(Figure: Recliners and Couches) American Signature is a furniture company based in Columbus, Ohio. The graph represents American Signature's production possibility frontier for manufacturing couches and recliners. If American Signature manufactures 100,000 couches and 400,000 recliners, the company's use of resources would be production. Oa. inefficient; decrease Ob. efficient, increase O c. efficient; decrease Od. inefficient; increase and the company could .
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- Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?2. Inputs and outputs Kevin's Performance Pizza is a small restaurant in Chicago that sells gluten-free pizzas. Kevin's very tiny kitchen has barely enough room for the two ovens in which his workers bake the pizzas. Kevin signed a lease obligating him to pay the rent for the two ovens for the next year. Because of this, and because Kevin's kitchen cannot fit more than two ovens, Kevin cannot change the number of ovens he uses in his production of pizzas in the short "un. 因 However, Kevin's decision regarding how many workers to use can vary from week to week because his workers tend to be students. Each Monday, Kevin lets them know how many workers he needs for each day of the week. In the short run, these workers are inputs, and the ovens are inputs. Kevin's daily production schedule is presented in the following table. Fill in the blanks to complete the Marginal Product of Labor column for each worker. Labor Output Marginal Product of Labor (Number of workers) (Pizzas) (Pizzas) 1.…Only typed answer and please don't use chatgpt 10) Using the data in the above table, if the price of an hour of labor is $10 and the price of a unit of capital is $20, then the most economically efficient technique for producing 100 sweaters is A) A. B) B. C) C. D) D.
- 2. Inputs and outputs Edison's Performance Pizza is a small restaurant in Philadelphia that sells gluten-free pizzas. Edison's very tiny kitchen has barely enough room for the three ovens in which his workers bake the pizzas. Edison signed a lease obligating him to pay the rent for the three ovens for the next year. Because of this, and because Edison's kitchen cannot fit more than three ovens, Edison cannot change the number of ovens he uses in his production of pizzas in the short run. However, Edison's decision regarding how many workers to use can vary from week to week because his workers tend to be students. Each Monday, Edison lets them know how many workers he needs for each day of the week. In the short run, these workers are inputs, and the ovens are inputs. Edison's daily production schedule is presented in the following table. Fill in the blanks to complete the Marginal Product of Labor column for each worker. Labor Output Marginal Product…How firm choose optimum combination of inputs in short run and long run explain theoritically and graphically?Tips ips The following graph plots daily cost curves for a firm operating in the competitive market for instant pots. 100 PRICE (Dollars per instant pot) 8888 2 2 2 2 10 o ATC AVC MC ㅁㅁ 0 5 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of instant pots) Using the following table, for each price level, calculate the optimal quantity of units for the firm to produce. Using the data from the graph to determine the firm's total variable cost, calculate the profit or loss associated with producing that quantity. Assume that if the firm is indifferent between producing and shutting down, it will choose to produce. (Hint: Select purple points [diamond symbols] on the graph to receive exact average variable cost information.) Price (Dollars per instant pot) Quantity (Instant pots) Total Revenue (Dollars) Fixed Cost (Dollars) Variable Cost (Dollars) Profit (Dollars) 25.00 1,600,000 70.00 1,600,000 100.00 1,600,000 If the firm shuts down, it must incur its fixed costs (FC) in the short run. In…
- S Costs 35 3:0 25 20 15 10 0 2 3 Quantity (Vats of juice) E Marginal Cost O Search Average Variable Cost Average Total Cost Which of the following statements are true according to the previous graph? Check all that apply. The marginal-cost curve is above the average-total-cost curve when output is greater than four and average total cost is rising. The marginal-cost curve is below the average-total-cost curve when output is greater than four and average total cost is rising. The marginal-cost curve lies below the average-variable-cost curve. C (((.2. Inputs and outputs Teresa's Performance Pizza is a small restaurant in Dallas that sells gluten-free pizzas. Teresa's very tiny kitchen has barely enough room for the four ovens in which her workers bake the pizzas. Teresa signed a lease obligating her to pay the rent for the four ovens for the next year. Because of this, and because Teresa's kitchen cannot fit more than four ovens, Teresa cannot change the number of ovens she uses in her production of pizzas in the short run. However, Teresa's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday, Teresa lets them know how many workers she needs for each day of the week. In the short run, these workers are inputs, and the ovens are inputs. Teresa's daily production schedule is presented in the following table. Fill in the blanks to complete the Marginal Product of Labor column for each worker. Labor Output Marginal Product of Labor (Number of workers) (Pizzas)…A tuition agency hires tutors to teach students. The following table displays how total outputincreases as tutors increase.No. of Tutors 1 2 3 4 5Total No. ofStudents4 10 18 24 3Tutors cost $50 each regardless of how many students each tutor has. The agency paid $500 in non-refundablemarketing fees to set up the business as a fix cost. In the short run, considering the shut-down condition, whatis the lowest price per student Tom’s tuition agency can charge? Explain your answer.
- Table 13-7The Flying Elvis Copter Rides Quantity TotalCost FixedCost VariableCost MarginalCost AverageFixedCost AverageVariableCost AverageTotalCost 0 $50 $50 $0 -- -- -- -- 1 $150 A B C D E F 2 G H I $120 J K L 3 M N O P Q $120 R Refer to Table 13-7. What is the value of M? a. $50 b. $140 c. $360 d. $4102. Inputs and outputs Becky's Performance Pizza is a small restaurant in Detroit that sells gluten-free pizzas. Becky's very tiny kitchen has barely enough room for the four ovens in which her workers bake the pizzas. Becky signed a lease obligating her to pay the rent for the four ovens for the next year. Because of this, and because Becky's kitchen cannot fit more than four ovens, Becky cannot change the number of ovens she uses in her production of pizzas in the short run. However, Becky's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday, Becky lets them know how many workers she needs for each day of the week. In the short run, these workers are variable inputs, and the ovens are fixed inputs. Becky's daily production schedule is presented in the following table. Fill in the blanks to complete the Marginal Product of Labor column for each worker. Labor Output Marginal Product of Labor (Number of workers)…Need to explain these 3 graphs in own words. ( explain in short )