In the figure provided below, which perfectly competitive firm (a, b or c) a. earns economics profits b. incurs losses, but will continue to operate c. incurs losses and will shut down in the short-run ii. Provide an explanation for each choice
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- I need help with econ multiple hw questions asap! 74) What is the main social problem caused by monopoly? A. excessive monopoly profits B. an inefficiently low quantity of output C. an inefficiently high value of marginal cost D. excessive producer surplus 73)Alexi and Tony own a food truck together that serves only two items, street tacos and Cuban sandwiches. Some customers purchase both goods together; therefore, they will always produce both goods. 480- Alexi and Tony can sell all the street tacos and Cuban sandwiches that they are able to produce, and will split the revenue equally. 400 Output Per Hour Street Cuban 320- Tacos Sandwiches Alexi 20 100 a 240- Tony 60 30 160 Alexi's opportunity cost of producing one taco is 5 Cuban sandwiches. (Round your response to two decimal places.) Tony's opportunity cost of producing one taco is 0.5 Cuban sandwiches. (Round your response to two decimal places.) 80- PPF 1o00 800 1200 1600 2000 2400 2800 Cuban sandwiches Alexi has a comparative advantage in the production of Cuban sandwiches 0- 400 Tony has a comparative advantage in the production of street tacos. Assume that Alexi works 20 hours per week in the business. Further assume that Alexi devoted half of his time (10 of the 20 hours) to…With current technology, suppose a firm is producing 400 loaves of banana bread dally. Also assume that the least-cost combination of resources for producing those loaves is 10 units of labor, 7 units of land, 2 units of capital, and 1 unit of entrepreneurial ability, selling at prices of $20, $60, $60, and $20, respectively. Assume the firm can sell these 400 loaves at $2 per unit. Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. What is the firm's total revenue? What is its total cost? Calculate the amount of economic profit or loss. will R continue to produce banana bread? IClen to select If this firm's situation is typical for the other makers of banana bread, will resources flow toward or away from this bakery good? IClick to selectt
- QUESTION 31Patents, copyrights, and trademarks establish ownership rights over what type of property?IntellectualRealTangibleNon-performingStolen QUESTION 32Which of the following statements is true about most Western societies?In Western societies social groups, rather than individuals, are the basic building blocks of social organization.The value systems of many Western societies emphasize individual achievement.In Western societies, the social standing of individuals is merely a function of who they work for.The emphasis on individuals in Western societies has led to a low level of entrepreneurial activity.It is easier to build and manage teams within organizations in Western societies. QUESTION 33Which of the following helps a firm to preempt available demand, gain cost advantages related to volume, and build an enduring brand ahead of later competitors?Monopolistic practicesComparative advantagesAbsolute advantagesFirst-mover advantagesMercantilism QUESTION 34Which products are…With current technology, suppose a firm is producing 400 loaves of banana bread daily. Also assume that the least-cost combination of resources for producing those loaves is 5 units of labor, 7 units of land, 2 units of capital, and 1 unit of entrepreneurial ability, selling at prices of $40, $60, $60, and $20, respectively. Assume the firm can sell these 400 loaves at $2 per unit. Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. What is the firm's total revenue? What is its total cost? 2$ Calculate the amount of economic profit or loss. 2$ Will it continue to produce banana bread? (Click to select) ♥ If this firm's situation is typical for the other makers of banana bread, will resources flow toward or away from this bakery good? (Click to select) ♥9. A Suppose another economy has two goods: iron and copper. The production of one unit of iron requires 0.1 units of iron and 0.2 units of copper. The production of one unit of copper requires 0.8 units of iron and 0.6 units of copper. What is the demand met by producing 50 units of iron and 40 units of copper? B. Using the same technology matrix as the previous problem, find the production schedule required to meet a demand of 200 units of iron and 100 units of copper.
- 7 4. Profesör Çabuk homotetik bir fonksiyonu γ’ıncı dereceden homojen bir fonksiyonun monotonik artan bir fonksiyonu olarak tanımlamaktadır. Profesör Varian ise homotetik bir fonksiyonu birinci dereceden homojen bir fonksiyonun monotonik artan bir fonksiyonu olarak tanımlamaktadır. Hangisi doğrudur ve niçin?Question 25: Invention Capitalist You are a government official given the task of spending $1 billion to encourage the devel- opment of a drug to slow the progress of Alzheimer's disease. Furthermore, the money has to also help make the drug affordable to the thousands of poor senior citizens who are Medicare recipients but also currently suffer from Alzheimer's disease. You have three choices available to you: 1. Distribute the $1 billion in grants among all firms that engage in Research and Development of an anti-Alzheimer's drug. No patents will be awarded. 2. Award cash prizes (a $500 million prize to the first firm that come up with a successful drug, $300 million to the second firm, $200 million to the third firm) that comes up with a new drug. Once again, no patent will be awarded. 3. Award a patent to each firm that develops a successful, unique drug, and use the $1 billion to help Medicare patients buy the drug. Briefly discuss the pros and cons of each approach and discuss…2. Compare and Contrast. Identify two modes of doing the same thing where one involves a more technologically advanced method. Example would be snail mail vs. e-mail. List down as many examples. Brainstorm with a partner if a less technologically sophisticated mechanism can actually turn out to be better in terms of reaching for the good life. Is the more technologically advanced always better?
- Production possibilities for two producers and merchants, Eric and Stan, are shown in the table below. Suppose both Eric and Stan are initially independent producers. Eric is producing 160 loaves of bread and 20 logs of wood. Stan is producing 120 logs of wood and 30 loaves of bread. Eric's Production Possibilities (monthly) Bread (loaves) Wood (logs) Stan's Production Possibilities (monthly) Bread (loaves) Wood (logs) 200 0 150 0 160 20 120 30 120 40 90 60 80 60 60 90 40 0 80 100 30 0 120 150 Eric and Stan are considering an arrangement of specialization and trade. If they specialize according to comparative advantage and agree on a trade of 30 loaves of bread for 20 logs of wood, then OA. Eric will have the same number of loaves of bread, but he will have more logs of wood. OB. Stan will have the same number of logs of wood, but he will have more loaves of bread. OC. Stan will produce 150 logs of wood, keep 130, and trade 20 to Eric in exchange for 30 loaves of bread. OD. Eric will…What are the definitions of the following economic principles and give 1 brief example each: - scarcity principle? - cost-benefit principle? - principle of unequal cost? - principle of comparative advantage? - principle of increasing opportunity cost? - equilibrium principle? - efficiency principle?Production possibilities for two producers and merchants, Eric and Stan, are shown in the table below. Suppose both Eric and Stan are initially independent producers. Eric is producing 240 loaves of bread and 30 logs of wood. Stan is producing 180 logs of wood and 45 loaves of bread. Eric's Production Possibilities (monthly) Bread (loaves) Stan's Production Possibilities (monthly) Bread (loaves) Wood (logs) Wood (logs) 300 225 240 30 180 45 180 60 135 90 120 90 90 135 60 120 45 180 150 225 Eric and Stan are considering an arrangement of specialization and trade. If they specialize according to comparative advantage and agree on a trade of 45 loaves of bread for 30 logs of wood, then O A. Stan will produce 225 logs of wood, keep 135, and trade 90 to Eric in exchange for 120 loaves of bread. B. Eric will have the same number of logs of wood as he did initially, but he will have more loaves of bread. O C. Stan will have the same number of logs of wood, but he will have more loaves of…