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Question 2. (5 points): This question is based on Chapter 5; Movement of labor and capital...
1. Suppose that computers use 4 units of capital for each worker, so that KC = 4 ⋅ LC , whereas shoes use 0.2 units of capital for each worker, so that KS = 0.2 ⋅ LS. There are 200 workers and 200 units of capital in the economy. a.Solve for the amount of labor and capital used in each industry. b. Suppose that the number of workers increases to 250 because of immigration, keeping total capital fixed at 200....
Suppose two countries, Grainland and Carsland, use only capital and labor to produce two goods, Grain (G) and Cars (C). Grainland has 2,050 units of capital and 916 units of labor, and Carland has 816 units of capital and 270 units of labor. In Carsland, there are 366 units of capital and 135 units of labor employed in the Grain industry. In Grainland, there are 926 units of capital and 618 units of labor employed in the Grain industry.A. Which...
Suppose that computers use 4 units of capital for each worker, so that Kc = 4 x Lc, whereas shoes use 0.2 units of capital for each worker, so that Ks = 0.2 x Ls. There are 200 workers and 200 units of capital in the economy. Solve for the amount of labor and capital used in each country.
Question 5 1 pts Case 1. Suppose a coffee shop's only variable input is labor. When 20 workers are hired, the average product of labor is 250 (cups/worker), and the marginal product of the 20th worker is 200 (cups/worker). The price of labor is $200 per worker. The cost of all fixed inputs is $1000. Refer to Case 1. When 20 workers are hired, the marginal cost of coffee is $_per cup. O2 O 0.5 O 0.8 01 Question 6...
Question 5 1 pts Case 1. Suppose a coffee shop's only varlable input is labor. When 20 workers are hired, the average product of labor is 250 (cups/worker), and the marginal product of the 20h worker is 200 (cups/worker). The price of labor is $200 per worker. The cost of all foced inputs is $1000, Refer to Case 1. When 20 workers are hired, the marginal cost of coffee is $ per cup e 05 o 08 Question 6 1...
Computing the marginal product of labor im really looking for the first multiple choice question and the last T or F question. the first question is either B or C..i dont know how to figure out how many extra lawns/worker thanks! Suppose that Simone runs her own lawn care service and that her firm is competitive in the lawn care industry. She has a fixed number of tools that can be used to maintain a yard, but she needs to...
Orange Inc. sells cell phones in a perfectly competitive market in the short-run. Capital and labor are two resource factors used to produce the cell phones. Capital is fixed in the short-run but labor can vary. The market for hiring labor is a perfectly competitive market. Labor is measured in worker weeks. Each worker week costs $600 of wages and Orange Inc. can hire any number of worker weeks. Each cell phone is sold at a price of $200 and...
QUESTION 4 Fill in the blank. ENTER A WHOLE NUMBER ONLY, NO COMMAS, NO DECIMAL POINTS, NO UNITS. Consider a plowing service with capital fixed at 4 plows. The table shows how many driveways can be plowed as the number of workers increases: L Driveways 0 0 1 200 2 500 3 700 4 800 5 700 The marginal product of the 2nd worker is equal to __________ [a] (REMINDER: ENTER A WHOLE NUMBER) 10 points QUESTION 5 Consider a plowing service with capital fixed at...
In positive economic models of the labor market, it is assumed that workers maximize utility (happiness). firms maximize profits. resources are scarce. all of these are true. 2 points QUESTION 13 Because of the principle of __________, marginal product of labor decreases as labor increases. economies of scale. diseconomies of scale. diminishing returns. constant returns to scale. 2 points QUESTION 14 The unemployment rate is computed as the number of employed divided labor force. the number of unemployed...
Here with the chp6 21 Question 5. (4 points each) Consider the Solow model in Chapter 6. Production function is given by 1 1 YA = A_KŽ NĚ The notations of variables are the same as the slides for Ch.6. The depreciation rate d is 0.1, the population growth rate n is 0.1, and the saving rate s is 0.2. The level of productivity is constant, so At = 2 all the time. (5) What is the Growth Accounting equation...