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Answer these questions on the basis of the information in the accompanying table. The data are...
Answer the following questions on the basis of the table shown here. QB is type B...
Answer the following questions on the basis of the table shown here. QB is type B labor, and VMPBx and VMPBy are the industry values of the marginal products of this labor in producing x and y, the only two goods in the economy. a. Explain why the VMPs in the table decline as more units of labor are employed. b. If the supply price or opportunity cost of labor PL is $9, how many units of type B labor...
Answer the next six questions on the basis of the information in Table 1 which shows...
Answer the next six questions on the basis of the information in Table 1 which shows the short-run cost curves for a typical competitive firm. Table 1 AFC MO ATC AVCA $200.00 S50.00 S150.00 S50.00 2 112.50 37.5075.0025.00 85.00 35.00 50.00 30.00 4 73.75 36.2537.5040.00 30.00 55.00 6 70.00 45.0025.0070.00 7286 51.4321.43 90.00 78.13 59.38 18.75 115.00 30 030 3304 30 0 5 70.00 40.00 3 60 5 605 60 6 60 0 75 6 75 6 75 775 6...
1. (50 marks) Answer the following questions on the basis of the table shown here. QB is type B or, and VMPBx and VMPBy are the industry values of the marginal products of this labor in producing x a...
1. (50 marks) Answer the following questions on the basis of the table shown here. QB is type B or, and VMPBx and VMPBy are the industry values of the marginal products of this labor in producing x and y, the only two goods in the economy Explain why the VMPs in the table decline as more units of labor are employed If the supply price or opportunity cost of labor PL is $9, how many units of type B...
Answe r the next six questions on the basis of the information in Table 1 which...
Answe r the next six questions on the basis of the information in Table 1 which shows the short-run cost curves for a competitive firm. typical Table 1 4. QI ATC | AVC | AFC | MC S117.00 $17.00 $100.00 $17.00 Based on the information in Table I, which of the following represents the profit-maximizing, competitive firm's short-run supply curve? 2 66.00 600 50.00 15.00 3 48.33 15.0033.33 13.00 4 39.25 14.25 25.00 12.00 5 34.00 14.00 20.00 13.00 $50...
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 8 Answer the question on the basis of the following marginal utility data for products...
QUESTION 8 Answer the question on the basis of the following marginal utility data for products X and Y. Assume that the prices of X and Y are $4 and $2, respectively, and that the consumer's income is $18 Units of X Marginal Utility, X Units of Y Marginal Utility, Y 1 20 1 16 16 2 2 14 3 12 12 8 4 10 5 6 5 6 6 6 What level of total utility will the utility-maximizing consumer...
Answer the following (5) questions on the basis of the data below which refers to a...
Answer the following (5) questions on the basis of the data
below which
refers to a pure monopolist (producing good X).Complete the table
below!
46
To maximize profits, the monopolist will produce:
a. 2 units
b. 3 units
c. 4 units
d. 5 units
47
What price will the firm charge?
a. $15
b. $14
c. $12
d. $10
48
At the above level of output , the firm will realize a profit
of:
a. $56
b. $16
c. $11...
1. a) Suppose a firm has short-run productivity data as shown in the table below. This...
1. a) Suppose a firm has short-run productivity data as shown in the table below. This firm is experiencing diminishing marginal product over this range of labour input: Labour (Hours) Total Product (Output) 14 50 15 70 16 80 Is this true, false, or uncertain? If so, please explain why in detail. b) If the firm from A3-3 pays its workers $20/hour, then the firm experiences increasing marginal cost between output levels 50 and 80. [Hint: An approximation of MC...
Answer the following questions based on the demand and cost data for Sylvie's Shampoo Co., a...
Answer the following questions based on the demand and cost data for Sylvie's Shampoo Co., a monopolistically competitive firm. quantity. Price. total cost 1. $500. $400 2. $450. 650 3. 400. 950 4. 350. 1300 5. 300. 1700 a) What is the marginal revenue at each price? (starting with $20) b) What is the marginal cost at each price? (starting with $20) c) How much profit does this firm earn at their profit-maximizing output level?
Answer A-H Please Answer the following Questions for a Monopoly Firm. Price Quantity TR MR MC...
Answer A-H Please Answer the following Questions for a Monopoly Firm. Price Quantity TR MR MC TC Profit $15,000 0 ---- ---- $50,000 14,000 1 $52,000 13,000 2 $53,000 12,000 3 54,000 11,000 4 $2,000 10,000 5 59,000 9,000 6 4,000 8,000 7 $69,000 7,000 8 $8,000 6,000 9 5,000 10 4,000 11 $18,000 3,000 12 $143,000 a) Fill in the missing information above for this Monopoly Firm for its monthly production. Note there are no numbers for MC and...
Answer the next six questions on the basis of the information in Table 1 which shows the short-run cost curves for a typical competitive firm. Table 1 AFC MO ATC AVCA $200.00 S50.00 S150.00 S50.00 2 112.50 37.5075.0025.00 85.00 35.00 50.00 30.00 4 73.75 36.2537.5040.00 30.00 55.00 6 70.00 45.0025.0070.00 7286 51.4321.43 90.00 78.13 59.38 18.75 115.00 30 030 3304 30 0 5 70.00 40.00 3 60 5 605 60 6 60 0 75 6 75 6 75 775 6...
1. (50 marks) Answer the following questions on the basis of the table shown here. QB is type B or, and VMPBx and VMPBy are the industry values of the marginal products of this labor in producing x and y, the only two goods in the economy Explain why the VMPs in the table decline as more units of labor are employed If the supply price or opportunity cost of labor PL is $9, how many units of type B...
Answe r the next six questions on the basis of the information in Table 1 which shows the short-run cost curves for a competitive firm. typical Table 1 4. QI ATC | AVC | AFC | MC S117.00 $17.00 $100.00 $17.00 Based on the information in Table I, which of the following represents the profit-maximizing, competitive firm's short-run supply curve? 2 66.00 600 50.00 15.00 3 48.33 15.0033.33 13.00 4 39.25 14.25 25.00 12.00 5 34.00 14.00 20.00 13.00 $50...
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 8 Answer the question on the basis of the following marginal utility data for products X and Y. Assume that the prices of X and Y are $4 and $2, respectively, and that the consumer's income is $18 Units of X Marginal Utility, X Units of Y Marginal Utility, Y 1 20 1 16 16 2 2 14 3 12 12 8 4 10 5 6 5 6 6 6 What level of total utility will the utility-maximizing consumer...
Answer the following (5) questions on the basis of the data
below which
refers to a pure monopolist (producing good X).Complete the table
below!
46
To maximize profits, the monopolist will produce:
a. 2 units
b. 3 units
c. 4 units
d. 5 units
47
What price will the firm charge?
a. $15
b. $14
c. $12
d. $10
48
At the above level of output , the firm will realize a profit
of:
a. $56
b. $16
c. $11...
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