B.4. a) Given a production function relating labour input to output, show diagrammatically the impact of an improvement in technology on total output and the average product of labour b) Using a diagram, show how, in a Malthusian model, a one-off improvement in technology, as in part a), will only have a temporary impact on living standards. c) Use tne same diagrammatic framework to explain the role of technological improvements, capital and demographic responses, in the historical experience of countries that have escaped from the Malthusian trap
Q: Your friend gives you the data from a day of taco sales at each of the 40 food trucks, and asks you ...
A: We are given, Qi=β0+β1Pi+ui (Biased Model) We are given that the demand for a good for each taco tru...
Q: An asset for drilling was purchased and place in service by a petroleum production company. Its init...
A: Every machinery after being purchased goes through wear and tear and thus losses it value what it wa...
Q: f the quantity of money demanded is greater than the quantity supplied, then in the short run the .....
A: The curve that depicts various quantities of goods and services being demanded by individuals at dif...
Q: The behaviors of the American population will continue to change as the number of diverse groups con...
A: Diverse groups: If there are many people that are people belonging to different caste and cultures l...
Q: 2.1 “Oil prices are increasing, again, casting a shadow over the economy, driving up inflation and e...
A: Here, it is given that the oil prices has increased in the economy which results in inflation and de...
Q: (Table: Fresh Fruit Murket and Spoiled Not Foxxd T) Payofls are in thousands of dollars. Spoiled Not...
A: Nash Equilibrium is a situation when every player plays their best response and has no incentive to ...
Q: E. coli cells were infected with two strains of T4 virus. One strain is minute (m), rapid lysis (r),...
A: The parental genotypes are + + + and m r t. For determining the m–r distance, the recombinant proge...
Q: People tend to view car travel as being safer than airplane travel, but a person is how many times m...
A: Odds of dying in a car accident is more than dying from an airplane crash. Odds of dying in a car a...
Q: C. Graph the isoquant for Qo = 20 and the isocost line. Label the tangency point E.
A: The cobb Douglas Production function The production function in the long run is Y=A(LK,N) Y= output ...
Q: Siven the Aggregate Expenditure schedule for Country A below. Calculate national income and net capi...
A: National income is summation of Consumption, Investment, Government expenditure and Net exports. O...
Q: (c) Find the marginal revenue at a production level of 200 cups of ice cream. Interpret. Now, suppos...
A: From the first part, the demand function for ice cream is p=170-0.1x .... (1) Where x is the...
Q: Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college...
A: A price index is a measure of relative price changes that consists of a sequence of numbers structur...
Q: 5. Ollivanders is a wand shop for wizards in Hogwarts. It has been estimated that when x wands are p...
A:
Q: Zac has a current wealth of £400. He gets an email offering him the chance to enter a prize draw tha...
A: Answer: Given, Current wealth=£400Chance of winning £500=25%Chance of winning £0=75% Let us first ca...
Q: In a situation where you have a strong neighbor, as a country, do conventional weapons offer an effe...
A: By discussing the strong neighbor and the conventional weapon, it is the weapons the offer and relat...
Q: Please define “differentiated integration” and compare and contrast “multi-speed Europe”, “variable ...
A: Differentiated integration: It refers to a variety of EU partnership and integration activities in...
Q: Consider two developed and developing countries, the population growth rate of developed countries i...
A: Given that; The population growth rate of developed countries is 2 % per year Saving rate = 30% The ...
Q: should the federal government raise the minimum wage? Explain
A: Increasing the minimum wage would also boost consumer spending, boost company profits, and help the ...
Q: Attempts Keep the Highest /2 3. Comparing salaries from different times Consider golfers who led the...
A: The correct answer is given in the second step.
Q: A firm operates with the production function Q=2L+4K. The firm has target production of 420 units of...
A: Answer: Given, Q=2L+4K Target production = 420 units K = 80 units (short-run) w (wage) = $100 r (ren...
Q: • Assuming that there is no government spending or trade, an economy's GDP is the sum of domestic co...
A: Answer -
Q: A generalized transducing phage is used to transduce ana- b- c- d- e- recipient strain of E. coli wi...
A: Given:
Q: Eyeglasslux is a single-price monopolist in the eye-glass frame market. It faces a Market demand giv...
A: Q=156-2P2P=156-QP=78-0.5QNow,TR=P x QTR=(78-0.5Q)Q =78Q-0.5Q2MR=78-QGiven,TC=5654+Q2MC=Q(Here if ...
Q: between the years 2000 and 2016 for India from the United Nations. Fill in the column for the real G...
A: Real GDP = (Nominal GDP/Deflator)*100 I copied this data into excel and then solved it using this fo...
Q: s because they have opinions abc [] A. Knobe effect ( B. Availability bias jC. Attribution bias ij D...
A: The "Knobe effect" is a phenomenon in which people prefer to believe that a terrible side effect is ...
Q: Apparel manufacturer Nike produces high-end and low-end versions of their running shirts. They estim...
A: MC=$30High-end shirts: P = 130 - 2QH TR=P×QTR=(130-2Q)QTR=130Q-2Q2Now,MR=∂TR∂QMR=130-4QProfit-maximi...
Q: Eyeglasslux is a single-price monopolist in the eye-glass frame market. It faces a Market demand giv...
A: Total revenue is the product of price and quantity. Revenue is maximized when marginal revenue is ze...
Q: Genovia has experienced exceptional growth in recent years. Its GDP per capita (or Income) has incre...
A: Given:Initial income=io=$30,000New income=i1=$50,000Initial demand for personal carss=Do(PC)=450,000...
Q: 3 Which of the following statements is /are incorrect in explaining the difference between M1, M2, ...
A: In an economy, the measurement of the money supply is M1, M2, and M3. These are also known as money ...
Q: 1. You have a choice of getting a degree in economics, computer science or neither. Either degree de...
A: Answer - Thank you for submitting the questions but, we are authorized to solve one question at a ti...
Q: i l-year bond, ti' t+1 5 percent i't +3 5.88 percent i't +2 5.65 percent premium = 0.10 premium = 0....
A: Given The interest rate on 1-year bond at time t (it) iFt+1 iFt+2 iFt+3 5 % 5.65 5.78 5.88 P...
Q: Circular flow of Government Intervention
A: The circular flow of income, also known as the circular flow, is an economic model in which major ex...
Q: Sunglasses manufacturer Oakley, Inc. produces high-end and low-end versions of their performance sun...
A: Given that the two demands are independent and Oakley is successfully segmenting the market, it will...
Q: Reter to the graph to the right Atal in the domestic price level n desired consunption and private s...
A: Aggregate Expenditure = Household consumption + Gross investment+ Government spending + Net exports
Q: . WHICH OF THE DIFFERENT THEORIES OR APPROACHES THAT BEST DESCRIBE THE ECONOMIC SITUATION OF THE DEV...
A: Development economics is a discipline of economics that focuses on helping developing countries impr...
Q: III. Find the cost of the basket Year Year 1 Orange 200 Quantity Price Quantity Price Quantity Price...
A: According to the question, it is given that : There are three goods offered in an economy : Oranges...
Q: Sofia wants to acquire an apartment that within 4 years will have a value of $310,000,000, for this ...
A: Given information Value of property after 4 years=$310,000,000 Needs money 35% of $310,000,000=$1085...
Q: Interest is considered a(n) A) explicit cost when the firm pays a bank to borrow money. B) implicit ...
A: "Explicit costs is a out-of-the-pocket cost which is actually made by an individual/firm/business." ...
Q: What three factors determine whether two economies with separate fiscal and monetary authorities sho...
A: To facilitate trade between the United States, Canada, and Mexico, the North American Free Trade Agr...
Q: This will be a graph shifting question, which asks about the intuition of both the AD-AS figures and...
A: AD-AS model is laid out in Price -GDP space whereas investment -saving in interest rates-GDP space ....
Q: When developing an interval estimate for the difference between two sample means, with sample sizes ...
A: Dear Student, as you have posted multiple questions but we can attempt only 1 question at a time acc...
Q: A Cooling Tower costs P 99,495 will have an estimated life of 9 years. Using double-declining balanc...
A: Given Cost of cooling tower = P 99,495 Estimated life of the cooling tower =9 years
Q: What is the elasticity of demand if the inverse curve of demand is P = (20 - 2Q)1/2 and 2 units are ...
A: Given Demand function: P=20-2Q1/2 .... (1) The formula for price elasticity of demand: e=d...
Q: What is economics all about? What is supply and demand? What is exchanges rates?
A: Economics is a social science concerned with the behavior of consumers, producers and various econom...
Q: QUESTION 3 Which of the following has been the primary focus of economists in their analyses of publ...
A: Public economics is a branch of economics that studies public administration.
Q: 5. Interest, inflation, and purchasing power Suppose Becky is a sports fan and buys only baseball ca...
A: Understanding Purchasing Power You might use the Consumer Price Index (CPI) to compare prices of goo...
Q: Suppose that the market for dress shirts is a competitive market. The following graph shows the dail...
A: Here, the given graph shows the marginal cost, average variable cost and average total cost curves o...
Q: With an estimated market share of 37%, Atlas is the dominant company and the price leader in an oli...
A: Herfindahl-Hirschman Index "HHI" is the measurement of market concentration. It is computed by squar...
Q: Apply the IPAT model to the example of China provided in the chapter. How do population, affluence, ...
A: IPAT model is for sustainability, and it stands for the model equation that connects sustainability ...
Q: Eyeglasslux is a single-price monopolist in the eye-glass frame market. It faces a Market demand giv...
A: In the monopoly Market optimal quantity is determined by that point where Marginal revenue is equal ...
Hi,
I need help with B.4.
Thank you
Step by step
Solved in 2 steps with 2 images
- 8. siuppose that the manager of a firm operating in a competitive market has estimated the firm's average variable cost function to be: AVC= 18-0.3Q Total fixed cost is $60 and the forecasted price of the firm's product is $12. 79 a. What is the corresponding marginal cost function? b. At what output is AVC at its minimum? C. How much outputs should the firm produce? d. How much profit or loss will the firm earn?,7. You are the manager of a firm that uses only labor and capital to produce your product. Assume you hire labor and you rent capital equipment in a very competitive market. You pay your employees at a wage rate of $20 per hour and you rent capital at $25 per hour. Assume the marginal product of labor is 50 units of output per hour and the marginal product of capital is 80 units of output per hour. Based on these given information, clearly explain if you should increase, decrease, or leave unchanged the amount of capital used in your production process.Gains from Trade - End of Chapter Problem Between 2016 and 2017, Nintendo produced 2.3 million NES Classic Edition mini consoles that sold out almost immediately as they arrived at stores. The retail price of the mini console was $59.99. However, if you were to check eBay at the time, you would see that people were buying the units for $250 each from scalpers. a. The price of $250 tells scalpers O they should continue to buy the console at the store and resell it on eBay for a higher price. they should keep the consoles they have already purchased and hang onto to them, as they will be considered antiques someday. they should no longer buy and resell the consoles because the price on eBay is too high to make a profit. b. Upon observing that the only way to obtain the gaming console is to buy it on eBay for $250, a consumer might do which of the following? Select all that apply. Consider buying another type of gaming console that is cheaper. Approach a family member about sharing the…
- COURSE: MICROECONOMICS - PRODUCTION THEORY Suppose a company engaged in manufacture of wheat whose production function is represented by: Q =10KL.In addition, firm must pay wages of $200 and rent on capital is $600. It is known that firm has a budget of $30,000 for cheese production.a) Calculate break-even point of both factors of production and graph itb) What will happen if minimum wage is now fixed at $300? Graph itc) Assuming that new minimum wage at point b) is maintained and, assuming that investor demands a capital rent of $900, explain what happens to optimal factor level. Graph it1. Suppose that the output sells for $5 and the input sells for $4. Fill in the blanks in the following table. X input Y output VMP AVP 10 50 25 75 40 80 50 85 2. In Problem 1, what appears to be the profit-maximizing level of input use? Verify this by calculating TVP and TFC for each level of input use as shown in the table.Imagine you own a business firm all by yourself. During the first quarter of your production, you come up with the following information that: 2. • Output Elasticity of Capital (x) is 0.45 • Output Elasticity of Labour (y) is 0.55 • Total Factor Productivity is 10 (i) What kind of business firm is the one that you own? Mention 2 of its characteristics. (ii) Derive the marginal productivity of capital and labour, by means of Cobb- Douglas production function. (iii) If Y = F (K, L) where K = 1000 and L = 400, calculate the values of MPK and %3D MPL. (2 + 4 + 4 = 10 marks)
- 29. Consider a firm minimising the cost of production, given factor prices. For this firm, the following is observed: MPL MPK where w is the wage rate, r is the rental rate of capital, MPL is the marginal product of labour and MPx is the marginal product of capital. To minimise the cost of production, what should this firm do? a) Pay higher wages. c) Use more labour and less capital. b) Pay lower rental rate of capital. d) Use less labour and more capital.2/3- 1/3 Q1. Consider the production function Q = 9LK" a. What is the level of output when L 1000 and K = 216 b. Use marginal analysis to estimate Q(1000,216) and Q(1000,217.5) c. Compute.these two values of Q to three decimal places and compare these values with your estimate in (b) above. d. The demand funetjon Q = K,P,""P;"1" is ealled a constant clasficity demand function. Compute the three clasticities (Own price, Cross Price and Income) and show that they are all constant. %3D a12,b1Suppose that a firm produces 100 units a month and sells them all for $5 each. The explict costs of production are $200 and the implicit costs of production are $250. Based on this information, the firm has an accounting profit of ___________ and an economic profit of ___________. a. $450; $300 b. $300; $50 c. $50; $300 d. $300; $45.
- The figure below shows cost and revenue. $(thousands) 400 300 200 100 5 10 C(q) R(q) 15 q (thousands)2. A manager hires labour and rents capital equipment in a very competitive market. Currently, the wage rate is £6 per hour and capital is rented at £12 per hour. If the marginal product of labour is 50 units of output per hour and the marginal product of capital is 75 units of output per hour, is the firm using the cost-minimising combination of capital and labour? If not, should the firm increase or decrease the amount of capital used in the production process?Refer to the information provided in Figure 11.8 below to answer the questions that follow. LRAS AS AD AD AD * Yo Y Acawgate output ($ billion) Figure 11.8 in the short run and to Point in the long run. Refer to Figure 11.8. If the economy is at Point A currently producing Yoand the Zfactors decrease, the economy will move to Point Select one: O aC 8 Ob.E D O d.D E PHoalevel