Identify 10 examples of direct factors (labor, capital, technology, resources) used for production and 10 examples of indirect factors (i.e factors other than labor, capital, technology, or resources
Q: Assume a perfectly competitive market where assumption BIG holds. The demand curve is MWTP-23 -…
A: Equilibrium is where the demand curve intersects the supply curve. The producer surplus is the area…
Q: Suppose a wealthy university booster has pledged a superstar high-school sophomore soccer recruit…
A: Formula for the present value : P = F(1+R)tP : present value F : Future value R : rate of interest…
Q: Assume that GBP|USD = 2.00 (rate chosen for math ease). After the passage of a significant tax…
A: The foreign exchange market, also known as the forex market, is a global decentralized market where…
Q: Income ($10,000) Family 1234 0.00 0.10 5.0 4.9 6.4 7.2 8778 Price (above $1.50 per pound) 0.20 0.30…
A: An econometric model is a mathematical representation of the relationship between economic…
Q: Imagine an economy with only two people. Larry earns $20,000 per year, while Roger earns $80,000 per…
A: According to the question, it is given that : An economy with only two people. Larry earns $20,000…
Q: Refer to the figure to answer the following three question. 이이이이 (CJ Q Tay In which market(s) will…
A: Demand refers to the quantity that a consumer wishes to buy at a given price in a given period of…
Q: For the net cash flow series, find the external rate of return (EROR) using the MIRR method with an…
A: Cash flow - To find the external rate of return we compound the capital inflows at investment rate…
Q: Suppose the Government wishes to reduce the budget deficit by reducing public spending while holding…
A: In the IS-LM framework, monetary policy refers to actions taken by the central bank to influence the…
Q: Suppose a firm has acquired a monopoly on water distribution in a certain county in Florida. The…
A: The monopoly firm has market power so it can set its price and output in the market. Formulas: Total…
Q: A pressure vessel was purchased for $16,000, kept for 5 years, and sold for $3000. Annual operating…
A: Present value is the value of investment in today's dollar. Future value is the value of investment…
Q: Which of the following unethical practices occurs when consumers are signed up and billed for…
A: Any behavior, action, or choice that goes against moral norms, beliefs, or principles is considered…
Q: Assume Fred has the following preference relation on [0, 1]: x ≿ y if and only if x ≤ y for all x ̸=…
A: In economics and decision theory, preference refers to the subjective ranking or ordering of…
Q: Rita contracts to work for Social Media Corporation (SMC) during April for $4,500. On March 31, SMC…
A: In this case, Rita's damages are the difference between what she would have earned from SMC and Tech…
Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…
A: The methods used to value a company's inventory include specific identification, first-in, first-out…
Q: ) John is operating an internation business in the United Stateds of American and is focused on the…
A: The term "international business" relates to business dealings, commerce, and investment between two…
Q: monetary policy rule and monetary policy discretio
A: In order to accomplish its policy goals, such as stable prices, high employment, and sustained…
Q: What relationship might be illustrated by a hedonic wage function: a) the relationship between the…
A: Hedonic wage function shows how the wages are related to job characteristics. All workers have…
Q: The following diagram represents the money market in the United States, which is currently in…
A: Money is a commodity received by general consent as a medium of economic exchange. It is the means…
Q: The Utility theory used in economics holds the belief that an item or service's utility is a measure…
A: This question pertains to the concept of utility theory in economics, which states that the utility,…
Q: A Chinese importer ordered 200 boxes of desktop workstation from a US company. All 200 boxes were…
A: In international trade, the bill of lading is a legal document that serves as evidence of the…
Q: (b) Draw a graph of the firm's demand, marginal revenue, marginal (D), marginal Instructions: Use…
A: Marginal Cost: Marginal cost is the cost of producing one additional unit of a good or service. It…
Q: A consumer has income of $15,000. Pillows costs $35 per pillow, and soda costs $70 per bottle. a.…
A: An economic notion known as a budget constraint denotes the upper bound on the consumption bundles…
Q: Suppose the hospital has the following output, price, and average cost structure. Output…
A: Since you have posted multiple questions with multiple sub parts, we will provide the solution only…
Q: Three oligopolistic banks operate in the loan market with the inverse demand function given by r (Q)…
A: Three oligopolistic banks operate in the loan market with the inverse demand function given by r (Q)…
Q: Scenario 1 Determine the production level that will maximize profits for the firm. Compute the…
A: Scenario 1) Q = 200 - 2P 2P = 200 - Q P = 100 - 0.5Q Total Revenue = P x Q Total Revenue = (100…
Q: You have three alternatives of investment, A, B and C. You also have the option of not investing.…
A: Here 3 alternatives are available: A,B,C NPW of each alterative is given by the respective graphs.
Q: The key determinant of an Optimal Currency Area is likely to be: O the econonomic stability loss O…
A: An OCA is a geographic region in which it is economically efficient to use a single currency rather…
Q: vo firms, Sludge Oil and Northwest Lumber, have access to five production processes, each one of…
A: Process (Sm A(4 tons/day) B(3 tons/day) c(2 tons/day) d(1 tons/day) e(0 tons/day) cost to sludge…
Q: Elapsed time (in minutes) 30 60 90 120 150 Total utility of playing video games 20 45 63 78 83 40 62…
A: Marginal utility per dollar is calculated by dividing the marginal utility and price of swimming for…
Q: Give typing answer with explanation and conclusion Jackie’s net demands for x1 and x2 are (6, −4)…
A: Jackie's net demands for x1 and x2 are (6, -4) Jackie's gross demands for x1 and x2 are (15, 9)
Q: Suppose that the cost of an investment is €12000 and its return is €5000 per year for three years.…
A: Present value is the value of investment in today's dollar. Future value is the value of investment…
Q: Juanita owns a plot of land in the desert that isn't worth much. One day, a giant meteorite falls on…
A:
Q: Which of the following does NOT facilitate globalization? a. Removal of controls on movement of…
A: Globalisation is the interdependence between countries of the world, financially, economically and…
Q: The market for lemonade is currently in equilibrium and the cost of lemons rises an input How Price…
A: Demand shows an inverse relationship between price and quantity demanded. Demand curve slopes…
Q: we consider an agent Ann who consumes goods and y and has a utility U(x, y) = x²y. In these…
A: Expenditure minimization is a concept pertaining to microeconomics that involves finding the least…
Q: PRICE (Dollars per bushel) 10 0 Market for Soybeans in the United States Supply Demand Demand Supply
A: Demand refers to the quantity that a consumer wishes to buy at a given price in a given period of…
Q: Consider a two-period, small open economy with endowments on tradable and nontradable goods. The…
A: Consumption in inter-temporal choice problem is optimized at the point where the slope of…
Q: QUESTION 7 12. Refer to Figure 9.5. Suppose the economy is a point B. A large increase: AS AS…
A: The AD-AS model combines and draws together aggregated demand and supply curves to accurately…
Q: 2. A faculty member sells Gatorade at UNC Charlotte football games. He finds that if he raises his…
A: Profit-maximizing qty and price can be computed by setting MR equal to 0, which occurs at the…
Q: Consider a two-period, small open economy with endowments on tradable and nontradable goods. The…
A: Consumption in inter-temporal choice problem is optimized at the point where the slope of…
Q: 4. What is the difference between Unemployment Insurance, Disability Insurance, and Workers'…
A: Insurance is a tool for risk management. You purchase protection against unforeseen financial losses…
Q: (Figure: Profit-Maximization Decision of a Monopolist 0) Price and Costs $10 9 8 LO six. two. four.…
A: A monopoly is a market structure in which a single firm dominates and controls the production and…
Q: A manufacturing company makes two types of water skis, a trick ski and a slalom ski. The relevant…
A: This question involves using linear programming to determine the optimal product mix for a…
Q: Switching to powder coating technology will reduce the emission of volatile organic carbons (VOCs)…
A: The rate of return produced by a project when the Net Present Value is zero is known as the Internal…
Q: A temporal government expenditure cut causes the real interest rate to ________ and output to…
A: Government expenditure in an economy refers to the money spent by the government to finance its…
Q: Each of the five alternatives has 20-year useful lives. If the MARR is 8%, use incremental rate of…
A: Given MARR is 8%. Alternative selection using Incremental rate of return analysis: First of all drop…
Q: The labor demand and supply data in the following table relate to a single occupation. Use them to…
A: The equilibrium wage rate is the wage rate at which the quantity demanded of labor is equal to the…
Q: Although the unemployment rate is not a perfect measure (failing to account for potential increases…
A: Government-sponsored financial aid is known as unemployment benefits and is given to those who have…
Q: 10 9 8 7 6 5 4 3 2 0 100 200 300 400 500 600 700 800 900 1000 Producers earn $ The figure shows the…
A: Demand is the willingness to purchase a product in the market and the affordability of a person to…
Q: 100 Price Level 90 80 70 60 50 40 30 20 10 0 0 1 2 Long-run Aggregate Supply Aggregate demand 3 4 6…
A: Aggregate demand refers to the total demand for goods and services in an economy at any given time.…
Step by step
Solved in 3 steps
- Prof. Smith and Prof. Jones are going to produce a new textbook. The production function for the book is: ?=?1/2?1/2?= is the number of pages in the finished book?= is the number of working hours spent by Smith?= is the number of working hours spent by JonesSmith's labor is valued at 3 TL per working hour and Jones's labor is valued at 12 TL per working hour. After having spent 900 hours preparing the first draft, Smith cannot contribute any more to the book. Jones will revise the Smith's draft to complete the book.a) How many hours will Jones have to spend to produce a finished book of 300 pages?b) What is the marginal cost of the 300th page of the finished book?Suppose the production function is given by a = 3k - 41. what is the average product of capital when 10 units of capital and 10 units of labor are employed? A. 3 B. 4 C. 7 D. 45Which of the following equations does not represent a plausible production function? a.F(K,L) = 2KL b.F(K,L) = 2K-2L c.F(K,L) = 2(KL)0.5 d.F(K,L) = KL
- Problem 2 (a) Find an example of a production technology that is such that two inputs must be used in fixed proportions (hopefully a different one from the examples discussed in class). Explain why you chose this example. Draw a typical isoquant of the example you found. (b) Find an example of a production technology that is such that two inputs are completely inter- changeable. Explain why you chose this example. Draw a typical isoquant of the example you found. (c) Find an example of convexity of production technology. Explain why you chose this example. Draw a typical isoquant of the example you found.The period of a time when a firm is able to change all of inputs factors of production is called the:A) economic termB) short runC) accounting termD) long runA positive technological change will Group of answer choices shift the per-worker production function down. move the economy along a given per-worker production function to the left. shift the per-worker production function up. move the economy along a given per-worker production function to the right.
- Question 1: Consider the following production function that depends only on labor:Q = 81¹/2 1. Write a combination of input and output that are technically efficient. In other words, for what level of L and Q, is the technology efficient? 2. Write a combination of input and output that are technically inefficient. In other words, for what level of L and Q, is the technology inefficient? 3. Write a combination of input and output that are technically unattainable. In other words, for what level of I and Q, is the technology unattainable?The Cobb - Douglas production function is a classic model from economics used to model output as a function of capital and labor. It has the form f(L, C) = COLc1Cc2 where c0, c1, and c2 are constants. The variable L represents the units of input of labor and the variable C represents the units of input of capital. (a)In this example, assume c0 = 5, c1 = 0.25, and c2= 0.75. Assume each unit of labor costs $25 and each unit of capital costs $75. With $70,000 available in the budget, develop an optimization model for determining how the budgeted amount should be allocated between capital and labor in order to maximize output. Max s.t. = 0 (b) Find the optimal solution to the model you formulated in part (a). What is the optimal solution value (in units)? (Hint: When using Excel Solver, use the bounds 0 < = L < = 3,000 and 0 <= C <= 1,000. Round your answers to the nearest integer when necessary.)________ units at (L, C) = Please use Excel to get answers. Show steps on Excel Please!The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor: Number of pickers (per hour) 1 2 3 4 5 6 7 8Output of grapes (in flats) 10 28 43 54 61 64 65 61Calculate marginal physical product (MPP) and then graph the total product (output) and MPP curves.
- Select all that apply A production function can include many inputs. Which of the following are the most commonly used inputs? Land Capital Entrepreneurship Technology LaborThe Cobb - Douglas production function is a classic model from economics used to model output as a function of capital c. and labor. It has the form f(L,C) = c_L" C² where co, c₁, and c₂ are constants. The variable L represents the units of input of labor and the variable C represents the units of input of capital. (a) In this example, assume c₁ = 5, c₁ = 0.25, and c = 0.75. Assume each unit of labor costs $25 and each unit of capital costs $75. With $80,000 available in the budget, develop an optimization model for determining how the budgeted amount should be allocated between capital and labor in order to maximize output. Max s.t. 25L +75C 80000 L,C>0 (b) Find the optimal solution to the model you formulated in part (a). What is the optimal solution value (in units)? (Hint: When using Excel Solver, use the bounds 0 L3,000 and 0 C1,000. Round your answers to the nearest integer when necessary.) units at (L,C) = (x)