Which of the following indifference curve the slope of the production possibilities frontire? A, Opportunity cost B, Marginal cost C, Indifference Curve D, Marginal Product
Q: If the law of diminishing returns did not hold, we can produce a the food the world needs in one…
A: In economics, diminishing returns is the decrease in marginal output of a production process as the…
Q: Question: Define the isoprofit curve and the isocost curve
A: Iso means equal. Isoprofit and isocost curve are microeconomic concepts.
Q: 9. The cost of one thing in terms of the alternative given up is called A. O Real cost B. O…
A: The cost of one thing in terms of the alternative given up is known to be as the Option(d) is…
Q: Distinguish implicit and explicit cost of production give an example for each?
A: Explicit costs are out-of-pocket expenses. Implicit cost is the opportunity cost.
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: Factors of production are A) the mathematical calculations firms make in determining their optimal…
A: Economics has categorised four major types of factors of production. They are land, labor, capital…
Q: Define productivity efficiency and allocative efficiency. What conditions must be met in order to…
A: Productive efficiency takes place when production of the optimal combination of output is achieved…
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: A- what is prodcution technology? and give an example for the concept. B- What is the…
A: Technology plays a crucial role in influencing production. during this context, technology…
Q: 2/3 With the production function Y A+KL,if we double, we get an increasing returns production. OA.…
A: Given: Yt=AtKt13Lt23where,A=Stock of ideaK=CapitalL=Labor Since A is given as stock of ideas, this…
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: a. Explain the following statement : "Surely, as you begin this course, you recognize that time is…
A: "Surely, as you begin this course, you recognize that time is one of the scarcest resources of all.…
Q: QUESTION 4 he way a firm combines its resources to get the maximum output is called: O the…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Explain all resources that economic relies on.
A: Economic resources: - all resources used as an input in the production and distribution of goods and…
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: The possible combinations of two goods that can be produced in a certain period of time under…
A: The Variation in the production of two goods in the specific time period is illustrated by the…
Q: state the three stages of production
A: Marginal returns is an additional increase in output from employing an additional unit of input.
Q: What is Bill's opportunity cost for a pound of berries? Enter a value without commas, symbols or…
A: Opportunity cost in general terms can be understood as the benefits of a good or commodity lost due…
Q: What explains the shape of the average and marginal cost curves? Is it linked to any production…
A: Marginal cost is the measurement of change in total cost with the increment of quantity produced by…
Q: Production possibility curve shows maximum efficiency means . Oa. Resources are wasted Ob. None of…
A: The PPF curve show the combination of two goods that a nation can produced with given set of…
Q: Choice land has 250 workers and produces only two goods, X and Y. Labouris the only factor of…
A: Production possibilities curve can be illustrate as follows: In above Figure, the vertical axis…
Q: For the part B, on opportunity cost, should the 200k be added to (0.06*200k) again in addtion to all…
A: Implicit cost can be understood as an opportunity cost that occurs when the company uses its…
Q: If a fisherman catches fish from river then which factor of production is he using for his…
A: The resources that people use to create products and services are known as factors of production,…
Q: When economists measure costs they do not include implicit or opportunity costs. True O False
A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…
Q: Using an example , explain the production proces
A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…
Q: Expalin the law of diminishing returns or diseconomies of scales ?
A: In an economy, the law of diminishing returns and diseconomies of scale are two different concepts,…
Q: In a small town, there's a mousepad factory which employs workers at $8 an hour, for forty- hour…
A: According to microeconomics theory, the opportunity cost of a certain activity option is the value…
Q: Refer to Figure 2-4. Inefficient production is represented by which point(s)?
A: Points lying on the production possibility curve are the combinations of toasters and toothbrushes…
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: According to below Figure which of the following point is representing resources are not used t…
A: This depicts a PPF(Production Possibility Frontier). It represents a combination of goods and…
Q: What is the Theory of Production in economics? Explain..
A: Answer: In economics, the technical relationship between the input and output is explained by the…
Q: hat is tah relationship between average production and marginal prod
A: Total product refers to the output amount that can be produced by a given amount of variable factor,…
Q: a) ________________________ a term referring to the fact that for many goods, as the level of…
A: Average cost: The average cost or the average total cost is the cost incurred per unit of a…
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…
A:
Q: Insert the missing numbers in the following tables. number of units of total Marginal average labors…
A: We have to calculate marginal production, average production, total cost, average total cost, fixed…
Q: Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these…
A: A marginal benefit is a maximum amount a consumer is willing to pay for an additional good or…
Q: The technically efficient combination of two products a busniness can produce in the current period…
A: Production is the process by which goods and products are made or manufactured from raw materials or…
Q: If production increases, what happens to average total cost (ATC), does it increase only, decrease…
A:
Q: Country JKL has a maximum of 50 labour(hours). The tab shows maximum quantity of wheat and cotton…
A: Production possibilities shows all such combinations of output of two goods that can be produced…
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: According to the below table, which of the following combinations of wheat and beef could Andrea…
A: According to the information given in the table, Andrea can produce 1 kg of wheat in 30 mins and can…
Which of the following indifference curve the slope of the production possibilities frontire?
A,
B, Marginal cost
C, Indifference Curve
D, Marginal Product
Step by step
Solved in 2 steps
- Suppose Alphonsos town raises the price of bus tickets from 0.50 to 1 and file price of burgers rises from 2 to 4. Why is file opportunity cost of bus tickets unchanged? Suppose Alphonsns weekly spending money increases from 10 to 20. How is his budget constraint affected from all three changes? Explain.Explain the concept of Microeconomics (Indifference Curve, Budget line) how you can these concepts at your work place? Give 2 examples.Discusses the optimization
- For the EUAW Select one: a. Both of above O b. Output is positive and input is negative c. Input is negative and output is positiveWhat is the Economic theory behind the decision at the end of the case Start with "Near Empty restaurant.What is opportunity cost? Opportunity cost refers to costs that cannot be avoided, regardless of what is done in the future, because they have already been incurred. b. a. Opportunity cost is the value of what we give up by not making the alternative cholce. Opportunity cost is a business concept that explains why it is important to consider the additional cost of production, not just the initial cost, in making production decisions. Opportunity cost is a cost associated with the allocation of abundant resources arnong alternative uses. Opportunity cost is a monetary measure of cost that takes into C. d. е. account only explicit costs, or costs that can be counted. + vi 6:58 9
- Andre has a salary of 1000. He spends his entire salary on shoes and beer. The cost far a pair of shoes is $15 and the cost for a can beer is $25. What is Andre's budget constraint?Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.Q18. Economists refer to this pattern, the which means person allocates more resources to a purpose, the additional or marginal return from eac unit of the resources diminish. A. law of diminishing return B. law of diminishing marginal utility C. law of increasing cost D. A or C
- Long answer Explain all resources that economic relies on.(a) Explain with the help of a graph the effect of an increase in the relative price of a labor-intensive good on input choice. (b) “Generally, an economy will tend to be relatively effective atproducing goods that are intensive in the factors with which the country is relatively wellendowed.” Explain the above statement with the help of a graph.Salsa (ounces) Budget constraint B A LL E U 1 D 3 5 4 2 Corn chips (bags)