In the United States, where Internet services are cheap, the ratio of capital to labor used is higher than that of capital used in accounting services. But in other coun- tries, where Internet services are expensive and labor is cheap, it is common to use less capital and more labor than in the United States. Can we still say that Internet services are capital intensive compared to accounting services? Why or why not?
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- Paul owns and operates his own business. To keep up with new technology, he spends $3,000 per year upgrading his computer equipment. He runs the business out of an office in the center. If he didn't use the office as his business office, he could rent it out for $12,000 per year. Paul knows that if he didn't run his own business, he could return to his previous job with a salary of $100,000 per year. Other expenses amount $25,000 per year. How much total revenue does Paul need to make in order for him to want to remain self-employed? A) $128,000 (B) $140,000 C) $28,000 D) None of the answers are correct.You own a coffee shop and use both labor and capital to make lattes. Currently, the marginal product of labor is 50 lattes a day while the marginal product of capital is 20 lattes a day. You pay your labor $100/day, and you rent your Nuova Simonelli Appia Life Black 2 espresso machine for $25 a day. The price of a latte is $5. Are you employing your inputs effectively? If not, what would you do to increase efficiency?The table below shows the maximum output levels for Here and There. Cloth Computers Here 110 or 60 There 70 or 120 a. What is the cost of 1 unit of cloth and a computer in Here? Round your answers below to 2 decimal places. 1 cloth computers. 1 computer units of cloth. b. What is the cost of 1 unit of cloth and a computer in There? Round your answers below to 2 decimal places. 1 cloth = computers. 1 computer = units of cloth. c. In which product does each country have a comparative advantage? Here: (Click to select) v There: (Click to select) v. d. What is the range of feasible terms of trade between the two countries? Round your answers below to 2 decimal places. Feasible terms of trade computers to between 1 unit of cloth to units of cloth. between 1 computer 8 of 33 Next > < Prev
- You are a department manager in a large software firm, and you have an assignment to produce a customized database for a client in the next week. Your boss asks you to find the least costly way to produce the database. In order to produce the database, you'll need to use computers and programmers. The blue isoquant curve on the following graph shows the combinations of computers and programmers that you can use to create the database in a week.The following is based on question 11 in the textbook: Suppose a firm has to choose among production methods for producing 1000kg of flour per day. The table shows the marginal product of capital and labour for each method. Suppose the price per unit of capital is $4 and the price per unit of labour is $6. Which method minimizes costs? Method A. A B. B C. с D. D E. E F. F G. G ABCDEFG MPK 14 12 10 8 642 MPL 3 6 9 12 15 18 21Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table below. Suppose that each gardener is paid $160 per day and the greenhouse is rented for $400 per day. Fill in total cost in the table below. (Enter your responses as integers.) Labor 0 1 Labor 0 1 2 3 2345 5 Capital 1 1 1 1 1 Next, fill in average total cost in the table. (Enter your responses as real numbers rounded to two decimal places.) Capital Total Cost Average Total Cost $400 560 720 880 1,040 1,200 Output 0 80 Output 0 80 240 320 360 380 240 320 360 380 Total Cost $ 400 560 720 880 1040 1200
- The table below provides information about the cost of inputs and value of output for the production of a road bike. Note there are four different stages of production. Raw materials Rubber for one tire ($25) Aluminum for the frame ($75) Other component materials ($90) Manufacturing Tire maker sells tires for $40 each Frame maker sells bike frame and components for a total of $275 Instructions: Enter your answers as a whole number. a. What value is added by the supplier of the raw materials? $ b. What value is added by the tire maker? $ c. What value is added by the maker of the frame and components? $ d. What value is added by the bike mechanic? $ e. What value is added by the bike store? $| f. What is the total contribution of the bike to GDP? $ Construction Bike mechanic puts everything together and sells the bike for $375 Sale by the retailer Retailer sells the bike for $600Economan has been infected by the free enterprise bug. He sets up a firm on extraterrestrial affairs. The rent of the building is $4,000, the cost of the two secretaries is $50,000, and the cost of electricity and gas comes to $5,000. There’s a great demand for his information, and his total revenue amounts to $100,000. By working in the firm, though, Economan forfeits the $55,000 he could earn by working for the Friendly Space Agency and the $4,000 he could have earned as interest had he saved his funds instead of putting them in this business.a. What is his profit or loss by an accountant’s definitions?Instructions: Enter your response rounded to the nearest whole dollar and use a (-) if the number is negative.Accounting profit: $ b. What is his profit or loss by an economist’s definitions?Instructions: Enter your response rounded to the nearest whole dollar and use a (-) if the number is negative.Economic profit: $ rev: 06_20_2019_QC_CS-171313Economan has been infected by the free enterprise bug. He sets up a firm on extraterrestrial affairs. The rent of the building is $4,000, the cost of the two secretaries is $50,000, and the cost of electricity and gas comes to $5,000. There’s a great demand for his information, and his total revenue amounts to $100,000. By working in the firm, though, Economan forfeits the $55,000 he could earn by working for the Friendly Space Agency and the $4,000 he could have earned as interest had he saved his funds instead of putting them in this business.a. What is his profit or loss by an accountant’s definitions?Instructions: Enter your response rounded to the nearest whole dollar and use a (-) if the number is negative.Accounting profit: $ b. What is his profit or loss by an economist’s definitions?Instructions: Enter your response rounded to the nearest whole dollar and use a (-) if the number is negative.Economic profit: $
- The following graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for labor is $2,800. Fixed cost is $160,000. AP, MP 100 80 Average and marginal product of labor- 60 10 20 20 MP AP L 0 20 40 60 80 100 120 140 160 Labor When the firm uses 40 units of labor, what is marginal cost at this level of output? $70 ○ $35 ○ $60 $280Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table. Fill in the marginal product of labor in the table below. (Enter your responses as integers.) Labor Capital Output Marginal Product of Labor 0 1 0 - 1 1 80 2 1 240 3 1 320 4 1 360 5 1 380Suppose that Bill owns an automobile collision repair shop and the table below shows the quantity of cars repaired per month according to how many workers Bill hires. Assume he pays each worker $5,000 per month and his fixed cost equals $8,000 per month. Using the information provided, complete the table given below. (Enter your responses rounded to two decimal places.) Quantity of Workers Quantity of Cars per Month Average Total Cost Fixed Cost Variable Cost Total Cost $8,000 1 20 $ 30 3 40 50 55