Homework Answers
Change in Land Rents = 60(20 - 15) + 1/2 x (70 - 60) x (20 - 15) = 60 x 5 + 1/2 x 10 x 5 = 300 + 25 = $ 325
Change in total payment of labor = 15 x 70 - 20 x 60 = 1050 - 1200 = - $ 150
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Refer to the diagram to the right: Land is the other (fixed) factor of production. Currently...
In the graph on the right, the demand curve for hamburger buns has shifted outward because...
In the graph on the right, the demand curve for hamburger buns has shifted outward because the price of hamburgers has fallen from $3.50 to $2.50 per pack. Hamburger buns Calculate the cross-price elasticity of demand between hamburgers and hamburger buns. Use the midpoint formula (Enter your response as a real number rounded to two decimal places. Be sure to The cross-price elasticity of demand is include a minus sign if necessary.) Price (dollars per pack of buns) 10 000...
Consider the information in the file named HW2 - Production Data for the Economy. The file...
Consider the information in the file named HW2 - Production Data
for the Economy. The file shows a part of the marginal-product
function for a firm. The firm hires more that 90 workers.
Therefore, the file begins with the 91st worker to save space. The
first 90 workers are already producing a total of 10,530 units of
output. There are 100 such firms in the economy. All the firms are
identical (to make our calculations less cumbersome).
Next, assume that...
Question 5 Tries remaining: 2 Points out of 10.00 Suppose you own an acre of land....
Question 5 Tries remaining: 2 Points out of 10.00 Suppose you own an acre of land. You could grow crops on that land. The cost of seeds is $100. The crops you grow from those seeds will sell for $350. You could also rent the land to another farmer. The rent you could earn is $300. Calculate your economic profit. (Do not include a $ sign in your answer.) Flag question Answer: Check Question 6 Tries remaining: 2 Points out...
Charles Lackey operates a bakery in Idaho Falls, Idaho. Because of its excellent product and excellent...
Charles Lackey operates a bakery in Idaho Falls, Idaho. Because of its excellent product and excellent location, demand has increased by 45 % in the last year. On far too many occasions, customers have not been able to purchase the bread of their choice. Because of the size of the store, no new ovens can be added. At a staff meeting, one employee suggested ways to load the ovens differently so that more loaves of bread can be baked at...
Refer to the following graph: 00 Market demand v PRICE OR COST (dollars per unit) -...
Refer to the following graph: 00 Market demand v PRICE OR COST (dollars per unit) - Nw Au Average total cost Marginal cost 0 10 20 30 40 50 60 70 80 90 100 110 120 130 Marginal revenue QUANTITY (units per period) Identity output and price and calculate profits for: Instructions: Enter your responses for output and profits as a whole number. Round your responses for price to two decimal places. If you are entering any negative numbers be...
Suppose that the economy is shown to the right. This economy is currently experiencing O A....
Suppose that the economy is shown to the right. This economy is currently experiencing O A. a recessionary gap. O B. an inflationary gap. O C. deflation. LRAS SRAS O D. crowding out Using the line drawing tool, draw and label the fiscal policy correction that would bring the economy to full employment GDP Properly label this line. Carefully follow the instructions above, and only draw the required objects AD 2 4 6810 12 14 16 18 20 Real GDP...
REPLACEMENT ANALYSIS The Bigbee Bottling Company is contemplating the replacement of one of its bottling machines...
REPLACEMENT ANALYSIS
The Bigbee Bottling Company is contemplating the replacement of
one of its bottling machines with a newer and more efficient one.
The old machine has a book value of $575,000 and a remaining useful
life of 5 years. The firm does not expect to realize any return
from scrapping the old machine in 5 years, but it can sell it now
to another firm in the industry for $235,000. The old machine is
being depreciated by $115,000 per...
Charles Lackey operates a bakery in Idaho Falls, Idaho. Because of its excellent product and excellent...
Charles Lackey operates a bakery in Idaho Falls, Idaho. Because of its excellent product and excellent location, demand has increased by 45% in the last year. On far too many occasions, customers have not been able to purchase the bread of their choice. Because of the size of the store, no new ovens can be added. At a staff meeting, one employee suggested ways to load the ovens differently so that more loaves of bread can be baked at one...
Yurman Inc. uses a job-order costing system. During the month of May, the following transactions occurred:...
Yurman Inc. uses a job-order costing system. During the month of May, the following transactions occurred: May 1 Purchased materials on account for $29,740. 3 Requisitioned materials totaling $24,460 for use in production. Of the total, $9,190 was for Job 58, $8,910 for Job 59, and the remainder for Job 60. 31 Incurred direct labor for the month of $34,010, with an average wage of $19 per hour. Job 58 used 780 hours; Job 59, 610 hours; and Job 60,...
The Bigbee Bottäng Company is contemplating the replacement of one of ts bottling machines with a...
The Bigbee Bottäng Company is contemplating the replacement of one of ts bottling machines with a newer and mare efficient are. The ald machine has a book value of $625,000 and a remaining useful life of 5 years. The firm does not expect to realze any return from scrapping the old machine in 5 years, but it can sell it now to another firm in the industry for $295,000. The old machine is being deprediated by $125,000 per year, usng...
In the graph on the right, the demand curve for hamburger buns has shifted outward because the price of hamburgers has fallen from $3.50 to $2.50 per pack. Hamburger buns Calculate the cross-price elasticity of demand between hamburgers and hamburger buns. Use the midpoint formula (Enter your response as a real number rounded to two decimal places. Be sure to The cross-price elasticity of demand is include a minus sign if necessary.) Price (dollars per pack of buns) 10 000...
Consider the information in the file named HW2 - Production Data
for the Economy. The file shows a part of the marginal-product
function for a firm. The firm hires more that 90 workers.
Therefore, the file begins with the 91st worker to save space. The
first 90 workers are already producing a total of 10,530 units of
output. There are 100 such firms in the economy. All the firms are
identical (to make our calculations less cumbersome).
Next, assume that...
Question 5 Tries remaining: 2 Points out of 10.00 Suppose you own an acre of land. You could grow crops on that land. The cost of seeds is $100. The crops you grow from those seeds will sell for $350. You could also rent the land to another farmer. The rent you could earn is $300. Calculate your economic profit. (Do not include a $ sign in your answer.) Flag question Answer: Check Question 6 Tries remaining: 2 Points out...
Refer to the following graph: 00 Market demand v PRICE OR COST (dollars per unit) - Nw Au Average total cost Marginal cost 0 10 20 30 40 50 60 70 80 90 100 110 120 130 Marginal revenue QUANTITY (units per period) Identity output and price and calculate profits for: Instructions: Enter your responses for output and profits as a whole number. Round your responses for price to two decimal places. If you are entering any negative numbers be...
Suppose that the economy is shown to the right. This economy is currently experiencing O A. a recessionary gap. O B. an inflationary gap. O C. deflation. LRAS SRAS O D. crowding out Using the line drawing tool, draw and label the fiscal policy correction that would bring the economy to full employment GDP Properly label this line. Carefully follow the instructions above, and only draw the required objects AD 2 4 6810 12 14 16 18 20 Real GDP...
REPLACEMENT ANALYSIS
The Bigbee Bottling Company is contemplating the replacement of
one of its bottling machines with a newer and more efficient one.
The old machine has a book value of $575,000 and a remaining useful
life of 5 years. The firm does not expect to realize any return
from scrapping the old machine in 5 years, but it can sell it now
to another firm in the industry for $235,000. The old machine is
being depreciated by $115,000 per...
The Bigbee Bottäng Company is contemplating the replacement of one of ts bottling machines with a newer and mare efficient are. The ald machine has a book value of $625,000 and a remaining useful life of 5 years. The firm does not expect to realze any return from scrapping the old machine in 5 years, but it can sell it now to another firm in the industry for $295,000. The old machine is being deprediated by $125,000 per year, usng...
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