1. Use the following information to answer the next three questions: Widgets Inc. can hire workers...
1. Use the following information to answer the next three questions: Widgets Inc. can hire workers at $40 per day and can rent a unit of equipment for $10 per day. Currently Widgets Inc. spends $200 per day on input
a- Draw an isocost curve above for Widgets Inc. spending $200. (label the intercepts)
b- What is the slope of the isocost curve?
c- If Widgets Inc. hires 4 workers and rents 4 pieces of equipment, then the marginal product of labor = 20 and the marginal product of capital = 10. Given this information, is Widgets Inc. optimizing? If not, then what should they do?
2. Currently Moe’s hires 2 employees, has 1 grill (capital), and produces 20 meals per day. If Moe’s decides to double both inputs (employees and grills). If Moe’s experiences decreasing returns to scale how many meals do you expect to produce after inputs double?
Homework Answers
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1. Use the following information to answer the next three
questions: Widgets Inc. can hire workers...
6. Currently Moe's hires 2 employees, has I grill (capital), and produces 20 meals per day....
6. Currently Moe's hires 2 employees, has I grill (capital), and produces 20 meals per day. If Moe's decides to Name double both inputs (employees and grills). If Moe's experiences decreasing returns to scale how many mealis do you expect to produce after inputs double? Use the following information to answer the next three questions: Widgets Inc. can hire workers at $40 per day and can rent a unit of equipment for $10 per day. Currently Widgets Inc. spends $200...
Currently Moe’s hires 2 employees, has 1 grill (capital), and produces 20 meals per day. If...
Currently Moe’s hires 2 employees, has 1 grill (capital), and produces 20 meals per day. If Moe’s decides to double both inputs (employees and grills). If Moe’s experiences decreasing returns to scale how many meals do you expect to produce after inputs double?
Hint: Draw the circular flow model before answering the following questions) Use the following answer for questions...
Hint: Draw the circular flow model before answering the following questions) Use the following answer for questions 12-18 A. has little or no control over the wage it pays its workers. B. inputs used to produce goods and services C. derived demands. D. Increased E decreases, and the value of the marginal product of labor 12. The factors of production are best defined as the 13. Capital, labor, and land are 14. Capital, labor, and land have 15. To say...
Use the following information to answer the next two questions: Mike's Mattress Movers provides MSU with...
Use the following information to answer the next two questions: Mike's Mattress Movers provides MSU with a service: moving mattresses around dormitories as needed. It takes two employees to move a mattress. An employee without a “partner" will just stand around and not do anything. It takes one hour for a pair of employees to move one mattress. For the graphs in the following question, Total Product and Marginal Product are measured in mattresses per hour. 19) Which of the...
0.6 pts Use the following information to answer the associated questions below: Lucia's Performance Pizza is...
0.6 pts Use the following information to answer the associated questions below: Lucia's Performance Pizza is a small restaurant in Detroit that sells gluten free pizzas. Lucia's very tiny kitchen has barely enough room for the three ovens in which her workers bake the pizzas. Lucia signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this, and because Lucia's kitchen cannot fit more than three ovens, Lucia cannot change the...
Only need 1-3, 7a, 7b, 7d, 9c, 9d, 9e, 9f Module 6 Assignment Worksheet Worksheet Instructions:...
Only need 1-3, 7a, 7b, 7d, 9c, 9d, 9e, 9f
Module 6 Assignment Worksheet Worksheet Instructions: 1. Complete this worksheet. 2. Once completed, navigate to Assignment 6 on Blackboard. This can be found under the Module 6 Assignments folder. 3. Refer to this worksheet when answering the questions online for Assignment 6. Worksheet Questions: Business is booming at the local McDonald's restaurant. It is contemplating adding a new grill and french-fry machine, but the day supervisor suggests simply hiring more...
Use the following information to answer the 8 questions (filling in the blanks) that follow it....
Use the following information to answer the 8 questions (filling in the blanks) that follow it. When answering the questions, DO NOT use dollar signs, USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign and place it in front of first digit of your answer when your answer is a negative number. Round to the nearest dollar (do not enter decimals). For example, if your answer is -$1,245,300.40 then enter -1,245,300 RET...
Required Information The following information applies to the questions displayed below.) On December 1 Year 1,...
Required Information The following information applies to the questions displayed below.) On December 1 Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-it, an equipment rental company that was going out of business. The newly formed company uses the following accounts Cash Accounts Receivable Prepaid Rent Unexpired Insurance Office Supplies Rental Equipment Accumulated Depreciation: Rental Equipment...
Problem Chapters 1-6 Help Required information The following information applies to the questions displayed below) Tony...
Problem Chapters 1-6 Help Required information The following information applies to the questions displayed below) Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail...
The following information appies to the questions displayed below. On July 1, 2018, Tony and Suzie...
The following information appies to the questions displayed below. On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The following transactions occur from August 1 through Decomber 31 Also, the balances are provided for the month ended July 31. ug. 1 Great dventures obtains a 35,000 ow interest loan or the company from the city council which has recently passed an initiative encouraging business development related to outdoor activities. The loan is...
6. Currently Moe's hires 2 employees, has I grill (capital), and produces 20 meals per day. If Moe's decides to Name double both inputs (employees and grills). If Moe's experiences decreasing returns to scale how many mealis do you expect to produce after inputs double? Use the following information to answer the next three questions: Widgets Inc. can hire workers at $40 per day and can rent a unit of equipment for $10 per day. Currently Widgets Inc. spends $200...
Hint: Draw the circular flow model before answering the following questions) Use the following answer for questions 12-18 A. has little or no control over the wage it pays its workers. B. inputs used to produce goods and services C. derived demands. D. Increased E decreases, and the value of the marginal product of labor 12. The factors of production are best defined as the 13. Capital, labor, and land are 14. Capital, labor, and land have 15. To say...
Use the following information to answer the next two questions: Mike's Mattress Movers provides MSU with a service: moving mattresses around dormitories as needed. It takes two employees to move a mattress. An employee without a “partner" will just stand around and not do anything. It takes one hour for a pair of employees to move one mattress. For the graphs in the following question, Total Product and Marginal Product are measured in mattresses per hour. 19) Which of the...
0.6 pts Use the following information to answer the associated questions below: Lucia's Performance Pizza is a small restaurant in Detroit that sells gluten free pizzas. Lucia's very tiny kitchen has barely enough room for the three ovens in which her workers bake the pizzas. Lucia signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this, and because Lucia's kitchen cannot fit more than three ovens, Lucia cannot change the...
Only need 1-3, 7a, 7b, 7d, 9c, 9d, 9e, 9f
Module 6 Assignment Worksheet Worksheet Instructions: 1. Complete this worksheet. 2. Once completed, navigate to Assignment 6 on Blackboard. This can be found under the Module 6 Assignments folder. 3. Refer to this worksheet when answering the questions online for Assignment 6. Worksheet Questions: Business is booming at the local McDonald's restaurant. It is contemplating adding a new grill and french-fry machine, but the day supervisor suggests simply hiring more...
Required Information The following information applies to the questions displayed below.) On December 1 Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-it, an equipment rental company that was going out of business. The newly formed company uses the following accounts Cash Accounts Receivable Prepaid Rent Unexpired Insurance Office Supplies Rental Equipment Accumulated Depreciation: Rental Equipment...
Problem Chapters 1-6 Help Required information The following information applies to the questions displayed below) Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail...
The following information appies to the questions displayed below. On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The following transactions occur from August 1 through Decomber 31 Also, the balances are provided for the month ended July 31. ug. 1 Great dventures obtains a 35,000 ow interest loan or the company from the city council which has recently passed an initiative encouraging business development related to outdoor activities. The loan is...
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