Use the following table to answer the question below:Total Marginal AverageQuantityVariableCostCostCostTotal Cost11171172420310392558.3341632725418.263652118.67At which quantity does this firm experience diseconomies of scale?O Q=1Q=2Q=5Q=3Suppose that in a competitive market the market price is $10. This firm is operating at...Constant Returns to ScaleNone of these answers.OO5OEconomies of ScaleO Diseconomies of Scalem19ܣ܂8 According to the table, are workers working better together?Yes, they are working better together because the average total cost falls and then increases.Yes, they are working better together because the marginal cost increases as the quantity increases.No, they are not working better together because the average total cost falls and then increases.No, they are not working better together because the marginal cost increases as the quantity increases.

Diseconomies of scale:- In the competitive market, a firm operates at a level where the price is…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student’s annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019. The cost of each item in the basket and the total cost of the basket are shown for 2017. Perform these same calculations for 2018 and 2019, and enter the results in the following table. **THE TABLE IS ATTACHED** Suppose the base year for this price index is 2017. In the last row of the table, calculate and enter the value of the CSPI for the remaining years. Between 2017 and 2018, the CSPI increased by_________%. Between 2018 and 2019, the CSPI increased by_________%. Which of the following, if true, would illustrate why price indexes such as the CSPI might overstate inflation in the cost of going to college? Check all that apply. As the price of textbooks increased, more and more students…
Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student’s annual purchases. Suppose the following table shows information on the market basket for the CSPI and the prices of each of the goods in 2017, 2018, and 2019. The cost of each item in the basket and the total cost of the basket are shown for 2017. Perform these same calculations for 2018 and 2019, and enter the results in the following table.
Every year the typical family on Planet Econ consumes ten pizzas, seven pairs of jeans and 20 litres of milk. In 2002 pizzas cost $10 each, jeans cost $40 per pair, and milk costs $3 per litre. In 2003, the price of pizzas went down to $8 each, while the price of jeans and milk remained the same. Between 2002 and 2003, a typical family's cost of living: Group of answer choices did not change at all. decreased by 4.5% increased by 4.5% increased by 20% decreased by 20%
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Please answer 1.24
1. You have been hired as a consultant for the City of Los Angeles. City planners need to understand population data and use the data to predict the population in the future. Having a good estimate of the city's population helps the planners decide how much money will be needed for city maintenance and services, and helps local officials anticipate the needs for housing, school and other construction, and much more. Your work begins with finding the population of Los Angeles in the United States Census for 1920 to 2010. The U.S. Census Bureau data for the City of Los Angeles 1920-2010 appears in table below. Year Actual Population using Population using Quadratic Model Population using Exponential Model х, уears since Population Linear Model 1920 1920 576,673 10 1930 1,238,048 20 1940 1,504,277 30 1950 1,970,358 40 1960 2,479,015 50 1970 2,816,061 60 1980 2,966,850 70 1990 3,485,398 80 2000 3,694,820 90 2010 3,792,621 a. One way to model the population is with a linear function, y = mx…
What is Say’s law?
Use the following diagram to answer the next question. Businesses Resource Market (1) (3) (2) Government (7) (8) Product Market (5) (6) Multiple Choice Households In the diagram, solid arrows reflect real flows and broken arrows are monetary flows. Flow (4) might represent personal income taxes. investment spending by private corporations. the purchase of stealth bombers. the services of NASA astrophysicists.
Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2020 Statistics 2021 Statistics Quantity 2012 Statistics Product Quantity Price Quantity Price Price $50.00 $65.00 Shoes Hamburgers Shirts Cotton $60.00 2.00 90 100 100 100 75 2.00 30.00 0.09 120 2.25 50 50 25.00 65 25.00 11,000 10,000 0.08 11,000 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ 6700 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny).
Question 2You have been employed as the chief economist for the economy UWI Land. The head statistician has provided you with the following information:Compensation of Employees900Corporate profits 400Factor income paid to the world 325Factor Income received from the world170Indirect taxes 775Subsidies 125Depreciation 120Consumption of goods 850Net interest 75Rent Income 125Consumption of services 475Residential investments 350Non-residential investments525Government Expenditure 925Imports 700Exports 300Proprietor’s income 300Calculate UWI Land’s GDP using the Income and Expenditure Approach
• P= price per tutoring session in ECON101. • P = price per tutoring session in Mathematics, which is 46.5. • P = price per tutoring session in Kazakh Literature, which is 27. ./= income of ECON101 students, which is 388. • P= average opportunity cost of senior Economics students for giving private tutoring sessions in ECON101, which is 34. The equations that represent the demand and supply schedules respectively are: Q=-0.8 P- Pm+2P+0.51 Q=1.91 PP. + 30 Note: in all your calculations in this question, use a precision for your decimals of up to four decimal digits. When writing your answers, again, use up to four decimal digits if needed. The equilibrium price is: $ The equilibrium quantity is: The point price elasticity of demand at the market equilibrium, in absolute value, is: The point price elasticity of supply at the market equilibrium, is: Determine the cross-price elasticity of tutoring sessions for ECON101 with respect to the price of tutoring sessions for mathematics: What…
Ross is a senior citizen who consumes food and health care. When he retired in 2002, he consumed 90 meals and 3 medical checkups per month. Suppose in 2002 that the price of a meal was $10 and the price of a medical checkup was $73. However, in 2012, the price of a meal is $11 and the price of a medical checkup is $285. As a result, Ross consumes 100 meals and 2 medical checkups per month. Calculate a Laspeyres cost-of-living index for Ross using 100 as the base in 2002. In particular, the Laspeyres index for 2012 is (Enter your response rounded to two decimal places.)