In economics, "the long-run" is referred to as a period in which the amounts of capital are variable. a period in which the amounts of all factors of production can be changed. a period in which the amounts of labour are fixed. a period in which the amounts of all factors of production are fixed.
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- Nimbus Ltd. makes brooms and then sells them door to door. Here is the relationship between the number of workers and Nimbus’s output in a given day:Average Total Cost36Output0130270120451601907210220Marginal ProductTotal CostMarginal Costa. Calculate and fill in the column of marginal products. What pattern do you see? How might you explain it? Hints: show your calculations. b. A worker costs $150 per day, and the firm has fixed costs of $300. Use this information to calculate and fill in the column for total cost. Hints: show your calculations. c. Calculate and fill in the column for average total cost. (Recall that ATC=TC/Q.) What pattern do you see? Hints: show your calculations.Labour is the beginning and end of production. ExplainSelect all that apply A production function can include many inputs. Which of the following are the most commonly used inputs? Land Capital Entrepreneurship Technology Labor
- If a cost-minimization firm’s marginal product of labor equals 1 ton of output, while the marginal product of capital equals 7 tons of output and the cost of capital is $14 per unit, then A. The cost of labor must be $1/7 B. The cost of labor (wage rate) must be $2 C. The cost of labor must be $7 D. The cost of labor must be $14 as wellIn the Malthusian model, suppose that the quantity of land increases. Determine what effects this has in the long-run steady state and explain your results. In the long-run steady state, an increase in quantity of land will M the population growth function, g(c), and will V the per-worker production function, zf(l). This will cause the consumption per worker in the steady state, c, to V and the land per worker in the steady state, I, to V The current population, N, will V the future population, N, will 7 and the population growth, willNimbus,Inc.,makes brooms and then sells door to door.Here is the relationship between the number of workers and Nimbus's output during a given day:a.Fill in the column of marginal products.What patterns do you see?How might you explain it?b.A workers costs $100 a day, and the firm has fixed cost of $200.Use this information to fill in the column for total cost.c.Fill in the column for average total cost.What pattern do you see?d.Now fill in the column for marginal cost.What pattern do you see?e.Compare the column for marginal product with the column for marginal cost.Explain the relationship.f.Compare the column foraverage total cost with the column for marginal cost.Explain the relationship.
- Smiling Cow Dairy can sell all the milk it wants for$4 a gallon, and it can rent all the robots it wants tomilk the cows at a capital rental price of $100 a day.It faces the following production schedule:Number of Robots Total Product0 0 gallons1 502 853 1154 1405 1506 155a. In what kind of market structure does the firm sellits output? How can you tell?b. In what kind of market structure does the firmrent robots? How can you tell?c. Calculate the marginal product and the value ofthe marginal product of each additional robot.d. How many robots should the firm rent? Explain.In the long-run, a firm may only employ capital and labor neither capital laborTem runs a rose farm The table shows part of Terris total product schedule. OND Construct Tent's marginal product and average product schedules Complete the table >>>Answer with whole numbers Labour (workers) 1 2 3 4 Total product (roses per week) 750 2.250 0,750 7,500 Marginal product (roses per person) Average product (roses per person) DO
- The marginal product of labour tells us A. which employee is the most productive. B. the average output produced by each employee. C. the additional output produced by the last employee hired. D. how much money the firm can make from hiring each employee.A production process uses two inputs, labor and capital. If the marginal product of labor per dollar is higher than the marginal product of capital dollar, what should the firm do to lower costs? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Increase output b Decrease output C Increase the amount of capital d Increase the amount of laborWhat is long and short run