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The __________ industrial sector contains small, less profitable firms operating in more competitive industries.
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- The following table shows the results of operations of a dishwasher manufacturer in 2021. Price per dishwasher sold in 2021 $1,000 Total Number of dishwashers produced in 2021 9,000 Total number of dishwashers sold in 2021 8,000 Number of dishwashers sold in 2021 produced in 2020 2,000 Costs of parts and components used in production $2,000,000 Wages paid in 2021 $4,500,000 Rent and interest paid in 2021 $500,000 National income accountants will include dollars from the above table in the 2021 GDP. However, the manufacturer's value added in 2021 to the GDP only equals dollars. This is how much this producer's 2021 activities contributes to total GDP in 2021. From the viewpoint of national income accountants, this producer's profit resulting from 2021 production activitiesThe followings are the examples of typical economic decisions made by the managers of a firm. Determine whether each is an example of what, how and for whom Should the company expand its business to international market or concentrate on the domestic market? Should the company buy or lease the trucks that it uses to transport its products to market?In the global economy firms must control costs to remain viable and competitive. With firms outsourcing and moving facilities off shore, what can domestic firms do to remain competitive?
- Question 21.21. Which would be an implicit cost for a firm? The cost of worker wages and salaries for the firm. paid for leasing a building for the firm. paid for production supplies for the firm. of wages foregone by the owner of the firm. Question 22.22. Economic profits are equal to total revenues minus fixed costs. total revenues minus the costs of raw materials. total revenues minus the opportunity costs of all inputs. gross profit minus selling and operating expenses. Question 23.23. The long run is a period of time, or a time frame, in which all resources are fixed. the level of output is fixed. the amount of all resources can be varied. the capacity of the production plant is fixed.In the island nation of Autarka, cardboard boxes are manufactured by four rms: Andrew'sIndustries, Brett's Boxes, Carla's Cardboard, and Delia's Durables. In Autarka, cardboard boxes are sold in bundles of 100. At present, the market price for a bundle of boxes is $30. The technology for manufacturing cardboard boxes is readily available and common to all manufacturers. The cost of plant and machinery for a rm in the box manufacturing business is $7,000,000 per year. The labour, material, and energy cost of producing abundle of 100 boxes is $20. A market study indicates that demand for cardboard boxes is given by the function,P= 40 - Q/500,000 ;where P represents the price of a bundle of 100 boxes, and Qis the total number of bundles of boxes sold each year. Assuming that firms are engaged in Cournot Competition, Using the information provided in the scenario, derive a total cost function for a typical cardboard box manufacturer. Use QA to denote the quantity produced by thetypical…In the island nation of Autarka, cardboard boxes are manufactured by four rms: Andrew'sIndustries, Brett's Boxes, Carla's Cardboard, and Delia's Durables. In Autarka, cardboard boxes are sold in bundles of 100. At present, the market price for a bundle of boxes is $30. The technology for manufacturing cardboard boxes is readily available and common to all manufacturers. The cost of plant and machinery for a rm in the box manufacturing business is $7,000,000 per year. The labour, material, and energy cost of producing abundle of 100 boxes is $20. A market study indicates that demand for cardboard boxes is given by the function,P= 40 - Q/500,000 ;where P represents the price of a bundle of 100 boxes, and Qis the total number of bundles of boxes sold each year. Using the information provided in the scenario, derive a total cost function fora typical cardboard box manufacturer. Use QA to denote the quantity produced by thetypical firm.
- In 2002 Boeing reduced employment by 33,000 workers due to reduced demand for aircraft. What does this decision reveal about how it viewed its marginal revenue product (MRP) and marginal resource cost (MRC)? Why didn’t Boeing reduce employment by more than 33,000 workers? By less than 33,000 workers?Imagine you own a business firm with a friend of yours. During the first quarter you come up with the following information that: • Output elasticity of Capital is 0.2 • Output elasticity of Labour is 0.8 • Rate of Technological advancement is 12 a) What kind of business firm is the one that you own? Mention 2 of its characteristics. b) Derive the marginal productivity of capital and labour, by means of Cobb- Douglas production function. c) If Y = F (K, L) where K= 1000 and L= 400, determine the values of MPx and %3D MPL.Ana and Beverly, produce the same product on identical machines. Ana receives $25 per hour and produces 100 units per hour. Beverly is able to produce 140 units per hour. The machine rate or cost of operation used by them is $100 per hour. The cost per piece of Ana's product is $ ___________ per piece. The hourly wage of Beverly in order that her cost per piece will equal that of Ana is $ ________ per hour.
- Question 21.21. Which would be an implicit cost for a firm? The cost of worker wages and salaries for the firm. paid for leasing a building for the firm. paid for production supplies for the firm. of wages foregone by the owner of the firm.Explain with the help of Graphs of Total Product (TP) and Marginal product (MP) the three laws of variable proportions and their significance in Industry and agriculture. Give the relationship between TP and MP at different stages of variable proportions. What is the relationship between Average Product curve (AP) and marginal product curve (MP) and explain at what point a progressive firm should change its labor or capital inputs with more skilled labor or with new technological machine in order to remain comparative in the market. What would happen to its product in the market if it does not change its machines or if it changes all its machines at the same timeIn 2005 General Motors (GM) announced that it would reduce employment by 30,000 workers. What does this decision reveal about how it viewed its marginal revenue product (MRP) and marginal resource cost (MRC)? Why didn’t GM reduce employment by more than 30,000 workers? By fewer than 30,000 workers?