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Identification. Answer the following questions below.
QUESTIONS:
1.) What is the statistical technique for finding the best relationship between dependent variable and selected dependent variable or variables?
2.) What is the increase in output that results from an increase in all of a firm’s outputs by some proportions?
3.) What production function are the 3 stages of production applicable?
4.) What stage of production is the increase in output that results from increase in a firm's outputs by some proportion?
5.) In long run production, a change in output necessitates the what?
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- ■CASE STUDY THE PROPERTY MANAGER AS ECONOMIST-PLANNER After graduating from college with honors and a master's degree in eco- nomics, Charles Gill was hired by the local urban renewal authority in his home town of approximately 500,000 people. His responsibilities were in the areas of statistics, financial planning, and research. When activities of the urban renewal authority began to wind down upon completion of a major downtown redevelopment project, one of the directors, a businessman who had acquired some real estate investment property, hired Charles to manage one of his residential rental properties. The area's economy had slowed with the general downturn that occurred throughout the country and severely depressed the price of real estate in many areas, including property in Charles's town. In addition, a local defense factory had closed, leaving hundreds out of work. Charles saw there were suddenly many properties available that were priced far less than they had sold for just a…(a) Complete the following table and draw the corresponding graphs. Capital inputs Labor inputs Total product Average product Marginal product 20 0 0 20 1 15 20 2 34 20 3 51 20 4 65 20 5 74 20 6 80 20 7 80 20 8 75 (b) What is relationship between MP and AP? Explain why MP first rises, then declines and ultimately becomes negative? (c) Whether the above phenomenon is long run or short run and why? (d) Does law of diminishing marginal returns holds in above scenario? Why and why not.Oregon Fiber Board makes roof liners for the automotiveindustry. The manufacturing manager is concerned aboutproduct quality. She suspects that one particular failure, tears in the fabric, is related to production-run size. An assistantgathers the following data from production records: a. Draw a scatter diagram for these data.b. Does there appear to be a relationship between run sizeand percent failures? What implications does this datahave for Oregon Fiber Board’s business?
- Mr. Diddy grows and sells Pineapple. His company is named "Do it Diddy Way!!" Suppose that to produce Pineapple, two inputs are required. 1. Land (size of land) 2. Workers (number of workers) Diddy has 1.5 acres of land inherited from his late Daddy and he uses the inherited land to produce pineapple. His company's production function (per day) table is shown below: Quantity of pineapple number of workers 0 0 5 1 20 2 40 3 70 4 140 5 180 6 195 7 200 8 203 9 Answer the following questions: 1. Is the production considered a short-run or long-run? What is a fixed input? What is a variable input? 2. Draw the total product curve (output on the vertical axis and workers on the horizontal axis) Draw the MPL curve (MPL on the vertical axis and workers on the horizontal axis) 3. 4. What is the quantity of pineapple per day when Diddy hires7 workers? What is the MPL of the 7th worker? 5. After how many workers used does the MPL start to diminish. 6. Suppose that the market price of pineapple is…MANAGERIAL ECONOMICS 5. In conducting studies to estimate market / demand forecasting, generally two types of data are used, namely “Time Series” data and “Cross-section” data or a combination of the two types of data; explain the meaning of the two types of data and the advantages/disadvantages of each! 6. Explain what is meant by ISOQUANT? Next, explain the main characteristics of the isoquant curve and how to find the optimal point of production; Next, explain the meaning of the Production Economic Area which is depicted by a dividing line called the Ridge Line2. An economist is interested in the variation of the price of a single product. It is observed that a high price for the product in the market attracts more suppliers. However, increasing the quantity of the product supplied tends to drive the price down. Over time, there is an interaction between the price and supply. The economist has proposed the following mode, where Pn represents the price of the product at year n, and Qn the quantity: (a) Explain the significance of the constants 500 and 100 in the proposed equation. (b) Explain the significance of the signs of the constants -0.1 and 0.2. (c) Simulate the system using the following initial conditions (plot the trajectories) and predict the long term behavior of the dynamical system. Po 100 and Qo= 500 • Po= 200 and Qo = 500 ● Po 100 and Qo = 600 Po 90 and Qo = 400 [Pn+1 = Pn -0.1 (Qn - 500) [Qn+1 =Qn +0.2 (Pn - 100) ●
- MANAGERIAL ECONOMICS 1. Describe the scope of the material Managerial Economics and explain what benefits can be obtained by understanding Managerial Economics; Explain the meaning of Company Value and how to calculate the value of the company as long as the company is still actively operating? Give an example of another case related to the benefits of studying this course! 2. The relationship between the concepts and measures of Total, Average, and Marginal is very important in Optimization Analysis; the relationship is basically the SAME, whether for Revenue, Production, Cost or Profit;Explain the meaning of the three economic concepts and their dimensions in a comprehensive manner and the behavior of the relationship between the three, it is more desirable if accompanied by a graphic example.Answer all questions Show all working Question One a) For the following determine if it quantitative or qualitative. If it is quantitative, determine whether it is continuous or discrete. i. The address of all clients at a salon. The weight of meat sold by a butcher The number of children who graduate from a college 11. iii. iv. The cost of a new television at courts b) A small-town mechanic says that 8% his customers come in for an oil change. When 1000 samples were drawn from his records, it was found that 6.5% of these came in for an oil change. What is the target population? Does the value 8% refer to the parameter or to the statistic? Is the value 6.5% a parameter or a statistic? i. ii. 111. State which sampling method used in the following scenarios i. Select the first 19 customers who enter building. ii. Select 40 students in each district in proportion of how many students are in each district iii. Randomly select 30 customers by assigning each customer a number, then selecting…In 2016 Longwood University hosted the only Vice Presidential Debate. It was an expensive endeavor that, along with the significant educational benefits to our campus, was also meant to encourage interest and, ultimately, increase the number of applicants to Longwood. Suppose we have the following application data: Year 2015 2016 2017 2018 2019 Number of Applicants 5000 5100 6000 6800 7800 Administration points to this post-debate increase in number of applicants as clear evidence that the debate expenses were well worth it - applications increased because of the debate. Why is this conclusion problematic, and why would multiple regression analysis address the problem you identified and, hence, lead to better evidence of a potential impact of the debate on number of applicants?
- PROBLEM #2 A farmer grows strawberries, and sells the strawberries to local farm-to-table restaurants and bakeries. The equipment and machinery used to farm the strawberries includes tractors, planters, and sprayers. The farmer has gathered data over the past two years and has found that, for the amount of physical capital currently owned, the general relationship between the number of farm workers (L), and the quantity of strawberries produced per acre (measured in pounds), is represented by the following data: L Q MPL APL 1 900 2 3,400 5,610 4 7,400 5 9,100 6 10,050 7 10,640 8 11,000 a. Complete the table above by finding the marginal product (MPL) and average product (APL) of labor for each level of labor. b. Determine the level of labor at which diminishing marginal returns set in. c. Determine the level of labor at which diminishing average productivity sets in; that is, at what level of labor does average labor productivity begin to fall compared to the previous level of labor?…Hey! so I am just so confused on how to draw this graph. we were kicked out of school before we got to this lesson. Any explanations!Q64 With regard to economic decision making for firms, the short run is... a. A definite number of months. b. Less than one year. c. A period over which the quantities of all factors of production and technology are variable. d. A period over which the quantities of all factors of production are variable but technology is fixed. e. A period over which the quantity of at least one significant factor of production is fixed. Clear my choice