33- If an increase in the price of one good leads to a fall in the quantity demanded of other than these goods are complementry good A- True B- False
Q: Problem 1 Consider an economy with two goods only. For each part below draw a carefully labeled…
A: The income effect is defined as the change in consumption of consumers due to change in income or…
Q: The Craine Company manufactures three products, which require three resources – labour, materials,…
A: - Sensitivity analysis is a vital component of linear programming (LP) that helps assess how changes…
Q: What are the consequences if consumer acts in the market according to Myopia and ignore its…
A: Consumer myopia is a term used in economics to describe a tendency for people to place more…
Q: 3- Suppose the graph below depicts the demand for football tickets at Grand University. Price…
A: Given information:We are given three demand curves (D1,D2,D3) for the tickets, with the curves shown…
Q: Assume that two countries, A and B, can produce Beef and Barbecues and the production possibilities…
A: ***Since the student has posted multiple subparts, so the expert is required to solve only the first…
Q: Public wifi hotspots grant many external benefits on society: more equitable access to the internet,…
A: A positive externality denotes a situation where the economy produces and consumes goods and…
Q: Use the supply schedule below to answer the questions that follow. Supply of Umbrellas Price…
A: The theory of supply in microeconomics describes how the supply responds to changes in the market…
Q: Imagine that a dairy farmer is willing to provide milk to the market on the basis of the supply…
A: Supply refers to the quantity of the goods or service that a seller is willing and able to sell a…
Q: Raquel has an initial income of $1091 and a final income of $900. Raquel initially consumed 10) cups…
A: “Since you have posted multiple questions, we will provide the solution only to the first question…
Q: Under Economic Growth mean constantly increasing volume of production in a country, or an increase…
A: The article examines the concepts of economic development and growth, emphasizing the distinctions…
Q: Market Share The following figure shows the devastating effect the opening of a new discount…
A: The below figure represents the revenues of the discount store and that of established department…
Q: A competitive firm's production function is given by y = f(x₁, x₂) = 4x1¹/²+10x¹/2 a) The price of…
A: (a) Profit (π) = Total Revenue - Total CostTR = P x yTotal Cost (TC) is the cost of factor 1 (w1)…
Q: Suppose the price level reflects the number of dollars needed to buy a basket of goods containing…
A: Inflation implies the general increment in the prices of products and services in an economy over…
Q: Countries use a variety of ways to protect their trade. One way is to enact tariffs, which tax…
A: The 1930 Smoot-Hawley Tariff Act constituted an important event in the history of the United States…
Q: You plan to deposit $5,000 today in an account that pays 8% compounded annually. How much interest…
A: Interest rate describes the cost of borrowing or the return on investment, expressed as a…
Q: The following deposits and withdraws were made by Company A at the beginning of each year. The…
A: Any deposit made with a bank or financial institution earns interest. Interest earned is either…
Q: Oliver is writing CML assessment questions for two introductory economics courses at UQ (ECON1010…
A: Opportunity cost refers to the potential value or benefit that an individual or entity gives up when…
Q: The table gives the total product schedule for Flora's Flower Shoppe. If Flora increases the number…
A: Note: Since you have posted multiple questions, we will provide the solution only to the first…
Q: Describe the problem with contemporary education (according to The Banking concept of education by…
A: Contemporary education refers to the current state or practice of education in modern times. It…
Q: Imagine that the market supply of peaches comes from Georgia (GA) and South Carolina (SC). The table…
A: Supply refers to the quantity of a good or service that a seller is willing and able to sell at a…
Q: How does the principle of duality influence decision-making in economics?
A: Duality signifies the connection that exists between the quantity and price that takes place as a…
Q: What is the arc cross elasticity of demand between Potomac’s oven and the competitive Spring City…
A: The cross-elasticity measures the percentage change in quantity demanded of one good (lets say good…
Q: Suppose the value of the excess reserves ratio decreases. Then the money supply multiplier will…
A: Excess reserves imply the amount by which the value of actual reserves exceeds the value of required…
Q: 23. Anita (A), Ben (B) and Carlos (C) are housemates who have moved to a new house and must decide…
A: Disclaimer- “Since you have asked multiple questions, we will answer the first three questions for…
Q: (b) Show that the equilibrium price (p*) and number of trips demanded (Q*) are given by: p* Q* = 120…
A: "As per our policy, we can provide you with the solution of the first three subparts. Kindly raise…
Q: The Pedernales Electric Cooperative estimates that the present worth now of income from an…
A: In economics, a gradient means the slope or rate of change of a particular variable. It's used to…
Q: What different trade policies, comparative policies, competitive policies, strategies between ASEAN…
A: Because of its quick expansion, intellectual discoveries, and considerable engagement in global…
Q: You run a school in Florida. Fixed monthly cost is $5,837.00 for rent and utilities, $6,127.00 is…
A: In the realm of educational management, critical decisions often revolve around balancing costs and…
Q: Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey…
A: Federal, state, and local governments employ tradable permits as tools to cap pollution levels and…
Q: After receiving an impressive commendation following a project, Ash realised the key to her…
A: Marginal benefit refers to the additional satisfaction or utility that a consumer receives from…
Q: Consider an economy that has a labor endowment of L = 40 units. The production functions are x =…
A: Labor endowment in the economy: L=40 unitsThe production function of good x: The production…
Q: Time left 0:33:01 The diagram illustrates the demand curve, isoprofit curves and the marginal cost…
A: A demand curve is a graphic representation of the shift in demand for an item brought on by a price…
Q: Analyse Australia's economy in 2023 using the Mundell Fleming model with regards to using monetary…
A: Mundell-Fleming Model: The Mundell-Fleminmg model, also known as the IS-LM-BP model, is an economic…
Q: Use the figure below to answer the question that follows. F United Kingdom (UK) N O VMPKn South…
A: In this case, we have to discuss the term return on capital. Return on capital determines the ratio…
Q: (a) Derive the equation that determines the future capital-per-worker in competitive equilibrium.…
A: (a) Derive the equation that determines the future capital-per-worker in competitive equilibrium:In…
Q: Graphically demonstrate how the following economic events influence (ceteris paribus) the…
A: As the existing firms are making strong profits in the market, it attracts new firms who start…
Q: Governments and the Public Sector Quick Check What is a public franchise? A public franchise is a…
A: The public sector refers to the part of an economy that is owned, operated, and controlled by the…
Q: If a firm operates in a demand-driven market, then it should expect to face: a. Slow technological…
A: Demand describes the quantity of a good or service that consumers are willing and able to purchase…
Q: The table below describes the hourly cost Sam faces as he washes more cars. Sam's Car Wash Costs…
A: Marginal cost is defined as the additional cost that is incurred on producing an additional unit of…
Q: Using the table below, construct an Engel Curve for each beer type. Income Group Beer Type Domestic…
A: The Engel curve illustrates how changes in income affect consumer demand for a certain commodity.…
Q: Graphically demonstrate how the following economic events influence (ceteris paribus) the relevant…
A: A mathematical function that depicts the relationship between the quantity (Q) of a product or…
Q: The general characteristic of a Free Entry market is: Question options: 1. Incumbent sellers and new…
A: A market refers to the interaction between buyers and sellers where goods, services, or resources…
Q: Two multinational Dynamic Games of Industrial Organisation companies produce the same good. In the…
A: The Stackelberg model is a concept from game theory and economics that describes a strategic…
Q: 1. Compute the reserve capacity for higher price 2. What is the optimal amount of the asset to be…
A: 1. Compute the reserve capacity for the higher price:Reserve capacity is the extra capacity that is…
Q: Numeric entry So far, you have been introduced to multiple-choice and true/false questions. In…
A: In the given set of questions, we are given two problems: sum of two numbers and sum of combination…
Q: Is this a good assessment of the situation or you think you might be in for a big surprise later on?…
A: Is this a good assessment of the situation or you think you might be in for a big surprise later on?…
Q: Suppose employment is 139 million and out-of-labour force is 50 million. Also, each month an average…
A: To find the average number of unemployed people per month, we need to first find the average inflow…
Q: a. Democratic Republic of Congo: population growth = 2.7 percent; real output growth = - 1.5…
A: To calculate the real growth per capita, we need to use the formula:Real growth per capita = Real…
Q: California Tools, a calculator manufacturer, incurs a cost of $20 to produce CT-Imagine CAS…
A: Consumer surplus is difference between consumer's willingness to pay and price he is actually…
Q: Consider the market for electric cars. Suppose that a electric car manufacturing facility dumps…
A: Supply refers to the quantity that a producer wishes to sell at a given price in given period of…
please sir solve these 3 questions
33- If an increase in the price of one good leads to a fall in the quantity
goods are complementry good
A- True
B- False
34- the production function is a purely technical relationship between input and output
A- True
B- False
35- marginal proudact is defined as the change in TP resulting from the employment of an additional
unit of a varibal factor:
A- True
B- False
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Suppose that this conveyor-manufacturing firm has another location and would like you to evaluate the input mix decisions at this new location. Here is all you know about the newlocation. The marginal rate of technical substitution is currently 0.5. The marginal product of labor at its target level of output is 60 rollers per hour. What is the marginal product of capital? Ifthe rental rate for capital is $24 per hours at this location and the wage paid to labor is $12 per hour, could this location be minimizing the costs of producing its target level of output? Explain briefly.... Assume that the price of a car wawsh is $10 and the marginal product of labor at the car wash is given in the following table: Quantity of labor L (workers) 0 1 2 3 4 5 6 7 Quantity of car washes Q 0 6 11 15 18 20 21 21 Marginal Product of Labor (change in Q/change in L) aka car washes per worker • Fill in the values for MPL in the table • Calculate the MRPL for each quantity of labor • Draw a correctly labeled graph of the MRP curve1. Optimal Use of a Single Input. Julian Smyth manages production at Taffy Apple Inc., a company that produces a variety of taffy/fruit candies. Over the last several months, he has varied the number of employees on his caramel apple production line from 5 to 12, and found the following relationship. Labor S67∞a 5 8 9 10 11 12 TP 50 90 150 200 240 270 290 300 MP VMP a. In the column labeled MP, calculate the marginal product of labor. b. Suppose the apples sell for $6 per (dozen) box. Calculate the Value Marginal Product (VMP) c. If labor costs $200 per day, how many laborers should the firm hire? Number
- Consider the following production function: q = 32LK + 10L2 - Assume capital is fixed at K= 25. At what level of employment does the marginal product of labor equal zero? The marginal product of labor equals zero when (Enter a numeric response using an integer.) Beyond a labor input of 40, the marginal product of labor is 20 étv MacBook Air DI DD F3 F5 F6 F7 FB F10 FW 2# $ & 3 4 5 8 9 E R Y P D F G н J K C V B N M command V2. A production function is given by the equation Q = 100L04K0.6 Where L is the number of labour units and K the capital units. a. Find marginal product of labour (Q₁) at L=4 and K=10. Interpret the result. aQ L at L=4 and K-10. ƏL Q b. Find the partial elasticity with respect to labour (EQL = Interpret the result. C. When Q-200, the marginal rate of technical substitution at L=4 is -0.21. Interpret that value (MRTS).• Assume that a firm is using the cost-minimizing combination of its only 2 inputs, capital and labor. If the price of a unit of capital is $200 and the price of a unit of labor is $50, what is the MPL of the last unit of labor if the marginal product of the last unit of capital is 2,000?
- Given a production function of this nature; AX1aX2b determine the Marginal Rate of Technical Substitution.1. An individual derives utility from the consumption of a basket of goods, c and leisure time, given by U(c, l) = c²l(¹-a) where 0 < a < 1, is a constant; and must decide how to allocate her time between work, L and leisure to maximize her utility. The individual has a total of 24 hrs in a day (L + l = 24) and total consumption is constrained by her income; i.e., c = wL, where w the real per hour, is taken as given.Suppose that the following production finetion is given: Q= =D4KL For the above production function, find the elasticity of substitution? Find the Retams to Scale. Using the above production funetion: find the labor demand and capital demand as functions of output (Q). price of labor (w) and price of capital (r). Does the Law of Demand hold for each inpur? Are these inputs normal or infenior inputs in the production process? Are inputs complements or substitutes? Why? Find the cost function for the above production finction. Verify the properties of the cost function. Suppose that a fim wants to produce 144 units of output and w-1, r-l. Find long run total cost. Suppose now that wage goes up to 4. Find the new long run total cost. Does fim substitute capital for labor? What is the percentage of cost saving relative to the case where firm is not able to substitute? Suppose that w=1, r-1 and a fimm has fixed amount of capital K 16 in short nun (SR). Find the short run total cost, average…
- Sean la función de producción Q(K, L) 23 625 (Ki + Ki + 4 Li) , que depende de las cantidades 7. utilizadas de los inputs K y L, y sea el punto (K,L)= (2,4). (a) ¿Cuál es el efecto sobre la producción de un aumento de una unidad en la cantidad utilizada del input L, ceteris paribus? (b) ¿Cuál es el efecto sobre la producción de un aumento de un 1% en la cantidad utilizada del input L, ceteris paribus?Imagine 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.) Suppose there are two inputs in the production function-labor and capitaland that these two inputs are perfect substitutes. Suppose that the price of capital is 750 GHC per machine per week and that the weekly salary of each . worker is 300 GHC . i) Draw the isocost line ii) With the aid of a graph, explain the effect of a wage decrease on flrm-level employment and output holding initial cost ouday constant.