Economics: Principles, Problems, & Policies (McGraw-Hill Series in Economics) - Standalone book
20th Edition
ISBN: 9780078021756
Author: McConnell, Campbell R.; Brue, Stanley L.; Flynn Dr., Sean Masaki
Publisher: McGraw-Hill Education
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Chapter 1, Problem 7DQ
To determine
Economic resources, classification and the reason for calling them factors of production and inputs.
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Answer the question using the following data, which show all available techniques for producing 20 units of a particular
commodity:
Resource
Land
Labor
Capital
#1.
#2 and #4.
#3.
Resource Possible Production Techniques
Prices
$4
3
#1 and #3.
3
2
Entrepreneurial Ability
Refer to the data. In view of the indicated resource prices, the economically most efficient production technique(s) is (are)
technique(s):
#1
2
1
5
3
#2
4
2
2
1
#3 #4 #5
2
4
4
4
1
3
3
1
2
1
4 1
QUESTION 5)
The table below contains the production information of a company. In the table, the first column
shows the firm's use of capital and the first row shows the firm's use of labor. The other figures in the
table show the company's production amounts. For example, if the firm employs 200 units of capital
and 150 units of labor, it can produce 3180 units of product.
Labor Amount
Amount of Capital
100 worker
150 worker
200 worker
250 worker
100
2200
2950
3450
3700
150
2300
3070
3585
3840
200
2390
3180
3700
3970
250
2470
3280
3810
3990
a) What is the marginal product of the workforce when the amount of capital used by the firm is
fixed at 150 units and increases the labor force employment from 150 to 200 workers?
b) Suppose the firm increases its capital usage from 150 units to 200 units. In (a) you have calculated
the marginal product of the labor force when the capital is 150 units, when the firm increases the
amount of labor from 150 to 200 workers. What is the marginal product…
Question: Which of the following best illustrates the economic way of thinking?
a)The ability to use cartographic techniques to describe the natural and human world in maps.
b)The science of predicting fish populations based on environmental conditions, population, dynamics and commercial harvest rates
c)The capacity to critically evaluate art and theatre.
d)The ability to look at an event, such as a cold freeze that damages the orange crop, and predict how it will affect prices and markets.
Chapter 1 Solutions
Economics: Principles, Problems, & Policies (McGraw-Hill Series in Economics) - Standalone book
Ch. 1.2 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.2 - Prob. 3QQCh. 1.2 - Prob. 4QQCh. 1.A - Prob. 1ADQCh. 1.A - Prob. 2ADQCh. 1.A - Prob. 3ADQCh. 1.A - Prob. 1ARQCh. 1.A - Prob. 2ARQCh. 1.A - Prob. 1AP
Ch. 1.A - Prob. 2APCh. 1.A - Prob. 3APCh. 1.A - Prob. 4APCh. 1.A - Prob. 5APCh. 1.A - Prob. 6APCh. 1.A - Prob. 7APCh. 1.A - Prob. 8APCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Prob. 7PCh. 1 - Prob. 8P
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