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- please asnwer the question in the image Some economists believe that the U.S. economy as awhole can be modeled with the following productionfunction, called the Cobb–Douglas production function:Y 5 AK1/3L2/3,where Y is the amount of output, K is the amount ofcapital, L is the amount of labor, and A is a parameterthat measures the state of technology. For this productionfunction, the marginal product of labor isMPL 5 (2/3) A(K/L)1/3.Suppose that the price of output P is 2, A is 3, K is1,000,000, and L is 1,000. The labor market is competitive,so labor is paid the value of its marginal product.a. Calculate the amount of output produced Y and thedollar value of output PY.b. Calculate the wage W and the real wage W/P. (Note:The wage is labor compensation measured in dollars,whereas the real wage is labor compensationmeasured in units of output.)c. Calculate the labor share (the fraction of the value ofoutput that is paid to labor), which is (WL)/(PY).d. Calculate what happens to output Y,…as Figure 11-1 D Real GDP per hour worked, YIL v $40 IC 8 T 1 60 Production function, Production function, Production function, Capital per hour worked, KIL Refer to Figure 11-1. Diminishing marginal returns is illustrated in the per-worker production function in the figure above by a movement from Production function 1 to Production function 2 from Production function 2 to Production function 1. from Production function 1 to Production function 3. up along any of the production functionsO ECON1003 Undergraduate x b My Questions | bartleby 9 maths course guide.pdf O How to screen shot on my X i 2021.tle.courses.open.uwi.edu/pluginfile.php/2265/mod_resource/content/13/ECON1003%20Undergraduate%20Programmes-%... ECON1003 Undergraduate Programmes- 2021-2.. 25 / 36 100% + | Problem Set: B (1) Solve the following: (i) 2*/2-16 32 (ii) log, (x- 2)+log,(x) =1 (b) The demand curve for a swivel chair is given by p=4000(3-ª) dollars per swivel chair, where p is the price and q is the quantity, in thousands of swivel chair, demanded at that price. What quantity will be demanded if the price per swivel chair is $256.60? (2) Find the slope-intercept form for the line perpendicular to 2x– 3y=-6 and passing through (4,–9) (3) A mobile phone provider charges $3.75 plus $0.15 per minute for overseas calls. (a) Write a linear model which shows the cost C, in dollars, for a client talking x minutes. (b) How much would it cost the client for an overseas call with a duration of 55 minutes?…
- worn out in the production process. ment Now IzMe: Section 2.7 uge your comprehension of this section. To begin, please click the wnward arrow located at the top right of this box. Assignment Score: 0.00% Submit Assignment for Grading Save ns tu2et10h_Ch02_Sec07.02m « Question 2 of 3 » Check My Work Three different economies have made choices about the production of capital goods. Which of the following is most likely to produce the greatest growth in the production possibilities curve (PPC)? O a. Less production of capital goods than what is needed to replace worn-out capital. Ob. Capital goods produced at the exact rate needed to replace worn-out capital. c. More production of consumption goods that replace worn-out capital. O d. Greater production of capital goods than what is needed to replace worn-out capital. MacBook Air DD F6 EZ F8 F9 F10 F11 F12 & * 6 7 8 { P + 0003. What are the 2 variables that the Production Function is analyzing/graphing? Why does the production function diminish over time?Assume an economy where there are two producers: a wheat producer and a bread producer. In agiven year, the wheat producer grows 3 million tonnes of wheat, of which 2.5 million tonnes aresold to the bread producer at $30 per bushel, and 0.5 million tonnes are stored by the wheatproducer to use as seed for next years crop. The bread producer produces and sells 100 millionloaves of bread to consumers for $3.50 per loaf. Determine GDP in this economy during this yearusing the product and expenditure approaches.
- QUESTION 4 Capital per year K₂ Figure 7.3.2 4₂ L₂ C₁ Labor per year Refer to Figure 7.3.2 above. Which of the following changes, which causes the move from A to B? O a. The quantity to be produced Ob. A decrease in the cost of capital r Oc. The budget of the producer d. A decrease in the wage rate wDefine factors of production and describehow they contribute to output.Draw an example production function in terms of output and capital.GIVE 2 specific properties which define its shape; explain these usingthe definition and properties of MPK.
- Hi can you please help with following questions I am not sure how to solve them please assist with question A You are the sole survivor of a shipwreck on a desert island. You do not expect to be rescued.You can either use your time to grow food to consume immediately, or to build new tools andbuildings (capital) which will increase your supply of food in future years. a) Sketch your initial production function (total output of food + capital in terms of yourlabour input), and show how to turn this into a feasible set. Show your optimal choiceof how you spend your time, assuming you initially consume everything you produce.Given the gellowing hypothetical data on ingut (x) amd tätal Physical Pro duct (TPP) oy xZ corperation. Input (x) Tatal Physical Prě du ct (TPP) Average Physi cal Product CAPP) Marginal Physical Pro du ct (MPP) 3 4 14 3.5 4 24 4 8. 32 4 4 10 38 3.8 3 12 42 3.5 2 14 44 3.14 1 44 2.75 18 42 2.33 -1 20 30 1.5 - 6France and Poland each have one worker whosemonthly linear Production PossibilityFrontier indicatesthe following production possibilities: PolandFranceComputers (C) 246Grain (G) 43 a)France’sopportunity cost of G in terms of units of C equals ______ ? b) Poland’sopportunity cost of G in terms of units of C equals ______ ?For the followingparts, please complete the questions by filling in the blank, and responding toremainderof the question: c) Poland’scomparative advantage is in ______ because: d) If France and Poland decide to trade, _________ will be theexporter of G while ______ will bethe importer because: e) If the economies choose to trade, the world relative priceof goods must be ________ in orderfor trade to be mutually beneficial, because: