Homework Answers
Answer: The inverse factor demand function measure what the input(factor) price must be for some given quantity of inputs to be demanded.
Inverse demand function takes price as a function of quantity demanded whereas the normal demand function considers quantity as a function of price. Here, price depends upon the quantity demanded. Hence, the variable gets switched in oppsite axis.
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See Hint Part 2 (0.5 point) Select the correct statements below about the inverse factor demand...
1. Assume there is a decrease in the supply of a product produced in a perfectly...
1. Assume there is a decrease in the supply of a product produced in a perfectly competitive market. All else constant, in the short run this will cause the profits of firms that produce substitutes for the good in question to increase. True False 2. Because it is a machine, a personal computer should be treated as a fixed input in the typical firm's short-run production function. True False 3. For a monopolist to earn a positive economic profit, price...
Which of the following statements about the price elasticity of demand is correct?
Question 5 Which of the following statements about the price elasticity of demand is correct? The absolute value of the elasticity of demand ranges from zero to one. The elasticity of demand for a good in general is equal to the elasticity of demand for a specific brand of the good. Demand is more elastic the smaller the percentage of the consumer's budget the item takes up. Demand is more elastic in the long run than it is in the short run. Question 6 The cross-price elasticity...
Question 1 (1 point) 1. The short run is a period of time in which the...
Question 1 (1 point) 1. The short run is a period of time in which the amount of output is fixed. nothing the firm does can be altered. the quantity of at least one factor of production is fixed. prices and wages are fixed. Question 2 (1 point) 2. When the demand for electricity peaks during the hottest days of summer, Florida Power and Light Company can generate more electricity by using more fuel and increasing the working hours of...
can you check the answers for these 4 questions please. and if any wrong. can you...
can
you check the answers for these 4 questions please. and if any
wrong. can you please tell which one is the right option.
Marginal cost can be expressed as the ratio of the price of labor and the marginal product of labor I only when labor is held constant e only when labor is the only variable input whether labor is held constant or not if all factors are variable QUESTION 29 The demand curve facing a perfectly competitive...
NEED ANSWERS OF PART (f,g,h,j) Problem 2 [21 marks] Consider a firm that uses two inputs. The quantity used of input 1...
NEED ANSWERS OF PART (f,g,h,j)
Problem 2 [21 marks] Consider a firm that uses two inputs. The quantity used of input 1 is denoted by x, and the quantity used of input 2 is denoted by x2. The firm produces and sells one good using the production function f(x1, x2)-4x053x25. The final good is sold at price P $10. The prices of inputs 1 and 2 are w$2 and w2 $3, respectively. The markets for the final good and both...
For questions 1 to 20 indicate whether each of the statements is TRUE or FALSE. (20...
For questions 1 to 20 indicate whether each of the statements is TRUE or FALSE. (20 marks) 1. A demand curve is downward sloping because as the price of a good falls, consumers will substitute some other good for that good whose price has fallen. 2. An improvement in the technology for producing Gari will shift the supply curve for Gari to the left. 3. The minimum wage is an example ofa price floor. 4. Ifthe price ofa good goes...
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...
21. A positive income elasticity of demand coefficient indicates that a. a product is an...
21. A positive income elasticity of demand coefficient indicates that a. a product is an inferior good b. two products are substitute goods c. two products are complementary goods d. a product is a normal good 22. All the combinations of two products that will yield the same total utility to a consumer are reflected in a. the budget line b. the marginal rate of substitution c. an indifference curve d. the...
According to Keynesian theory, the most important determinant of saving and consumption is Select one: a....
According to Keynesian theory, the most important determinant of saving and consumption is Select one: a. the level of real income. b. the stock of liquid assets. c. the stock of durable goods in the consumer's possession. d. the level of consumer indebtedness. Question 5 Not yet answered Marked out of 1.00 Flag question Question text In the Keynesian model, planned investment is inversely related to Select one: a. the interest rate. b. the level of income. c. the wage...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
Question 1 (1 point) 1. The short run is a period of time in which the amount of output is fixed. nothing the firm does can be altered. the quantity of at least one factor of production is fixed. prices and wages are fixed. Question 2 (1 point) 2. When the demand for electricity peaks during the hottest days of summer, Florida Power and Light Company can generate more electricity by using more fuel and increasing the working hours of...
can
you check the answers for these 4 questions please. and if any
wrong. can you please tell which one is the right option.
Marginal cost can be expressed as the ratio of the price of labor and the marginal product of labor I only when labor is held constant e only when labor is the only variable input whether labor is held constant or not if all factors are variable QUESTION 29 The demand curve facing a perfectly competitive...
NEED ANSWERS OF PART (f,g,h,j)
Problem 2 [21 marks] Consider a firm that uses two inputs. The quantity used of input 1 is denoted by x, and the quantity used of input 2 is denoted by x2. The firm produces and sells one good using the production function f(x1, x2)-4x053x25. The final good is sold at price P $10. The prices of inputs 1 and 2 are w$2 and w2 $3, respectively. The markets for the final good and both...
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...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
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