Refer to the following table. What is the average product of the 4th worker? Number of Workers 0 1 2 3 4 5 6 Units of Capital 4 units of output LO 5 LO 5 LO 5 5 5 5 LO 5 Group of answer choices 3 units of output 16 units of output 6 units of output Output 0 2 5 9 16 22 23
Q: The following table presents the expected cost and revenue data for the Tucker Tomato Farm. The…
A: Marginal cost in economics refers to the additional cost incurred by producing one more unit of a…
Q: Question 1- The recent covid19 pandemic had shocked the global economy and investors were scrambling…
A: ***Since the students have asked multiple unrelated questions, the expert is required to solve only…
Q: Q1) Compare the quantity and price of an oligopoly to those of a competitive market.
A: ***Since you have posted two independent questions, according to our guidelines, only the first…
Q: The Unique Gifts catalog lists a "super loud and vibrating alarm clock." Their records indicate the…
A: Since only two values are given for each demand and supply equation, we naturally assume that both…
Q: Consider a lake found in the village of Sturbridge, and then answer the questions that follow. The…
A: The Coase theorem postulates that when property rights are clearly defined, perfect competition…
Q: In which of the following circumstances would ASU 2020-04 related to changes in reference rates…
A: LIBOR stands for the London Interbank Offered Rate. It is an interest rate benchmark that serves as…
Q: if the reverse requirements is 8% and a banker's new deposit are$50.what is the M1 money supply
A: Money supply alludes to the aggregate sum of money coursing inside an economy at a given moment. It…
Q: Suppose that bicycles are made in the United States out of a combination of domestic and foreign…
A: Disclaimer : - since you asked multipart question then we are solving the first 3 subparts s per…
Q: [Bonus Question] If sweater producers expect sweater prices to fall in the near future, what is…
A: Optimal Inventory levels: The ideal amount of inventory that producers aim to maintain to meet…
Q: Use the information below to calculate the equilibrium level of GDP. C=500+0.5Yd, I=300, G=2000,…
A: GDP refers to the monetary value of all final goods and services that produced in a nation's…
Q: 3. Suppose the world price for a good is 40 and the domestic demand-and-supply following equations:…
A: Disclaimer- “Since you have asked multiple questions, we will solve the first three questions for…
Q: identify the four basic market structures, describe their role within health economics, describe the…
A: Market structure in economics means the organizational characteristics and behavior of a market,…
Q: If the Columbian peso appreciates against the Brazilian Real at a faster rate than the Brazilian…
A: If the Colombian peso appreciates towards the Brazilian real at a faster rate than the Brazilian…
Q: A resource does not have to have utility to be a resource. True False
A: Anything that is used to satisfy a need can be termed as a resource. Economic resources are the…
Q: 5. Consider the following game: 1 L 3,1 2,0 C 1,-1 D 0,-1 ABCD A 2 R -2,-1 1,4 2,0 4,0 a. Find all…
A: 1/2LRA3, 1-2, -1B2, 01, 4C1, -12, 0D0, -14, 0
Q: What argument, based on macroeconomic theory, might a government use to justify shutting down a…
A: Government policies refer to the deliberate actions, decisions, and regulations implemented by a…
Q: 7. Short-run supply and long-run equilibrium Consider the competitive market for rhodium. Assume…
A: Given, A competitive market for rhenium. The supply curve shows the range of quantities that a…
Q: Please read and understand the five section provided below and make a simple explanation and give a…
A: Article III of the Regulation of Foreign Exchange Operations of Banks in the Philippines covers…
Q: Consider a small country that exports steel. Suppose the following graph depicts the domestic demand…
A: A government policy known as an export subsidy promotes the export of goods while discourages their…
Q: The marginal cost of educating a college student online is $3,000 a year. The table shows the…
A: Externalities: When a firm produces a good sometimes it creates cost or benefits for other firms. If…
Q: How do you analyze how Publix oligopolies position themselves to be successful?
A: How do Winn-Dixie and other oligopolistic companies position themselves for success? Analyzing the…
Q: Suppose the Bank of Canada advances a $50,000,000 loan to Bank 1, and Bank 1 and all other banks…
A: Monetary policy refers to the actions and measures taken by a central bank or monetary authority to…
Q: Table below shows total demand and supply of loanable funds (in RM billions) in an imaginary…
A: Analyzing the market for loanable funds involves graphing the relationship between demand and supply…
Q: How is peak-load pricing a form of price discrimination? Can it make consumers better off? Give an…
A: Peak-load pricing is a form of price discrimination because it involves charging different prices…
Q: Suppose that yearly inflation for 2020, 2021 and 2022 are 20%, 25% and 20% respectively. If the…
A: CPI is the measure of the aggregate price level in the economy CPI after 3 years would be =…
Q: if the reverse requirements is 8% and a banker's new deposit are $50.what is the M1 money supply
A: To calculate the M1 money supply, we need to know the reserve requirement and the amount of new…
Q: When real estate agents sell their own, rather than clients', houses, they leave the houses on the…
A: If the agent sells the house now, she will earn a commission of 3% * $600,000 = $18,000.By keeping…
Q: answer with explanation and conclusion The burden of a sales tax will fall primarily on businesses…
A: Sales tax is a type of consumption tax imposed by governments on the sale of goods and services. It…
Q: The following market is a duopoly populated only by the companies Alpha and Beta. The pay-off matrix…
A: Oligopoly is a form of market where there is only a limited number of firms or suppliers who have a…
Q: Assume that the economy begins in short-run equilibrium as shown in the graph below. Graph the…
A: The equilibrium occurs where the aggregate demand and supply are equal. Change in aggregate demand…
Q: Consider a small world that consists of two different countries, a developed and a developing…
A: The Solow growth model explains the long run growth rate of economy. The short run growth can be…
Q: Which of the following is a not a valid reason why economists' consider the computation of a…
A: The midpoint formula for elasticity is used to calculate the percentage change in amount or price…
Q: The table below shows the index numbers for the cost of a basket of goods and services in each…
A: Inflation rate is the rate at which the price level increases over the period of time. Inflation…
Q: A manufacture has been selling 1400 television sets a week at $450 each. A market survey indicates…
A: Given that,Number of Television Sets being sold=1400 per weekPrice of the television set to sell…
Q: Suppose that a paper mill “feeds” a downstream box mill. For the downstream mill, the marginal…
A: Here,P = priceR = revenue TR = Total revenue MR = marginal revenue MC = marginal costTC = Total cost…
Q: In Figure 1, the price elasticity of demand in Graph C is: Relatively elastic Unitary elastic…
A: A measure of the sensitivity of the quantity (Q) demanded of a product to a change in its price (P)…
Q: The Law of Demand states that as the price of a good increases, ceferis penbus, the The relationship…
A: Supply and demand model is a partial equilibrium model that describes the relationship between the…
Q: suppose the information in the following table is for a simple economy that produces only the…
A: Real GDP is a comprehensive measure that adjusts nominal GDP for changes in prices, enabling…
Q: The Unemployment Rate Go to the Bureau of Labor Statistics website (www.bls.gov). Click on…
A: The economic indicator that measures the proportion of the labor force that is jobless and actively…
Q: What are factors that affect economic growth? Physical, natural, human resources, and technology
A: Several factors can influence economic growth, including physical, natural, human resources, and…
Q: 1. What is Term of Trade? Why the Terms of Trade in low and developing countries are normally low as…
A: Trade refers to the exchange of goods, services, or commodities between individuals, businesses, or…
Q: Please find 2 articles on Market Failure (Cap and Trade, Green Credits, come up with your own). Do…
A: When the free market system fails to efficiently allocate resources it is referred to as a market…
Q: T-r-a-c-k- -P-h-i-l-i-p-p-i-n-e- -s-t-o-c-k- -e-x-c-h-a-n-g-e- -a-v-e-r-a-g-e- -o-f- -a-n-y-…
A: Tracking the average performance of a business in the Philippines for the month of March is an…
Q: How can Government intervention be required in order to redistribute money and wealth to increase…
A: Government intervention plays a vital role in the redistribution of wealth and the promotion of…
Q: P-l-e-a-s-e- -e-x-p-l-a-i-n- -e-a-c-h- -a-n-d- -g-i-v-e- -s-o-m-e- -e-x-a-m-p-l-e- -f-o-r- -m-e-…
A: Foreign exchange operations refer to the buying and selling of currencies by banks to facilitate…
Q: A market is described by the following supply and demand curves: QS = 3P QD = 400−P The equilibrium…
A: Equilibrium price is the price at which quantity demanded equals quantity supplied and the market…
Q: Wage Quantity of workers b. What are some other possible explanations for relatively slow wage…
A: Slow wage growth refers to a situation where the rate at which wages or salaries increase over time…
Q: graph the money market before and after the economic growth of the late 1800s- between 1870 and 1890…
A: Technological developments, increased efficiency, and shifting market conditions all translate to…
Q: Why integrating ethics into project research is a crucial task? How check biases and predetermined…
A: Business ethics refers to the principles, values, and standards that guide ethical behavior and…
Q: Carla consumes 10 juices per week when the price is $1.50 per unit. A reduction in this year's…
A: To calculate Carla's own-price elasticity of demand for juice, we need to use the formula:Elasticity…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
- In the example presented by this graph, at what number of workers does the point of diminishing marginal product occur? The Production Function and Marginal Product Total Output 70 Total output Marginal Number (number of meals of workers served per hour) product of labor 30 10 10 15 15 9 10 Number of workers 1234 S678 30 la) 12 42 Marginal Product of Labor 10 52 15 60 10 65 67 -5 -10 123456789 10 Number of workers (b) Click to view larger image. a. Ninth worker b. Second worker С. c. Fourth worker d. Third workerRefer to Table 14-2. What is the marginal product of the first worker? O a. 300 units O b. 50 units O c. 200 units O d. 100 units Labor (Number of workers) 0 1 Table 14-2 2 3 4 Output Marginal Product (Units) (Units) 0 300 500 600 650□ Andry produces all-natural tote bags. She currently hires 20 workers who produce 240 bags a day. If she hires another worker, the worker's marginal product will be 33 tote bags a day. What would be the average product per day of 21 workers? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a b C Question 33 d 33 tote bags 1.6 tote bags 13 tote bags 273 tote bags
- quantity of machines 100 90 80 70 60 50 40 30 20 10 O $3450 O $6000 O $3000 (10,84) O $4250 10 20,20) 20 (30,9) 40,5) 40 50 quantity of workers 30 A jewelry firm uses workers and machines to make bracelets. Workers cost $100 per day and machines cost $50 per day. The firm produces 200 bracelets per day. The lowest variable cost of producing 200 bracelets is _q=200 60Production costs of books are presented in the table below. Labor Quantity Fixed Cost Variable Cost Total Cost MarginalCost AverageTotal Cost 0 0 $80 $0 $80 1 10 $80 $30 $110 2 26 $80 $60 $140 3 46 $80 $90 $170 4 65 $80 $120 $200 5 78 $80 $150 $230 Using the table above, find out the marginal cost of the 46th book produced, in dollars.Question 10 Figure 1 below shows the relationship between the number of mechanics hired and the number of car repairs performed per day at a car-repair shop. Number of Cars Repaired 0 2 4 5 Number of Mechanics The production process depicted on the graph exhibits marginal product of labor. O increasing O constant O diminishing 18 17 15 12 8 00
- 15. A firm can use three different production technologies, withcapital and labor requirements at each level of output as follows:TECHNOLOGY 1 TECHNOLOGY 2 TECHNOLOGY 3DailyOutputK L K L K L100 3 7 4 5 5 4150 3 10 4 7 5 5200 4 11 5 8 6 6250 5 13 6 10 7 8a. Suppose the firm is operating in a high-wage country, wherecapital cost is $100 per unit per day and labor cost is $80 perworker per day. For each level of output, which technologyis cheapest?b. Now suppose the firm is operating in a low-wage country,where capital cost is $100 per unit per day but labor cost isonly $40 per unit per day. For each level of output, whichtechnology is cheapest?c. Suppose the firm moves from a high-wage to a low-wagecountry but its level of output remains constant at 200 unitsSuppose you have a team of two workers: one is a baker and one is a chef. Explain why file kitchen can produce more meals in a given period of time if each worker specializes in what they do best than if each worker tries to do everything from appetizer to dessert.Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
- What is a production technology?What is the difference between economies of scale, constant returns to scale, and diseconomies of scale?Tass ass Activity Number of Workers 1 2 3 4 5 6 https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%2 Last summer Daniel started the Custom Made Pot Company, which specializes in earthenware pots. The number of pots produced daily varies with the number of workers he employs as shown in Table A given below: 110 100 TP Table A 10 80 180 240 280 294 MP AP Saved 52Fnewconnect.mhe a) Fill in the marginal and the average product of labour columns in Table A given above. b) On Graph A given below, plot the average and the marginal product curves. Plot all the points of MP and AP using the tool MP and AP. Once all points have been plotted, click on the line (not individual points) and a tool icon will pop up. You can use this to enter exact co-ordinates for your points as needed. E Graph A Tools