Q: Calculate total profits in this hypothetical economy: Units of capital: 100 Units of labor: 200 W:…
A: Ans. Total profit is the difference between total revenue and total cost. Total profit = Total…
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A: In economics, diminishing returns is the decrease in marginal output of a production process as the…
Q: Consider the factors of production that go intoa fast-food restaurant. Give an example of…
A: Factors of production are regarded as the building blocks as they are essential for the production…
Q: Among the three stages of production, until what point should one produce considering the law of…
A: The law of diminishing marginal product explains the three stages of production that is applicable…
Q: If marginal physical product is continually declining, what does marginal cost look like?
A: The marginal physical product is the additional output which can be produced by the firm by…
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A: The data presented by the question above is as follows:- Per hour pay for Jaafar = $7 Per window…
Q: The entrepreneur's sole function is to combine other resources (land, labor, and capital) in the…
A: The resources which are used for the production of a good or a service are called factors of…
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A:
Q: The optimal level of the activity is __________units. At the optimal level of the activity, marginal…
A: The equilibrium is reached where the marginal benefit (MB) is equal to the Marginal cost (MC). It is…
Q: Your Econ. Professor bought airline tickets to leave a conference early on Saturday morning. He…
A: He brought the airline ticket to leave a conference early on Saturday morning. But when he found…
Q: How firm choose optimum combination of inputs in short run and long run explain theoritically and…
A: There are two type of period in economics which are short run and long run. In the short run, there…
Q: How Zuwaina is helping Oman’s economy, explain?
A: In this situation, Zuwaina, the Chief Executive Officer of Dar Al Herfya (World of Handicrafts),…
Q: (a) Explain how a firm uses resource price and value data to determine the appropriate combination…
A: Production function plays an important role to determine the nature of production of a firm and…
Q: (a) (b) (c) 'Write down Tom's budget constraint. Write down Tom's optimal consumption-leisure…
A: a) Tom's budget constrain can be written as C=w(h-l) C= Consumption w = wage rate h = 24…
Q: 4. If TC = 12q can produce and stay below our budget? (Excel) 12q? +32q + 32 and have a budget of…
A: ??= 12?3 ― 12?2 +32?+ 32 Budget = $100,000 To find the number of units produced to be below budget:…
Q: Chandra received a gift certificate that covers threesalsa dance lessons. After the first lesson,…
A: The opportunity cost is that cost which must be given up to get something desirable.
Q: The most efficient scale of production is where at which point?
A: According to the given question In simple words we can say that scale of production basically or…
Q: Imagine that you are considering starting your own business. Please share what you think would be…
A: The potential advantages that an individual, investor, or organization foregoes by choosing one…
Q: What is a cost that changes with the change in volume of activity of an organization
A: The cost that changes with the change in volume of activity of an organization or in other words,…
Q: The graph which indicates the various production possibilities of two products when resources are…
A: Production possibility frontier or PPF shows the various combination of two goods that can be…
Q: You need to have work done on your home. In addition to the expense, it will be annoying to have…
A: You need to have work done on your home. In addition to the expense, it will be annoying to have…
Q: What must an entrepreneur do to earn a profit? How do the actions of firms earning profits influence…
A: An entrepreneur should always remember that its revenue should be higher than its cost in order to…
Q: What stage of production is efficient region of production in short run?
A: There are three stage of production. The law of variable proportion can be divided into three…
Q: Poornima is a hard-working college junior. One Saturday, she answered 100 practice problems for her…
A: Poomima is a hard-working junior college .one Saturday ,she decides to work nonstop until she has…
Q: Discuss the impact of rational self-interest on each of the following decisions. Whether to attend…
A: the question and specify the other subparts you’d like answered. It is believed and assumed in…
Q: he Chief Executive Officer of Dar Al Herfya (World of Handicrafts) spends her days contacting…
A: Zuwaina is an entrepreneur based in Oman who left a corporate desk job to venture out on her own.
Q: Refer to the accompanying table below. The marginal cost of the 4th unit of activity is: Units of…
A: The marginal cost (MC) is the cost incurred when one extra factor is employed in the production. IN…
Q: How is the optimum point of production for a firm determined?
A: Point of optimum production is that in which the plant is operated at its full capacity. When the…
Q: Mark can cook dinner in 30 minutes and wash the laundry in 20 minutes. His roommate takes half as…
A: Mark's roommate takes 15 minutes to cook dinner and 10 minutes to wash the laundry.
Q: ny units of X can be produced whe s are utilized in its production
A: Since you have asked multiple questions we will answer the first one for you. When only two goods…
Q: et opened a candy store. He rented a building for $30,000 a year. During the first year of…
A: Total Revenue = $135,000Explicit Costs = Rent on building +Salary to employees + Utilities +…
Q: total cost
A: The opportunity cost depicts the value or cost of next best alternative forgone. When one has to…
Q: te a topic on economies of scale, economies of scope, or learning curves.
A: Economy scale refers to changes within prices per unit because the range of units is multiplied. A…
Q: John owns a computer repair shop and he owns the building where his shop is located. If he closed…
A: The term “opportunity cost” is defined as the value of the next best alternative foregone. It…
Q: Discuss about the concept of marginal cost using your own example?
A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…
Q: What is the definition of equal product curves in microeconomics? Mention the important applications…
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Q: Sven runs a daycare for some of the neighborhood children, where he earns $300/day in revenue. He…
A: Here, some information about revenue band cost related to Sven's daycare job.
Q: In the use of the resources, it is important to any the concept of opportunity cost . Define…
A: Meaning of Economics: The term economics refers to the situation under which there remain…
Q: You have decided that you want to attend a costume party as Black Panther. You estimate that it will…
A: The marginal cost is the additional cost of production when one more unit of quantity is produced.
Q: The time path of resources is described by X(t) = X(0)e*". If you graphed In X(t) on the y-axis, and…
A: * ANSWER :- * The OPTION C is correct answer.
Explain all resources that economic relies on.
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