Homework Answers
| Students | Output | MPL | Cost of equipment | Cost of students | Total cost |
| 0 | 0 | 100 | 0 | 100 | |
| 1 | 100 | 100 | 100 | 20 | 120 |
| 2 | 180 | 80 | 100 | 40 | 140 |
| 3 | 240 | 60 | 100 | 60 | 160 |
| 4 | 280 | 40 | 100 | 80 | 180 |
| 5 | 300 | 20 | 100 | 100 | 200 |
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3. The economic student association at the University X is hiring students to make banners "I...
3. The economic student association at the University X is hiring students to make banners “I...
3. The economic student association at the University X is hiring students to make banners “I love economics” for the coming conference. Complete the following table and plot the production function and the cost function for producing banners. (Marks 10) Number of Output Marginal Cost of Cost of Total Cost Students Product of Equipment Students Hired Hired Labour 100 100 100 140 240 100 180 300 100
b) If this is a perfectly competitive market, what is the equilibrium quantity and price? Answer:...
b) If this is a perfectly competitive market, what is the equilibrium quantity and price? Answer: c) What area represents the deadweight loss caused by the monopolist? Answer: 3. The economic student association at the University X is hiring students to make banners "I love economics" for the coming conference. Complete the following table and plot the production function and the cost function for producing banners. (Marks 10) Number of Output Marginal Cost of Cost of Total Cost Students Product...
Jake's Performance Pizza is a small restaurant in New York City that sells gluten-free pizzas. Jake's...
Jake's Performance Pizza is a small restaurant in New York City that sells gluten-free pizzas. Jake's very tiny kitchen has barely enough room for the four ovens in which his workers bake the pizzas. Jake signed a lease obligating him to pay the rent for the four ovens for the next year. Because of this, and because Jake's kitchen cannot fit more than four ovens, Jake cannot change the number of ovens he uses in his production of pizzas in...
Problem 1: Isoquant, Isocost Cost Minimizing Approach to Factor Selection: Suppose that as part of the...
Problem 1: Isoquant, Isocost Cost Minimizing Approach to Factor Selection: Suppose that as part of the UNCCCC Paris Agreement Green New Deal Plan to rapidly reduce Greenhouse Gas Emissions (GHGs) and other local air pollutants, suppose the elected City Council of the City of K'jipuktuk (Halifax) puts into place a low GHG transport system. As part of the plan, K'jipuktuk Transit, has been electrifying and increasing the size of the city's Public Transit System. So, far to this end, suppose...
PLEASE READ CAREFULLY AND ANSWER ALL THE QUESTIONS! SHOW ALL YOUR CALCULATIONS CLEARLY! ANSWERS MUST BE...
PLEASE READ CAREFULLY AND ANSWER ALL THE QUESTIONS! SHOW ALL
YOUR CALCULATIONS CLEARLY! ANSWERS MUST BE CLEAR TO READ!
THANKS!
We were unable to transcribe this imageFill in the blanks to complete the Marginal Product of Labor column for each worker. Output Marginal Product of Labor Number of Workers (Pizzas) (Pizzas) 50 り() 120 140 50 40 30 20 10 2 4 5 150 On the following graph, plot Hubert's production function using the green points (triangle symbol). Note: Plot...
Inputs and outputs Charles's Performance Pizza is a small restaurant in Philadelphia that sells gluten-free pizzas....
Inputs and outputs Charles's Performance Pizza is a small restaurant in Philadelphia that sells gluten-free pizzas. Charles's very tiny kitchen has barely enough room for the three ovens in which his workers bake the pizzas. Charles signed a lease obligating him to pay the rent for the three ovens for the next year. Because of this, and because Charles's kitchen cannot fit more than three ovens, Charles cannot change the number of ovens he uses in his production of pizzas...
Attempts: Keep the Highest: 75 2. Inputs and outputs Carlos's Performance Pizza is a small restaurant...
Attempts: Keep the Highest: 75 2. Inputs and outputs Carlos's Performance Pizza is a small restaurant in New York City that sells gluten-free pizzas. Carlos's very tiny kitchen has barely enough room for the four ovens in which his workers bake the pizzas. Carlos signed a lease obligating him to pay the rent for the four ovens for the next year. Because of this, and because Carlos's kitchen cannot fit more than four ovens, Carlos cannot change the number of...
The short-runcost and revenue data of a certain producer are summarized in the table below. 1)...
The short-runcost and revenue data of a certain
producer are summarized in the table below.
1) The short-run cost and revenue data of a certain producer are summarized in the table below. [2 marks] (a) Distinguish between 'short run' and 'long run'. (b) Complete the blanks in the table. + [10 marks] Total Average variable Marginal Average total variable Output Unit Total Average Marginal Total Economic Profit in $m in price in $ (P) Cost Cost Cost Cost Cost revenue...
2. Inputs and outputs Ana's Performance Pizza is a small restaurant in Miami that sells gluten-free...
2. Inputs and outputs Ana's Performance Pizza is a small restaurant in Miami that sells gluten-free pizzas. Ana's very tiny kitchen has barely enough room for the three ovens in which her workers bake the pizzas. Ana signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this, and because Ana's kitchen cannot fit more than three ovens, Ana cannot change the number of ovens she uses in her production of...
3. The economic student association at the University X is hiring students to make banners “I love economics” for the coming conference. Complete the following table and plot the production function and the cost function for producing banners. (Marks 10) Number of Output Marginal Cost of Cost of Total Cost Students Product of Equipment Students Hired Hired Labour 100 100 100 140 240 100 180 300 100
b) If this is a perfectly competitive market, what is the equilibrium quantity and price? Answer: c) What area represents the deadweight loss caused by the monopolist? Answer: 3. The economic student association at the University X is hiring students to make banners "I love economics" for the coming conference. Complete the following table and plot the production function and the cost function for producing banners. (Marks 10) Number of Output Marginal Cost of Cost of Total Cost Students Product...
Jake's Performance Pizza is a small restaurant in New York City that sells gluten-free pizzas. Jake's very tiny kitchen has barely enough room for the four ovens in which his workers bake the pizzas. Jake signed a lease obligating him to pay the rent for the four ovens for the next year. Because of this, and because Jake's kitchen cannot fit more than four ovens, Jake cannot change the number of ovens he uses in his production of pizzas in...
Problem 1: Isoquant, Isocost Cost Minimizing Approach to Factor Selection: Suppose that as part of the UNCCCC Paris Agreement Green New Deal Plan to rapidly reduce Greenhouse Gas Emissions (GHGs) and other local air pollutants, suppose the elected City Council of the City of K'jipuktuk (Halifax) puts into place a low GHG transport system. As part of the plan, K'jipuktuk Transit, has been electrifying and increasing the size of the city's Public Transit System. So, far to this end, suppose...
PLEASE READ CAREFULLY AND ANSWER ALL THE QUESTIONS! SHOW ALL
YOUR CALCULATIONS CLEARLY! ANSWERS MUST BE CLEAR TO READ!
THANKS!
We were unable to transcribe this imageFill in the blanks to complete the Marginal Product of Labor column for each worker. Output Marginal Product of Labor Number of Workers (Pizzas) (Pizzas) 50 り() 120 140 50 40 30 20 10 2 4 5 150 On the following graph, plot Hubert's production function using the green points (triangle symbol). Note: Plot...
Attempts: Keep the Highest: 75 2. Inputs and outputs Carlos's Performance Pizza is a small restaurant in New York City that sells gluten-free pizzas. Carlos's very tiny kitchen has barely enough room for the four ovens in which his workers bake the pizzas. Carlos signed a lease obligating him to pay the rent for the four ovens for the next year. Because of this, and because Carlos's kitchen cannot fit more than four ovens, Carlos cannot change the number of...
The short-runcost and revenue data of a certain
producer are summarized in the table below.
1) The short-run cost and revenue data of a certain producer are summarized in the table below. [2 marks] (a) Distinguish between 'short run' and 'long run'. (b) Complete the blanks in the table. + [10 marks] Total Average variable Marginal Average total variable Output Unit Total Average Marginal Total Economic Profit in $m in price in $ (P) Cost Cost Cost Cost Cost revenue...
2. Inputs and outputs Ana's Performance Pizza is a small restaurant in Miami that sells gluten-free pizzas. Ana's very tiny kitchen has barely enough room for the three ovens in which her workers bake the pizzas. Ana signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this, and because Ana's kitchen cannot fit more than three ovens, Ana cannot change the number of ovens she uses in her production of...
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