What is the difference between factor cost and market price? According to macro economics?

Q: Using the knowledge of supply and demand analysis to graph the following and explain your graph:…

A: a) an increase in labor productivity would increase the demand for labor as the firms would want to…

Q: Identify whether each of the following events in this scenario occurs in the factor market or the…

A: When talking about the relationship between firms and households, it can be seen in two types of…

Q: revious graph, use the purple points (diamond symbol) to plot Live Happley's curve when the output…

A: (a) Demand for labor is equivalent to MRP where MRP calculated as, MP x Output price = (Change in…

Q: In the short run, a firm operates a factory which it leases for $2000 per annum. To increase output,…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub parts…

Q: Alice runs a shoemaking factory that utilizes both labor and capital to make shoes. Which of the…

A: If the other factors other than the price of capital or interest rate changes, the demand for…

Q: A firm uses two inputs in production: capital and labor. In the short run, the firm cannot adjust…

A: A) The estimated gross cost curve of the business goes up as the cost of renting capital changes,…

Q: The following graph shows the labour market in the fast-food industry in the fictional town of…

A: Two type of business cycles are inflation and recession. In inflation, economic activity as well as…

Q: In the short run, a firm operates a factory which it leases for $2000 per annum. To increase output,…

A: The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…

Q: Needing some help with this.. thank you so much!

A: Firms in the labor market represent the demand (dd) side of the labor services and households…

Q: Match the following with the correct answer. Answers can be used more than once. v In the labor…

A: A labor market is the demand and supply of the labor and the services provided by them in the…

Q: A firm uses capital and labor to produce output according to the pproduction function q = 4pKL, for…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Which of the following would be exhibited if a doubling of output can be achieved without doubling…

A: Usually, this happens only with increase in the productivity or technological advancements.

Q: How do you explain the impact of working overtime on the number of defective products per worker in…

A: The word 'overtime' is defined as the work done by employees after their shift timing. The…

Q: In the short run, a firm operates a factory which it leases for $2000 per annum. To increase output,…

A: Total product(TPP) is the total output produced by the firm given the units of labor and capital…

Q: Explain what you understand partial equilibrium analysis to be. Describe what the term "labour…

A: Partial equilibrium investigation looks at the impacts of strategy activity just for each great in…

Q: A company operates in a competitive market, selling each unit of output for a price of $30 and…

A: Marginal product of labor shows the increment in total output when one more unit of labor is used.…

Q: What does the assumption of market clearing imply? Explain. How applicable is this assumption to the…

A: What does the assumption of market clearing imply? Explain. Answer: A market-clearing appears when…

Q: Briefly describe the significance of the system marginal price and explain why it varies with time.

A: The Variable Generation Cost of the most costly Generation Unit that would be sent to fulfill one…

Q: Use the graph to answer the question that follows. Based on the graph, which of the following…

A: The supply of labor, which is provided by employees, and the demand for labor, which is provided by…

Q: in order for a production curve to shift out? a. there has to be more unemployment  b. there has…

A: For example, suppose that the technology is given- Yt = F (Kt, Lt) = AKtαLt1-α Where K is capital…

Q: Match the following with the correct answer. Answers can be used more than once. v In the labor…

A: A labor market is the demand and supply of the labor and the services provided by them in the…

Q: What is the best example of a marginal change? After graduating from university, Neville's income…

A: The marginal change would result in the change of one variable when another variable changes by a…

Q: Suppose a devastating cyclone had destroyed enormous amount of forest land in the Sundarbans area of…

A: The forces of demand and supply determine the equilbrium price and quantity in a competitive market.…

Q: You are given a scenario where this a change in a factor of production or a change in demand for an…

A: Change in the price of factor of production will effect cost of production.  In case I make…

Q: If a fisherman catches fish from river then which factor of production is he using for his…

A: The resources that people use to create products and services are known as factors of production,…

Q: 20

A: Substitute and Complementary goods: Substitute goods are those goods that can perfectly replace with…

Q: Are the following statements correct or incorrect? Briefly explain:               a.…

A: The average product of labour (APL) is calculated by dividing the total product of labour by the…

Q: please help

A: Marginal Product:Marginal product refers to the change in output due to the change in inputs.…

Q: The following graph shows the labor market in the fast food industry in the fictional town of…

A: The equilibrium is a state in which economic forces like supply and demand are balanced and the…

Q: When it comes to the question on how long the short run is (in the context of production and cost),…

A: Factors of production: - The inputs that are used to produce goods and services are known as the…

Q: technology can exhibit constant returns to scale and diminishing marginal product to each factor.…

A: A) TRUE The law of diminishing marginal returns is a hypothesis in financial matters that predicts…

Q: Explain why in the medium run an increase in the price of oil will cause an increase in the…

A: The jobless who will work and are effectively searching for a task communicated as a percent of the…

Q: Prunella raises peaches where L is the number of units of labor she uses and T is the number of…

A: Profit maximization is interactive business firms go through to guarantee the best yield and value…

Q: Suppose Dina earns $500 per week working as a corporate attorney for Rowan and Martin Associates.…

A: In economics, the circular flow model illustrates the flow of money, goods, and services in an…

Q: c.With the aid of a diagram, explain the relationship between ‘marginal cost’ and ‘average total…

A: There are three different types of cost-variable, fixed and marginal. Variable cost is the cost…

Q: If any entrepreneur runs a business and takes out 100,000 naira per year as "salary" from the total…

A: Implicit cost: Any cost that has already occurred but not disclosed or reported as a distinct item…

Q: You are given a scenario where this a change in a factor of production or a change in demand for an…

A: The markets of every nation plays a very important role in the development of the nation. The…

Q: There are two factors of production, X and Y. They are being used to produce a fixed amount of…

A: Equilibrium is where isocost is tangent to isoquant.

Q: Economists Conclude that a tax on the revenues of firms will be shifted in part to consumers of the…

A: Tax is the source of income of government and it has the impact on economy because higher tax can…

Q: 5. If Angela is an independent farmer, show how the technology improvement might cause her optimal…

A: There is a trade-off between the willingness to make between grains and free time.

Q: Match the following with the correct answer. Answers can be used more than once. v In the labor…

A: There will be movement along the demand curve if wage rate changes and other factors affecting the…

Q: 38) In the short run, the marginal product of labor might increase initially as more workers are…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Consider an economy with 20 workers. If the marginal product of labor (MPL) is 13 and the market…

A: Value of marginal product (VMP) is a measure to calculate a firm's revenue which is contributed by…

Q: of each unit of blue ice is $2000. The capital costs $10 per unit per hour total a. Find the profit…

A: C) Find the optimal mix of capital and labor to use in the long run.