Given the equation of Q = min(4K,8L), how much output is produced when 2units of labor and 5 units of capital are employed? answer must be a whole number only
Q: Find the value of the primary deficit if the fiscal deficit is 186 and the interest payment by the ...
A: Given: Fiscal deficit=186 Interest payment by the government=131
Q: Simple Regression Sales Revenue Year Product Price (P) (millions of pesos) 1 1.20 0.95 1.50 0.93 3 2...
A: As nothing has been mentioned I used excel to solve this problem. Here, in this question, we find th...
Q: A number of particular articles has been classified according to their weights. After drying for two...
A:
Q: 1. April quit her job as an accountant at Ernst and Young, where she was paid $45,000 per year. She ...
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...
Q: Consider the model of public goods in the last section of this chapter. (a) Suppose that preference...
A: The correct answer is given in the second step.
Q: According to the table, in which year did buyers of six-month Treasury bills receive the highest rea...
A: According to the Fisher equation: Real interest rate = Nominal interest rate - inflation rate The gi...
Q: Question: "Will Hong Kong have inflation or deflation in the second half of 2022?" Write a conclus...
A: The Hong Kong economy arranged an apparent recovery in 2021, having encountered a profound downturn ...
Q: E2
A: The inflation rate is the ratio of percentage change in the consumer price index of the current year...
Q: of a given activity. c) Economists refer to the revenue collected as a result of a tax as the burden...
A: In an economy, economists think that there are different types of tax burden when government imposes...
Q: To increase the money supply, the central bank could: O A) raise the discount rate. O B) make open-m...
A: Money Supply: - In an economy, the total value of money in circulation at a point in time is known a...
Q: Question: The sum of two non-negative quantities is equal to 2n. Find the chance that their product ...
A:
Q: According to the net exports effect, as the price level falls relative to the rest of the world, Gr...
A: The Net export is difference between the export and import. The change in the price level affects th...
Q: Chris and Dana live in an exchange economy with two goods: good Q and good R. Chris starts off with ...
A: 2 consumers Chris and Dana 2 goods Q and R Initial endowment Chris R=6 units Q=10 units Initial end...
Q: Modern business practices do not usually result in violent outbreaks. Why might governments in the m...
A: First part To protect consumers' interests, the government may desire to regulate monopolies. Becaus...
Q: (1) For demand function Q, = a-bP and supply function Q, = dP-c, using Cramer's rule determine equil...
A: Market equilibrium basically refers to a situation in which the supply and the quantity demanded are...
Q: Suppose country A has five families. Their incomes are $10,000, $20,000, $30,000, $40,000, and $50,0...
A: Given: The number of families is = 5 Income of the families are $10,000, $20,000, $30,000, $40,000, ...
Q: Fill in the blanks: Supply $70 30 Demand Physician office visits (millions per week) If the governme...
A: Answer: According to the above figure, the equilibrium occurs at point E. The equilibrium price for...
Q: Chris and Dana live in an exchange economy with two goods: good Q and good R. Chris starts off with ...
A: This question is based on the Cobb-Douglas utility function.
Q: Variable Fixed Total Average Average Marginal Quantity Costs Costs Costs Total Costs Variable Costs ...
A: Total revenue = Price*quantity Thus TR(at Q=5) = 30*5 =$ 150
Q: Fl an the following tabie with the quantty sold, the price buyers pay, and the price sellers receive...
A: To find exects values on the given supply and demand curve, we will find the demand and supply curve...
Q: Calculate the B/C ratio (modified) of a building that houses students during their classroom discuss...
A: Given: Accommodation annually=P 525000 Annual maintenance=P135,000 Cost=2.3M Selling price after 20 ...
Q: The government raises lump-sum taxes on income by 100 billion, and in the long run loanable funds mo...
A: Given; Increase in taxes= 100 billion Marginal propensity to consume= 0.6 Marginal propensity to sav...
Q: • Vicki works part - time at Bainen Press to help pay her college tuition. Vicki would be classified...
A: Given that Vicki works part-time to help pay her college tuition. This implies she is a full-time st...
Q: Describe the different types of Development Plan.
A: "Indicative planning" or "market incentives" are terms used to describe incentive planning. In this ...
Q: Exhibit 15.3 S'm Sm Dm Interest rate in
A: Money demand (Dm) slopes downward, implying an inverse relationship between interest rate and quanti...
Q: Question 2. Consider a firm that can use commodity one to produce commodity 2 according to the produ...
A: Functions that exhibit constant returns to scale are homogeneous functions. Homogeneous functions ar...
Q: Suppose that the interest rate at which Joanne can borrow and lend is 10 percent per year, but she c...
A: Future value is basically the value of a current asset at a future date based on a projected rate of...
Q: Suppose Canada has a voluntary export restraint for lumber going to the U.S. Who captures the quota ...
A: Voluntary export restraints are game plans among exporting and bringing in nations in which the expo...
Q: What other factors besides interest rates will cause the investment demand curve to shift?
A: Investment demand has an inverse relationship with the interest rate. There are other factors also t...
Q: Resource X is necessary to the production of good Y. If the price of resource X rises, the _________...
A: Opposing economic variables gravitate towards their natural condition, resulting in economic equilib...
Q: A committee of 4 people is to be appointed from 3 officers of the production department, 4 officers ...
A:
Q: QUESTION 3 3A. Construct a market for cotton imported into the U.S. with an equilibrium price of $1/...
A: It refers to a scenario in which the quantity demanded of a commodity is equal to the quantity suppl...
Q: What do you think is the significance of concept on foreign reciprocity?
A: International trade is a very important concept of economics which forms a very important part of th...
Q: Production, Costs, and Perfect Competition: Firm in the Short Period a. data: (1) K = 7 and the...
A: Disclaimer :- as you posted multipart questions we are supposed to solve the first 3 questions only ...
Q: Disadvantages of a mixed economy
A: Mixed economy: The economy in which some parts are controlled by the private sector and some by the ...
Q: 1. Suppose the Central Bank has just announced a higher overnight interest rate, thereby decreasing ...
A: Here, it is given that Central Bank increased the overnight interest rate to reduce the desire for n...
Q: It costs 100, 000 pesos at the end of each year to maintain a certain portion of a highway. If money...
A: Given: The cost of maintaining a certain portion of a highway is = 100,000 pesos The money is worth ...
Q: 1. Consider utility function Ux1,x2=x,0.5x20.5 for x1<0 and x2<0.Show that the function satisfies (i...
A: The utility is the capacity of good that satisfies human wants.
Q: Price level (P) LRAS, LRAS2 SRAS,
A: Aggregate demand (AD) is the sum of consumption, investment, government spending, and net exports. ...
Q: 3. The law of supply states that: price and quantity supplied are inversely related, ceteris paribus...
A: The law of supply is a key notion in microeconomics that determines supply at a given price. The law...
Q: If organic virgin coconut oil (VCO) has been proven to enhance your immune system against corona vir...
A: Answer: Note: you have not mentioned but it seems true/false and I am answering this question as tru...
Q: Back in the 1950s, General Motors (GM) was at its peak. It was widely viewed as a shining example of...
A: General Motors (GM) was at its best in the 1950s. It was widely regarded as a model of how a huge co...
Q: Refer to the figure below. +16 +12 +8 Consumption Investment is more volatile than consumption. Inve...
A: Introduction In the above diagram consumption and investment spending has given from 2000 - 08. a) c...
Q: In monopolistic competition equilibrium with symmetric firms, firms enter until each firm earns O ze...
A: Answer: In monopolistic competition with symmetric firms if the firms earn positive economic profit ...
Q: effect did the recession of 2007–2009 have on government regulation?
A: The Great Recession was the sharp decline in economic activity during the late 2000s. It is consider...
Q: 1. Suppose the government borrows $20 million more next year than this year. a. How does the elast...
A: In an economy, governement borrowings affects the equilibrium level in the loanable funds market as ...
Q: If a bank has $100,000 in deposits and holds $5,000 in required reserves, what is the value of the m...
A: Money multiplier: - it is the ratio that shows the maximum amount of money that can be created with ...
Q: What are some characteristics of perfect competition? Is the Banana market a perfect competition? ...
A: We will answer the first question since the exact one was not specified. Please submit a new questio...
Q: (2) Consider the utility function u(x, y) := x'/³y²/3 for all nonnegative I and y. Given the budget ...
A: Disclaimer: Since you have posted multiple questions, I am providing you with the answer to the firs...
Q: 6) If a market is in disequilibrium, economists would predict that the product's price would to reac...
A: Equilibrium is the economic state in which market demand and market supply are equal, resulting in p...
Answer with solution
Step by step
Solved in 2 steps
- What is the difference between economies of scale, constant returns to scale, and diseconomies of scale?What is a production function?(i) Find the rate of change of the function f(x) =x + 2/ 1 − 8x with respect to x when x = 1.(ii) The number of units Q of a particular commodity that will be produced with Kthousand dollars of capital expenditure is modeled by Q(K) = 500 K2/3Suppose that capital expenditure varies with time in such a way that t months from nowthere will be K(t) thousand dollars of capital expenditure, whereK(t) =2t4 + 3t + 149 / t + 2 (a) What will be the capital expenditure 3 months from now? How many units will be producedat this time?(b) At what rate will production be changing with respect to time 5 months from now?Will production be increasing or decreasing at this time?
- Complete the table directly below by calculating MP and AP. Inputs ofL TP MP AP 0 01 152 343 514 655 746 807 838 82 Plot the TP, MP and AP and explain in detail the relationship between eachpair of curves. Explain why PM first rises, then declines, and ultimatelybecomes negative.The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Based on past data, the following production schedule was developed: CREW SIZE (NUMBEROF WORKERS) AMOUNT OF FISH CAUGHT PERWEEK (HUNDREDS OF LBS) 2 3 4 5 6 7 8 9 10 11 12 3 6 11 19 24 28 31 33 34 34 33 a. Over what ranges of workers are there (i) increasing, (ii) constant, (iii) decreasing, and (iv) negative returns?b. How large a crew should be used if the trawler owner is interested in maximizing the total amount of fish caught?c. How large a crew should be used if the trawler owner is interested in maximizing the average amount of fish caught per worker?Cost curves Egidio Binaccio designed an ancestry app that allows people to connect with long lost Italian relatives. Egidio notices the following relationship between the number of hours he schedules and the number of downloads (sales) he gets. Below is a production function, for Egidios current company set up. NUMBER of LABOUR DOWNLOADS HOURS B) 10 C) 20 30 40 50 60 70 80 90 100 110 120 130 140 6.50 11.00 14.50 17.50 20.50 23.75 27.50 32.00 37.50 44.50 53.50 65.00 79.50 97.50 TVC TC MC AVC Suppose the firm can hire all the labour it would ever want at the going wage of $8 per labour-hour. The firm's total fixed costs are $64 per day. A) ATC Fill in the table showing total variable cost (TVC), total cost (TC), average variable cost (AVC), average total cost (ATC), and marginal cost (MC). [Remember: Marginal cost should be entered midway between rows of output.] On a graph with DOWNLOADS (per day) on the horizontal axis, draw the three "per-unit" cost curves, AVC, ATC, and MC. [Note…
- The amount of fish caught per week an a trawler is a function of the crew size assigned to operate the boat. Based on past data, consider the following production function identifying the relationship between output and labor input. You may assume that capital is fixed at 10 units.Labour Input (No of. Workers) (L) Total Product TPL (Q). From the table below :-(a) Calculate APL and MPL. (b) Graph APL and MPL. Do they have the expected shape? (c) On your graph, identify the three stages of production Labour input (No of Workers) (L) Total Product TP L (Q) 0 0 1 80 2 170 3 300 4 450 5 540 6 620 7 700 8 770 9 830 10 880 11 920 12 950 13 970 14 980 15 985 16 988 17 988100VKL, where q is 4. The production function for puffed rice is given by q = the number of boxes produced per hour, K is the number of puffing guns used each hour, and L is the number of workers hired each hour. (a) Calculate the q = 1,000 isoquant for this production function and show it on a graph. (b) If K = 10, how many workers are required to produce q =1,000? What is the average productivity of puffed-rice workers? (c) Suppose technical progress shifts the production function to q = 200 VKL. Answer parts (a) and (b) for this new situation.The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Based on past data, the following production schedule was developed: CREW SIZE (NUMBEROF WORKERS) AMOUNT OF FISH CAUGHT PERWEEK (HUNDREDS OF LBS) 2 3 4 5 6 7 8 9 10 11 12 3 6 11 19 24 28 31 33 34 34 33 a. Over what ranges of workers are there (i) increasing, (ii) constant, (iii) decreasing, and (iv) negative returns?b. How large a crew should be used if the trawler owner is interested in maximizing the total amount of fish caught?c. How large a crew should be used if the trawler owner is interested in maximizing the average amount of fish caught per worker? Expert Solution arrow_forward Step 1 The marginal and average product of the worker or labor is useful in calculating the amount of fish that the workers can catch as well as in the real industries also. If the company calculates the average and marginal products, the company can decide on how to…
- Ben's swim coach estimates that his time, t, in the 100-yard butterfly at a big upcoming meet as a function of the number of yards he swims per week, y, is t = 50+8e-0.00005y Based on this production function, his coach also estimates that if Ben swims 20,000 yards per week, his time will be 52.94 seconds, and he will finish tenth place. If he swims 40,000 yards per week, his time will be 51.08 seconds, and he will come in third. If he swims 60,000 yards per week, his time will be 50.40 seconds, and he will win the meet. Use calculus to determine Ben's marginal productivity of time given the number of yards he practices. Is there diminishing marginal productivity of practice yards? Ben's marginal productivity of swim time given y practice yards (MP) is (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a superscript can be created with the ^ MPy character.)A firm has the following production function: Q = 9L2/3K1/3 Where Q is output, L is labor and K is Capital. Where Q is output, L is labor and K is Capital. (a) What sort of returns to scale characterize this production function? (b) Derive the marginal product of labor and capital. (c) What do we mean when we say the production function is linearly homogenous?Q4 The output of a production process, Q, is given by the function KL Q = K+ 2L where K and L denote capital and labor. (a) Calculate the output when the capital and labor are 40 and 30 units, respectively. (b) Find the level of labor needed to produce 4 units of output when 10 units of capital are used. (c) Transpose this formula to express K in terms of Q and L. Q5 3 The equations defining a simple model of the economy are: C = 0.75Y + 18 I = 22 where C, Y and I denote consumption, national income and planned investment, respectively. Use this model to complete the following table of values and hence draw an accurate graph of C + I plotted against Y on the interval 0 < Y< 200. 100 200 C + I By drawing a second line on the diagram, calculate the equilibrium level of national income. Use your graph to explain what happens to the equilibrium level of national income when the marginal propensity to consume decreases with autonomous consumption fixed.
