Which of the following indifference curve the slope of the production possibilities frontire? A, Opportunity cost B, Marginal cost C, Indifference Curve D, Marginal Product
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Which of the following indifference curve the slope of the production possibilities frontire?
A,
B, Marginal cost
C, Indifference Curve
D, Marginal Product
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- e) The optimal level of the activity is __________units. At the optimal level of the activity, marginal benefit is $__________ and marginal cost is $__________.In the use of the resources, it is important to any the concept of opportunity cost . Define oportunity cost in economic termsLong answer Explain all resources that economic relies on.
- How firm choose optimum combination of inputs in short run and long run explain theoritically and graphically?Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.Factors of production are inputs used to consume goods and services. a. False O b. True
- Numbers and Graphs: Chapter 01 MARGINAL COST, MARGINAL BENEFIT ($ per hour of reading per w 10 5 A 2 0 5 10 15 20 25 30 35 READING (Hours per week) 40 MC MB 45 50 Now assume that the marginal costs of reading have decreased. MC + Initial Efficient Point New Efficient Point A On the graph, shift the marginal-cost curve (an orange line) to reflect the change in the marginal costs of reading. Then use the gray point (a star symbol) to plot the new efficient point after the shift in the marginal-cost curve. Finally, use the tan area (rectangle symbols) to shade the area representing the change in net benefits associated with this decrease in the marginal cost of reading. After the decrease in the marginal cost of reading, the new efficient level of reading is benefits associated with the efficient level of reading have than it was previously. Furthermore, the net Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer…At Stacy's current production level, an extra bunch of hats adds 20 extra scarves. Each bunch of hats costs $53. What is Stacy's Marginal Cost of an extra scarf?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.
- Consider a production function Q=5K0.75L0.25 , target level of production=5000, cost of labor= 0.5 and rental cost of 0.10. The optimal amount of labor is ____ labor units. Show complete solution pls help meExplain to a new farmer why she/he should conduct an economic analysis to decide in she/he needs a tractor and a combine for her/his operation.A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?