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- If two painters can paint 200 square feet of wall in an hour, and three painters can paint 275 square feet, what is the marginal product of the third painter?Describe the similarities and differencesbetween the markets for land and capital and themarket for labor.Describe the similarities and differencesbetween the markets for land and capital and themarket for labor.What are some of the uses to which labors tandards are put?
- 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 positiveImagine a firm that employs two types of workers – some with computer skills and others withno technology related skills. (i) Explain how a firm’s production function is related to its marginal product of labour, howa firm’s marginal product of labour is related to the value of its marginal product and how afirm’s value of marginal product is related to its demand for labour. (ii) Explain how the wage can adjust to balance the supply and demand for labour whilesimultaneously equalling the value of the marginal product of labour.69. If the price of labor falls relative to the price of capital, and as a result the quantity of capital employed decreases, it can be concluded that: A. The substitution effect is greater than the output effectB. The output effect is greater than the substitution effectC. The income effect is greater than the output effectD. Labor cannot be easily substituted for capital
- Resources Submit All Question 21 of 30 <. The graph shows an individual labor supply curve. Use the graph to answer the questions. Between which two points on the graph does the income effect outweigh the substitution effect? Between points В B and C O A and C OD and E OC and E Quantity of labor Between which two points on the graph does the substitution effect outweigh the income effect? 8:2 46°F 12/1 a Wage rateFactors of production are inputs used to consume goods and services. a. False O b. True7. Fancy Footwear manufactures shoes. The figure below shows Fancy Footwear's marginal product of labor and average product of labor curves in the short run. Output (Quantity of footwear) monoos Icunns a'boral ai rud W d 1 1 2 3 4 5 6 7 8 13g moondaM (abanog) (s B a. Identify the Marginal Product and the Average Product? 23/10W A Labor (units) b. For what quantity of labor does production display diminishing returns? od oldat on BM to dinom od not
- The concept of production possibility frontier explains that a. any point within the curve is a combination of labor and capital input that fall short of putting all inputs to good use b. that capital is more that labor inputs c. any point within the curve is a combination of labor and capital input that is utilized d. that labor is more that capital inputs The concept of production possibility frontier explains that a. labor and capital combination is not enough to produce an output that have very minimal wastage b. level of output is optimal c. labor and capital combination is not enough to produce an output d. level of inputs is optimal more than zero but less than one in the concept of Income Elasticity means a. luxury goods b. substitute goods c. inferior good d. necessity goods1. The economy's income and expenditure The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Firms Markets for Goods and Services Markets for Factors of Production Based on this model, households earn income when Households purchase in markets for factors of production. Suppose Yvette earns $600 per week working as a doctor for the Medical Clinic. She uses $8 to buy a box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Sean $225 per week to work the cash register. Sean uses $225 to purchase medical services from the Medical Clinic.MC ATC AVC 10 20 30 40 50 60 70 80 90 100 Quantity (gallons of ice cream per hour) Based on the above figure, for which of the following amounts of output at Ike's lce Cream Kitchen does the average product of labor exceed the marginal product of labor? Select one: O a. at 10 gallons O b. at 40 gallons Oc. at 70 gallons O d. all of the above u.om/mod/quiz/attempt.php?attempt3D1467161&cmid%3D718241&page=D5 Cost (dollars per gallon)