prices O d. we can't say
- Consider a firm that is perfectly competitive in the market for inputs and outputs. Thefirm hires two types of workers: low-skill (high school graduates and high school dropouts) andhigh-skill (undergraduate and postgraduate degree) workers. The firm compensates high-skilledworkers at the rate wH and low-skill workers at the rate wL. It produces the output subject to aCobb-Douglas production technologyF(L,H) = (AH)α(L)β,where H - is the amount of high-skill hours, L - the amount of low-skill hours, and A - thetechnology parameter that augments the productivity of the high-skill labour. 4. In the short run, the firm cannot increase the amount of high-skill labour . Derive the1short-run demand for low-skill labour.5. What is the substitution effect of the wage increase in the short-run?6. Derive the long-run cost-minimizing demands for high- and low-skilled labour. Show thesolution to the cost-minimization problem on the graphLet’s consider the economics of waiting. The economic cost of waiting can be viewed from two perspectives. For the company Apple, consider the cost of keeping an employee (i.e., an internal customer) waiting can be measured by unproductive wages. For external customers, the cost of waiting is the forgone alternative use of that time. In a competitive market, excessive waiting can lead to lost sales (Bordoloi, p. 95). Sometimes the perception of waiting is more important to the customer than the actual time spent waiting, suggesting that innovative ways should be found to reduce the negative aspects of waiting. Describe what this looks like within Apple's organization. What can be done today to reduce or eliminate this waiting, whether it is physical waiting or the perception of waiting? Also, consider waiting times for different access points for Apple: considering the website, calling Apple, emailing Apple, social media, and other access points. How will you address waiting in each of…In a perfectly competitive market, market demand is Qd(P)=209–3×P while market supply is Qs(P)=6×P–2. If the current market price is $12, what is the difference between quantity demanded and quantity supplied? Important: A positive number means excess demand, a negative number means excess supply, and 0 quantity supplied equals quantity demanded.
- A) Consider the bicycle market- determine whether the events listed below cause a movement along or a shift in the demand or supply in the short-run. If the event causes a shift, draw and describe whether demand or supply shifts and which direction the curve shifts in (left/right). Outline what happens to equilibrium price and quantity, if applicable (i) An increase in the number of bicycle users due to the environmental pollution caused by motorcycles/cars. (ii) A decrease in the price for iron and steel (iii) The prices of petroleum rise (iv) The prices of motorcycle increasePlease explaint correct and incorrect answer Which of the following is NOT held constant while moving along a supply curve? O expected future prices O the price of the good itself the number of sellers O prices of resources used in production 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.(a) Due to the increase in the demand for video games, the equilibrium price of video games increases by 10 percent, and the equilibrium quantity increases by 5 percent. Is the price elasticity of supply of video games elastic, inelastic, or indeterminate? Explain your answer (with calculation if possible). (b) Suppose Marcus produces chocolate with two inputs: factory and labor. If the workers become more productive with better training, state whether the average fixed cost, average variable cost, average total cost, and marginal cost will rise or fall?
- draw and fully label a supply and demand graph for new houses. suppose the cost of constructino worker wages goes up. Show how lines move and the change in price and quality for housing marketa) Derive the goods market demand curve in terms of the output (Y) and the exogenousvariables:c0,c1,b0,b1,g0,g1andT. Show your work for full credit. b)Draw the Goods Market Equilibrium. Be sure to label all curves, label the equilibrium point, and label the slope of each curve. c)Solve for the equilibrium output (Y) in terms of the exogenous variables:c0,c1,b0,b1,g0,g1andT. Show your work for full credit. d)Supposeg1increases, but stillc1+b1+g1<1. Using a graph of the goods market, show how we would represent an increase in the value ofg1on equilibrium output y. Be sure to label all axes, curves, and equilibrium points. e)Suppose instead,c1+b1+g1= 0. Is the equilibrium in the goods market still possible? If so, what is the equilibrium output? You must explain your answer to receive full credit.4. Mr. Mullet’s Carnival Mr. Mullet runs a traveling carnival that hires local workers in each city it vis- its. The demand for carnival activities is uncertain, with low or high demand equally likely in any given city. At the end of the year, Mr. Mullet reviews his financial records and discovers some puzzling differences between his experi- ences in small and large cities. He always paid the same wage in large cities ($9), but paid different wages in small cities ($6 or $12). He always hired the same quantity of labor in small cities (20 workers), but different quantities in big cities (10 or 30 workers). a. Using Figure 3–3 as a model, illustrate with two graphs, one for the typical small city and one for the typical big city. Assume that the demand curves for labor are linear and parallel, with vertical intercepts of $18 (high de- mand) and $12 (low demand). In the typical big city with high demand, profit is In the typical big city with low demand, profit is…