11) Mikes marginal product is 10, the firms output price is $5, and the wage rate is $45. A profit-maximizing firm A) Should hire Mike B) May or may not hire Mike C) Should not hire Mike D) Not enough information to answer
Q: Question-3 (Cost Curves) The cost function of a firm is c(y) = 3y² + 6y+5. 1. Find the Average…
A: a) MC(y) = 6y + 6, AVC(y) = 3y + 6 b) quantity is zero at which average variable cost is…
Q: 1. Q = a₁₂H + a₂L + a¸ H² + a₁₂L² + a¸ HL, where a, >0 2. Q=aHLY, where a, a, y >0. a) Derive the…
A: A production function is an economic concept that explains the relationship between the amount of…
Q: (Table: Oil Production and Demand) Use Table: Oil Production and Demand. Assume that the oil…
A: A duopoly is a basic form of an oligopolistic market. It is a form of market structure where only…
Q: 16. Assume that there are discoveries of new oil fields Which determinant? A AD or A AS?
A: AD is aggregate demand which tells the total quantity demanded in an economy at various prices.AS is…
Q: 6. Differing views of self-correction Economists disagree about how quickly the economy adjusts to…
A: 1. Adaptive 2. point V to B and eventually from point B to point G 3. Directly from V to G…
Q: Recalling the information from the "Botox Patent Monopoly" application, inverse demand was…
A: A single seller in the market for goods is called a monopoly market. The marginal revenue is the…
Q: A basket of goods in 2005 costs $625; the same basket of goods cost $800 in 2010.If the base year is…
A: The objective of the question is to calculate the value of the price index in the base year, which…
Q: Suppose that the supply curve of serving in the military is S(P) = P, where Q = S(P) is number of…
A: Social cost refers to the total cost that the society experiences as a direct result of any economic…
Q: Output Price Total Cost 0 $300 $250 1 275 260 2 250 290 3 225 350 4 200 5 175 500 680 Refer to the…
A: A monopoly is a market structure where there is a single seller in the market.The seller sells a…
Q: Refer to the section on the Product Life Cycle. For each of the four stages of the Product Life…
A: A framework for classifying items according to their market presence is provided by the product life…
Q: Write down the Planner’s problem, as well as the Lagrangian. (Hint: There should be two constraints…
A: Planner's Problem:The planner's problem is to maximize social welfare, given by the social welfare…
Q: The monthly quantity demanded for cars is shown in the table below. Demand for Cars Price (dollars)…
A: Demand basically refers to the quantity of a good or service that a consumer is willing and able to…
Q: Using graphical analysis show how the following demand curves can be derived from indifference curve…
A: The Marshallian demand curve and the Hicksian demand curve are both derived from the indifference…
Q: 9. Use the accompanying table to calculate the output gap for each year. Year 2014 2015 2016…
A: Real GDP (Gross Domestic Product): Real GDP refers to the total value of all final goods and…
Q: Buildings that are constructed to be environmentally responsible are referred to as “green…
A: Cash flow diagram is a graphical representation that illustrates the timing and magnitude of cash…
Q: Consider three alternatives A, B, and "do-nothing." (a)Construct a choice table for interest rates…
A: Choice-table is a comparative analysis of the alternatives. It is based on the IRR and NPV of them.…
Q: The price system 1. is inefficient.2. requires government help to aliocale goods. 3.authatically…
A: Markets serve as a mechanism for the distribution of services and goods. Through the interaction of…
Q: The Allianz Company produces a specialty wood furniture product, and has the following information…
A: The objective of the question is to calculate the Economic Order Quantity (EOQ) for the Allianz…
Q: In Japan, suppose the CPI for the year 2010 is 150 and the CPI for 2011 is 135. Japan has…
A: The objective of the question is to determine whether Japan has experienced inflation or deflation…
Q: Assume 10% interest. A proposed project has the following costs and benefits: Year Costs Benefits 0…
A: Discounted Payback Period refers to the process of capital Budgeting Procedure Used to determine the…
Q: In equilibrium c = y. i. Solve the household's problem. ii. Assume there is a firm that manages the…
A: The Laffer Curve illustrates the relationship between tax rates and government revenue. As tax rates…
Q: A worker lives for two periods and has income Y1=£100 in the first period and Y2=£150 in the second…
A: Intertemporal consumption and choice refers to the savings and spending choices made in the current…
Q: examples of a small business using open innovation practices to address the challenge they faced…
A: During times of crisis, innovations are crucial to fostering resiliency, speeding recuperation, and…
Q: Draw a graph of a negative externality, be sure to clearly label all axes and lines. Point out the…
A: Negative externality is the harm to the third parties from the production or consumption of a good.…
Q: Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has…
A: To determine the amount of the adjusting entry to provide for doubtful accounts under each…
Q: 7. Lump-Sum Tax The city government is considering two tax proposals: ⚫A lump-sum tax of $300 on…
A: As a result of lumpsum tax-Average total cost will increaseAverage fixed cost will increase As a…
Q: 16. The graph shows the market for sandwiches, and the consumer surplus and producer surplus. 18.00-…
A: Total surplus, also known as economic surplus or social surplus, refers to the sum of consumer…
Q: Suppose the iceberg lettuce industry is a Cournot duopoly with two firms: Xtra Leafy (a) and Yummy…
A: A reaction function in the context of game theory and oligopoly competition like Cournot…
Q: "Analyze the impact of trade tariffs on small economies, particularly focusing on import- dependent…
A: The issue to investigate is the effect of exchange levies on small economies, with a specific…
Q: Consider a town in which only two residents, Clancy and Eileen, own wells that produce water safe…
A: A monopoly is a market condition in which there will be only a single seller present. The only…
Q: Gube asap urgent request
A: Economic growth means the creation of new products and the increased consumption of them by the…
Q: foreign exchange market
A: The foreign exchange market refers to the worldwide marketplace in which currencies are offered and…
Q: A machinge has a first cost of $24,000. Its market value declines by 20% annually. The repair…
A: Economics is widely used in many sectors based on the applicability of its principles. One such area…
Q: Midize Flower Company provides flowers and other nursery products for decorative purposes in medium…
A: The internal rate of return is 20%Explanation: Excel formula:
Q: Place the steps used to support a claim in the correct order. State the claim.…
A: The first step in supporting a claim is to clearly state the claim. This is the assertion or point…
Q: 35. Your current disposable income is $10,000. There is a 10% chance you will get in a serious car…
A: Current disposable income is $10,000.There is 10% chance you will get in a car accident, incurring…
Q: Vipsana's Gyros House sells gyros. She incurs a fixed cost of $120 per day. Vipsana pays $60 per day…
A: Total cost is the cost of producing all the units of good. Total cost is the sum of fixed and…
Q: Question 4 An engineer at Suncore Micro, LLC, calculated the present worth of mutually exclusive…
A: The objective of this question is to determine the most profitable project bundle that can be…
Q: Madison Gas and Electric (MGE) is a monopoly for electricity in the city. MGE has a cost function of…
A: Cost functionMarket demand function
Q: The demand and supply functions for three goods are given as follows: Dx=100-3Px+Py+3Pz Dy=80…
A: “Since you have posted multiple questions, we will provide the solution only to the first question…
Q: None
A: Game theory is a mathematical discipline commonly applied to the analysis of interactive strategic…
Q: When demand is perfectly elastic, what is the shape of the demand curve? a) Horizontal line b)…
A: The question is asking about the shape of the demand curve when demand is perfectly elastic.…
Q: Suppose that a small town has seven burger shops whose respective shares of the local hamburger…
A: Market competitiveness is determined by market concentration. The widely used measure of market…
Q: Based on the Bloomberg ECO calendar: If on 5/23, 670k actual US New Home Sales are reported, how…
A: The housing sector is important in a socioeconomic setup because property value fluctuations can…
Q: Find a very weakly dominant strategy that is not strictly dominant. 3) c; 5) x; 7) z 4) d; 2) b; 6)…
A: A weakly dominant strategy is a concept in game theory that describes a strategy that is at least as…
Q: Problem 3. Consider the following game with three firms. First, firms 1 and 2 si- multaneously…
A: A Nash equilibrium is an essential concept in game theory that represents a stable state in which…
Q: What happens in the market for beach towels,now that the season is over? Graph and explain
A: Demand is the consumer's willingness to pay or consume a certain good available in the market. It…
Q: Many decision problems have the following simple structure. A decision maker has two possible…
A: In economics, risk refers to anticipated uncertainties associated with economic activities or…
Q: BO Suppose you trade dollars and euros for a bank that has branches in Boston and Frankfurt. You can…
A: Exchange rate is the amount of a certain currency that needs to be paid to obtain one unit of…
Q: 4. An economy is described by the following equations: AD SRAS Okun's Law Y=4,000+2(MIP)…
A: Here we are providing the solution of the first subparts only. Kindly raise the question again for…
Step by step
Solved in 2 steps
- Calculate the size of the workforce needed for the companyto meet average weekly demand.GivenMonthly rent25,000Monthly Salary/employee10,000Market price of slippers520Total units sold20,000 Solve for the followingTotal RevenueTotal CostProfit/Loss (indicate if its a profit or loss)Geralt works for Stregobor as a witcher earning $87,000 a year. He decides to quit his job andbecome a freelance witcher. As a freelancer, he spends $7000 on herbs and weapons. Insurancecosts him $1000 a year. He pays himself $145,000 as a salary. His total revenues for the year are$191,000. Based on this information, what were his economic costs as a freelance witcher?
- The marginal or additional gain from Kyoko second hr of work from 9am to 10am is what problems?40) Wearitwell Inc sales associates are almost all Caucasian college age men and women. Stockroom employees who unpack and prepare clothing for displays are mostly young Asians and African Americans. This suggests that Weartitwell may need to address its policies and practices in hiring. O lage race age AND race O genderA perfect competitor charges a price of $30. The first worker he would hire would have a marginal physical product of 20, the second worker he would hire would have a marginal physical product of 18, the third worker would have a marginal physical product of 16, and the fourth worker would have a marginal physical product of 14. (a) How many workers would he hire if the wage rate were $540? worker(s) hired How much would his wage bill be? $ wage bill (b) How many workers would he hire if the wage rate were $470? worker(s) hired How much would his wage bill come to? $ wage bill.
- Which of the following statements is FALSE? OA A process costing system would be used by manufacturers of commodities, such as flour or sugar. OB A job order costing system would be used by manufacturers of custom made products OC. Aprint and copy shop would likely use a process costing system OD. A service firm would likely use a job order costing systemAssume the Jacksonville Jaguars, a football team, are in the process of hiring players. The following hypothetical table of data gives the necessary information to the manager to hire quarterbacks. Salary (Thousands of dollars) Number of Quarterbacks 0 о 100 1 200 2 300 3 400 4 500 5 Total Cost of Quarterbacks (Thousands of dollars) Marginal Factor Cost (MFC) Marginal Revenue Product (MRP) (Thousands of dollars) (Thousands of dollars) 100 700 100 300 650 400 500 600 900 700 550 1,600 900 500 2,500 On the following graph, use orange points (square symbol) to plot the labor supply curve for quarterbacks, starting with point (1, 100). Next, use green points (triangle symbol) to plot the marginal factor cost curve on the midpoints of the horizontal axis, starting with point (0.5, 100). Note: Plot points from left to right in the order you would like them to appear. Points will connect automatically. SALARY (Thousands of dollars) 1000 900 800 700 Labor Supply 600 MFC MRP 500 400 300 200 100…Planes frequently push back from the gate on time, but then wait 2 feet away from the gate until it is time to queue up for takeoff. This increases fuel consumption and increases the time that passengers must sit in a cramped plane awaiting takeoff. The following table shows the pay schedule for the flight crew. Pay Flight Attendant Captain Flrst Officer Per diem $3 $3 $3 Holding pay per hour $20 $20 $20 Hourly wage (after push back) $38 $184 $50 Per diem pay indicates how much the flight crew earns once it checks into the airport. Holding pay indicates how much the flight crew earns after it loads the plane. Hourly wage indicates how much the flight crew earns after it pushes back from the gate and tums on the beacon. In this scenario, who does not have an incentive to push back from the gate as early as possible? Check all that apply. O Passengers O Flight attendants O First officer O Captain True or False: Allowing the airline to decide when to push back from the gate would reduce…
