factor 2 is $12, in what proportions should the firm use factors 1 and 2 if it wants to maximize profits? Question 21 Answer a. x1 = 12x2. b. x
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- Let’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…A tax on buyers will lead to an increase in supply :choose one true O Error OThe price of oil is currently over $80 per barrel and has been as high as $90 per barrel after Saudi Arabia and a couple of oter OPEC countries reduced output this year. The demand for oil is expected to increase by 1 million barely per day over the next year according to the International Energy Agency but OPEC+ has been unclear about its intentions of increasing oil supplies. a. If OPEC+ increases its production by million barrels per day, we can unambiguously say that the equilibrium price will fall, and the equilibrium quantity will rise.
- Quèstion 13 Suppose that the price changed from P1 to P2 in the graph below. Sdomestic A P1 G H P2 B K Ddomestic Q1 QO Q2 Using capital letters and reading from left to right and top to bottom (e.g. AGH or HELJK identify the following: Total variable production cost of producing Qo units (at price P1): New variable production cost of producing Q1 units (at price P2): Change in total variable production from reducing production for Qo to Q1You manage two chocolate factories. Using only these two factories, you must produce exactly 420 kgs of chocolate daily at lowest possible cost. Mathematically, you have: Q1 = Quantity produced at Chocolate Factory #1 Q2 = Quantity produced at Chocolate Factory #2 Daily total overall production: Q1 – Q2 = 420 At present, each factory produces half the overall requirement. This means that Q1 = 210, Q2 = 210 a) At present what is the outy produced factory # 01? b) At present the total cost of production of Factory is : TC1(Q) = TC₁(210) = $980.75 What is the total cost of production (in dollars) of Factory #2 TC2(Q) = TC2(210) = $____________ c) When each factory produces 210 kiograms, the average cost of production in Factory 1 is: AC1(210) = 4.67 What is the average cost in Factory 2 AC2(210) = $__________If the MU per dollar spent on product A is greater than on product B, then a rational consumer should consume more of product B to compensate. Select one: O True O False
- Equilibrium price = 54.48 dollarsEquilibrium quantity = 2.89find answer of 2nd box and 3rd(a) If lemons cost $1 per pound, the wage rate is $1 per hour, and theprice of lemonade is p, what is his marginal cost function? (b) What is his supply function? (c) If lemons cost $4 per pound, the wage rate is $9 per hour, and theprice of lemonade is p, explain in detail how these changes would affect theoriginal supply function in part (b)? ONLY ANSWER PART B AND C.Dollars 200 0 f XMR g hj Output D MC 41) Refer to the diagram. Equilibrium price is A) c. B) d. C) b. D) e. ATC
- ) Say you were interested in maximizing U = U(x,y) with the usual budget constraint, M = Px*x+Py*Y. Explain the comparative statics process for determining Do not perform the final ÔM calculation, only get as far as the Cramer's rule expression for ÔMFill in the Blank Question Suppose that when the price of apples is 25 cents each, there are to formers who each supply 600 apples per day, and 2 famers who each suppy 1,000 apples per day. Thus, when the price of apples is 25 cents, the market supply of apples it per doy. Need help? Review these concept resources. [I. Read About the Concept Rate your confidence to submit your answer. 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.3. The production function for diapers is: q = 6L12 K2 Where q is the number of diapers produced, L is labor hours, and K is machine hours. Assume that the firm can use part of an hour of capital and part of an hour of labor. а) If the diaper firm wants to produce q = 60, what combination of L and K would it use if the rental rate of capital= Pg = $4/hour and the wage rate of labor = P, = $2/hour? 2 b) If the diaper firm continues to produce q = 60, what combination of L and K would the firm use if Pg stayed the same, but P, increased to $4/hour? If P, = $4 and P = $4, how much K and L would the diaper firm use to produce 36 diapers? 30 diapers? d) Using your answers to (b) and (c) graph the long-run average cost curve for the firm.
