Joe's House of Birds produces bird houses. Evaluate each of the following statements to determine whether Joe should rent the piece of capital to make bird houses. Joe sells his bird houses for $14 each. a. Joe is deciding whether to rent an electric saw that would increase production from 200 bird houses a day to 250 bird houses a day Rent for the saw is $750 per day. Joe should (Click to select) b. Joe also has the opportunity to rent a paint sprayer that would increase production from 200 bird houses a day to 220 bird houses a day Rent for the sprayer is $300 per day. Joe should (Click to select) c. Finally, Joe has the opportunity to rent a boxing machine that would increase production from 200 bird houses a day to 240 bird houses a day Rent for the boxer is $525 per day. Joe should [Click to select)

Joe's House of Birds produces bird houses. Evaluate each of the following statements to determine whether Joe should rent the piece of capital to make bird houses. Joe sells his bird houses for $14 each. a. Joe is deciding whether to rent an electric saw that would increase production from 200 bird houses a day to 250 bird houses a day Rent for the saw is $750 per day. Joe should (Click to select) b. Joe also has the opportunity to rent a paint sprayer that would increase production from 200 bird houses a day to 220 bird houses a day Rent for the sprayer is $300 per day. Joe should (Click to select) c. Finally, Joe has the opportunity to rent a boxing machine that would increase production from 200 bird houses a day to 240 bird houses a day Rent for the boxer is $525 per day. Joe should [Click to select)

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 42P: A small company that shovels sidewalks and driveways has 100 homes signed up for its services this...

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Long answer Explain all resources that economic relies on.
MNLogs harvested logs (with no inputs from other companies) from their property in northern Minnesota. They sold these logs to MNLumber for $2,500 and MNLumber cut and planed the logs into lumber. MNLumber then sold the Ilumber for $4,000to MNFurniture. MNFurniture used the lumber to produce 100 tables that they sold to customers for $90 each. Instructions: Enter your responses as whole numbers. a. Complete the table below to calculate the value added by each firm. Company Revenues Cost of purchased inputs Value added MNLogs $ $ MNLumber $ $ $ MNFurniture $ b.Suppose that all of these transactions took place in 2016. By how much did GDP increase because of these transactions? 2$ c.Suppose that MNLogs harvested the logs in October 2016 and sold them to MNLumber in December 2016. MNLumber then sold the finished lumber to MNFurniture in April 2017 and MNFurniture sold all 100 tables during the rest of 2017. By how much did GDP increase in 2016 and 2017 because of these transactions? GDP…
An anicle on forbes.com discussed a business decision by Mant OHayer, owner of Vital Farms. OHayer was one of the first poultry farmers to begin selling pasture-raised eggr. He commited to raising his chickens with each having 108 teet of oundoor space. According to the article, "It was one of many decisions he made knowing it would likely limit his company's growth." Source: Chloe Sorvino, "How Whole Foods Favorite Vital Farms Made Pasture-Raised Eggs Mainstream," torbes.com, May 31, 2018. a. in what sense did OHayer's decision to take on these additional costs of raising chickens imit his company's growth? OA Chickens raised in larger cages move around more and will therefore eat less chicken teed that those raised in smaler cages OB. Chickens rased in larger cages are less kely to be injured or kled by being pecked by other chickens OC Raising chickens in larger cages reduces the rumber of chickens he can raise on a given amount of land D. Al of the above
Vicky currently produces corn and beef at point A in the graph. Use the graph to complete the following sentence. Vicky's marginal cost of producing an additional unit of corn is O A. 40 units of beef OB. 40/5 units of beef O C. 5/40 units of beef O D. 6 units of beef O 60- Beef (units) 40 ģ PPF 10 12 Corn (units) >>> Click on the graph to work out the answer. Q
what is tah relationship between average production and marginal production ?
How firm choose optimum combination of inputs in short run and long run explain theoritically and graphically?
1.Explain how a firm uses resources price and value data to determine the appropriate combination of capital and labor resources to use in order to maximize profits. 2.how does this change when the firm want to produce a specific quantity of product with the least cost combination of resources? 3. if a software firm estimates that the MP of labor is 3 apps per month and the price is labor is $1100 per month, while the MP of capital is 5apps per month and its price is $2000, should the firm hire more labor and decrease its capital use or increase its use of capital and use fewer labor resources?
viting this editorial? Alexi and Tony own a food truck that serves only two items, street tacos and Cuban sandwiches. As shown in the table, Alexi can make 80 street tacos per hour but only 20 Cuban sandwiches. Tony is a bit faster and can make 100 street tacos or 30 Cuban sandwiches in an hour. Alexi and Tony can sell all the street tacos and Cuban sand- wiches that they are able to produce. Alexi up Tony Output Per Hour Street Tacos Cuban Sandwiches 80 100 20 30 a. For Alexi and for Tony, what is the opportunity cost of a street taco? Who has a comparative advantage in the pro- duction of street tacos? Explain your answer. b. Who has a comparative advantage in the production of Cuban sandwiches? Explain your answer. c. Assume that Alexi works 20 hours per week in the busi- ness. Assuming Alexi is in business on her own, graph the possible combinations of street tacos and Cuban sand- wiches that she could produce in a week. Do the same for Tony. d. If Alexi devoted half of her time…
Suppose that Shen is a diligent hard - working first- year college student. One Friday, he decides to start the day by working through 300 practice problems to study for the econometrics class. Using a table to track his progress throughout the day, he notices that as the hours pass, takes him longer to solve the problems.Use the table to answer the following questions.
Explain all resources that economic relies on.
If two painters can paint 200 square feet of wall in an hour, and three painters can paint 275 square feet, what is the marginal product of the third painter?
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?