8822898822 DRYERS 70 D Oc it does not have the resources and technology to produce that level of output O d. it is not using the most efficient production process. Refer to Figure 2-3 This economy cannot currently produce 70 washers and 70 dryers because O & it is not using all of its resources. O b. consumers don't want that many washers and dryers 6 Ø 10 20 30 40 50 60 70 80 90 100 WASHERS

Figure 13-7 PREK Figure 2 V Figure 4 Figure 1 Figure 3 Refer to Figure 13-7. Which of the figures represents the production function for a typical firm? a. Figure 1 b. Figure 2 O c. Figure 3 d. Figure 4

Use the following information to answer the question below: Study Hours Grade O 1 3 17 124 124 124 4 10 11 12 13 14 15 16 18 19 20 O 25 42 57 69 79 96 103 109 114 118 121 123 124 124 124 124 The marginal product of the 7th hour of study is: Select one: O a. 88 O b. 9 O. 96 O d. 8

Figure 2-4 50 45 40 25 35 30 28 25 20 15 10 5 V Z 10 20 30 40 50 60 70 80 opak Refer to Figure 2-4 Suppose this economy is producing at point W. Which of the following statements would best explain this situation? a) The economy lacks the resources to produce at a more desirable point. b) The economy's available technology prevents it from producing at a more desirable point. c) There is widespread unemployment in the economy. d) Any of the above statements would be a legitimate explanation for this situation.

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The production possibility curve shows all the following except O a. Economic growth O b. The law of demand O c. The supply curve of 2 goods O d. The law of increasing opportunity cost O e. Inefficiency in production

3. Optimal use of multiple inputs. In his shop, Jim Valenti retrofits sunroofs into automobiles. The process can use a combination of skilled labor and unskilled labor. Given his current mix of employees, the marginal product of the last unit of skilled labor is 4 sunroofs per day, and the marginal product of the last unit of unskilled labor is 1 sunroof per day. Current market rates for skilled and unskilled labor is $40 and $20, respectively. Is Julian using a least cost combination of inputs? If not, which of type of labor should he use relatively more? Comparison Expression: Result:

QUESTION 9 In one day Amazing company produced 50 shirts in 250 labor hours, What is Amazing company's productivity? O a. 1/5 shirts per hour O b. 5 hours per shirts O C. 50 shirts d. 5 shirts.