11:16 Fri 10O Dec* 9 80%...managebac-prod-china.s3.cn-north-1.amazonaws.com.cn A22 of 46AP MicroeconomicsPage 21 of 46AP CollegeBoardTest BookletUnit 5 Problem Set - FRQ'sInclude correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagrammust have all axes and curves clearly labeled and must show directional changes. If the question prompts you to"Calculate," you must show how you arrived at your final answer.The table below shows the short-run production function for Josh's Consulting Firm.Number of ConsultantsTotal Productper Hour1212433664881086.12671418.151(a) After which consultant do diminishing marginal returns begin for Josh's Consulting Firm? Explain using numbers.(b) Assume Josh's Consulting Firm sells its consulting services in a perfectly competitive market at a unit price of $2.Calculate the marginal revenue product of the fifth consultant. Show your work.(c) Josh's Consulting Firm hires consultants in a perfectly competitive labor market for consultants at a wage rate of $41per hour, and the market price of consulting services remains $2. How many consultants will Josh's Consulting Firm hireto maximize its profit? Explain using marginal analysis.(d) Assume the market price of consulting services increases as a result of an increase in the number of consumers. Whatwill happen to each of the following?(i) The marginal factor cost for Josh's Consulting Firm. Explain.(ii) The marginal revenue product curve for Josh's Consulting Firm. Explain.19.Respond to all parts of the question.Please respond on separate paper, following directions from your teacher. 11:21 Fri 10 DecVPN O 79%managebac-prod-china.s3.cn-north-1.amazonaws.com.cn A30 of 46Molly's Motorcycles is the only motorcycle repair shop in a small remote town, and Molly's Motorcycles is the onlyemployer of mechanics in the area. The graph below shows the market for mechanics with the marginal factor (resource)cost curve, the labor supply curve, and the marginal revenue product curve.‚MarginalFactor CostSupply4438322617MarginalRevenue Product8180210150300315360 400 Quantity ofMechanics4590 120240(a) Identify the profit-maximizing number of mechanics that Molly's Motorcycles will hire. Explain using the labeling onthe graph.(b) Identify the profit-maximizing wage rate that Molly's Motorcycles will pay its mechanics. Explain using the labelingon the graph.(c) If the wage rate is $38, state whether there will be a shortage or a surplus of mechanics and calculate its size. Showyour work.(d) If the marginal product of mechanics decreases, what will happen to the quantity of services provided by Molly'sMotorcycles? Explain.(e) Assume instead that Molly's Motorcycles uses both labor and capital in providing its services. The marginal product ofthe last unit of labor hired is 100 repairs per day and the marginal product of the last unit of capital rented is 60 repairs perPage 30 of 46AP MicroeconomicsAP CollegeBoardTest BookletUnit 5 Problem Set - FRQ'sday; the daily wage rate for labor is $20 and the daily rental price for capital is $30. To minimize the cost of providing itscurrent level of service, should Molly's Motorcycles rent more capital, less capital, or the same amount of capital?Explain using marginal analysis.Wage Rate ($)

The table below shows the short-run production function for Josh's Consulting Firm. Number of Consultants Total Product per Hour 1 21 43 3 66 4 88 108 126 7 141 151 (a) After which consultant do diminishing marginal returns begin for Josh's Consulting Firm? Explain using numbers. (b) Assume Josh's Consulting Firm sells its consulting services in a perfectly competitive market at a unit price of $2. Calculate the marginal revenue product of the fifth consultant. Show your work. (c) Josh's Consulting Firm hires consultants in a perfectly competitive labor market for consultants at a wage rate of $41 per hour, and the market price of consulting services remains $2. How many consultants will Josh's Consulting Firm hire to maximize its profit? Explain using marginal analysis. (d) Assume the market price of consulting services increases as a result of an increase in the number of consumers. What will happen to each of the following?

The table below shows the short-run production function for Josh's Consulting Firm. Number of Consultants Total Product per Hour 1 21 43 3 66 4 88 108 126 7 141 151 (a) After which consultant do diminishing marginal returns begin for Josh's Consulting Firm? Explain using numbers. (b) Assume Josh's Consulting Firm sells its consulting services in a perfectly competitive market at a unit price of $2. Calculate the marginal revenue product of the fifth consultant. Show your work. (c) Josh's Consulting Firm hires consultants in a perfectly competitive labor market for consultants at a wage rate of $41 per hour, and the market price of consulting services remains $2. How many consultants will Josh's Consulting Firm hire to maximize its profit? Explain using marginal analysis. (d) Assume the market price of consulting services increases as a result of an increase in the number of consumers. What will happen to each of the following?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 23CTQ: Do economists have any particular expertise at making normative arguments? In other words, they have...

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Area of original paper 3.1.1 Complete the table above. lal paper change as htandia fokcs oto dsfterent laalves? wa the or th glain your anawer Describe he kind of relationahip between the ares of the original paper and the aumber of folds. 3.1.3 4. Mr Majola owns a shop where he repairs household appliances. He woulid like to buy a cell phone so that he can contact his customers after their work is done. Two different cell phone providers forwarded quotes to him upon request. Cell phone provider SAVE MORE quoted R80 per month and R2,50 per minute. Cell phone provider CASH IN quoted R100,00 per month and R2,00 per minute. Look at the incomplete table below: Airtime in minutes: t 10 20 30 40 50 60 SAVE MORE'S cost in rands: CM 80 105 130 155 Ass 380530 CASH IN'S cost in rands: Ca 120 140 160 240 340 460 100 4.1 What does the table above show? 4.2 Write down the symbol which represents the independent variable. 4.3 Where does the value 80 in row 2 come from? 4.4 Explain the situation if…
9 On O on G Qu O Ins SO so O I Gra E Co E DiaE Co Shtt D m/document/d/1NIbZ8y8Hza_EHeTgoCptFjhxirv5DG8Q/edit icati. H Astronaut Bio's Pt Periodic Table - Pta... G 1.429 kg/m3 to g/. M (no subject) - mori. H Help Last edit was yesterday at 7:24 PM - Calibri BIUA 三===| 三|ニミ▼E▼三 28 4. 2 3 5 O What is a Business? In your own words, explain what a business is? Types of Businesses Explain each of the following types of businesses. Then provide 3 examples of each. • for-profit business • non-profit organization. Product Life Cycle List the 4 stages of the Product Life Cycle. Then explain how a company's sales are doing at each stage (ex. At this stage a company's sales are increasing). Forms of Business Ownership List and explain the 3 forms of business ownership we discussed in Unit 1. Provide 1 advantage and 1 disadvantage for each form of ownership. Supply and Demand Define Supply. Define Demand. How do they interact to determine the market price of a product or service? Needs and Wants…
Lcom/:w:/g/personal/swhite2_bu_edu/EV8wKQXB9QdNvQPbGJ6pm9cBdWPipCeu9s0GwUQJy8aG0g?e=sL5u4x SM131 Course P SM132 & EC102 P... P PIAZZA BU Healthway Wallstreetbets Fantasy Bbal| Discover Login practice final 1 For questions 50 and 51 the table below showing the input costs of making bread and cheese might be helpful. Assume that that costs are constant and that England and Spain each have 40 hours available to make food. Labor Hours Needed to Make 1 Unit of Bread Cheese Spain England 1 12 50. England has a comparative advantage in the production of a. neither good and Spain has a comparative advantage in the production of both goods. b. cheese and Spain has a comparative advantage in the production of bread. c. bread and Spain has a comparative advantage in the production of cheese. d. both goods and Spain has a comparative advantage in the production of neither good. 51. At which of the following prices would both England and Spain be willing to trade with each other? a. England and…
Morph rede Reveral Wee SPape Wheef ACTIVITY: 005 Binds Comb Unceeer %3D A. Complete the following table using data below: Toilf Random far herkebear Push Cover Cube FC VC AVE. TC MC OUTPUT Fea Aimiene Rendam 10 10 16 Modiy Iransdon 36 40 Sund NoSoun 公 n 34
Figure 1 The production possibility frontier ABCDE is a production possibility frontier. It shows the different combinations of goods which can be produced if all resources are fully and efficiently utilised. The economy can produce at any point on the line. It cannot produce at G because the PPF shows the maximum that can be produced. It can produce within the PPF,05 such as at F, but less will be produced than the maximum possible. Non-manufactured goods 50 40 30 20 10 0 A 10 B Ti C 20 30 Manufactured goods G D E 40
The world in which we live is complex and to understand it, human beings make use of some orother simplification process. A theory can accordingly be seen as an attempt to simplify things.Such an observation may come as a surprise to those who have often heard remarks to the effectthat such and such a theory is difficult, or at the least terribly complicated. We should neverthelessremind ourselves that a theory involves an attempt to simplify things – it is the world out there thatis the complicated entity. A particular theory (or model) is merely trying to reduce it to manageableproportions, at least as far as understanding our environment is concerned.”In economics, theory is presented in a simple form by making the…1.23a) Post hoc assumptionb) Fallacy of compositionc) Ceteris paribus assumptiond) Blinkered approach
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nvellu Xl.com/Student/PlayerHomework.aspx?homeworkld=611294898&questionld=8&flushed%3Dfalse ITMG 1B Econ 2100 Homework: Basics ... Question 8, 1.1 Question... HW Scor > O Point: nic The problem of scarcity O A. can be solved in a market economy. O B. exists because the unlimited human wants cannot be satisfied with limited resources. O C. would disappear if there were no market failures. O D. exists because the limited human wants cannot be satisfied with available resources. O E. always results in shortages of some goods.