Harold owns a cranberry bog in which he grows cranberries
(i): how many cranberries to sell.
(ii): what price to charge for his cranberries.
(iii): what wages to pay his workers.
(iv): how many workers to hire.
A. (i) only
B. (ii) and (iii) only
C. (i) and (iv) only
D. (i), (ii), (iii), and (iv)
Homework Answers
9. John owns a shoe-shine business. His accountant most likely includes which of the following costs...
9. John owns a shoe-shine business. His accountant most likely includes which of the following costs on his financial statements? a. wages John could earn washing windows b. dividends John's money was earning in the stock market before John sold his stock and bought a shoe-shine booth c. the cost of shoe polish d. Both b and c are correct. 7. Which of the following would be categorized as an implicit cost? (i) forgone investment opportunities (ii) wages of workers...
Mr. Jernigan owns a piece of land on which he grows corn. Corn production annually requires...
Mr. Jernigan owns a piece of land on which he grows
corn. Corn production annually requires $6 comma 0006,000 in
seed, $3,000 in fertilizer, and $10,000 in pesticides. Mr.
Jernigan uses his own labor to grow the corn and therefore hires no
workers. If Mr. Jernigan did not use his time to grow corn, he
would instead be able to sell insurance, earning $35,000 per
year.
Suppose another farmer has just offered to pay Mr. Jernigan rent of
$20,000 per...
1. The general term for market structures that fall somewhere between monopoly and perfect competition is
1. The general term for market structures that fall somewhere between monopoly and perfect competition isa. incomplete markets.b. monopolistically competitive markets.c. imperfectly competitive markets.d. oligopoly markets.2. An oligopoly is a market in whicha. there are many price-taking firms, each offering a product similar or identical to the products offered by other firms in the market.b. there are only a few sellers, each offering a product similar or identical to the products offered by other firms in the market.c. the actions...
2. The table below shows the total production for varying numbers of hours worked producing yo-yos....
2. The table below shows the total production for varying numbers of hours worked producing yo-yos. The firm sells its product and hires its workers in competitive markets. Price of Yo-Yos Number of Number of Hours Worked Yo-Yos Produced Wage Rate per Hour (S) 10 10 11 10 170 78 10 12 13 14 10 10 88 90 15 10 (a) Determine the marginal product of labour from hiring the (i) 11th worker, (ii) the 12th worker, (iii) the 13th...
Consider an (inverse) demand curve P = 30 - Q. And a total cost curve of...
Consider an (inverse) demand curve P = 30 - Q. And a total cost curve of C(Q) = 12Q. (a) Assume a monopolist is operating in this market. (i) Calculate the quantity (qM) chosen by a profit-maximizing monopolist. (ii) At the profit-maximizing quantity, what is the monopolistic market price (pM) of the product. (iii) Calculate the dead-weight loss (allocative inefficiency) associated with this monopoly market. Assume the market for this product is perfectly competitive. (i) Calculate the market-clearing output (qPC)...
i) He owes $80,000 for his house which he believes is worth $150,000 ii) His car...
i) He owes $80,000 for his house which he believes is worth $150,000 ii) His car is worth $20,000 against which there there is $2,000 on the remaining bank loan. iii) his stock protfolio has risen to $50,000 iv) he has a $10,000 bank balance in his bank account which is earning him 1.2% annual interest rate v) and the value of this belonging is $45,000. he has just received his monthly paycheck for $6,000 and he is trying to...
Farmer Frank lives on 100 acres on a rural farm where he raises chickens (which produce...
Farmer Frank lives on 100 acres on a rural farm where he raises chickens (which produce eggs) and grows tomatoes. Eggs and tomatoes are the only two goods that Frank consumes. This year, Frank's chickens will yield 100 eggs and 10 pounds of tomatoes, respectively. (a) If Frank were not able to trade his endowment of tomatoes and eggs, but he can freely dispose of goods, what would his set of feasible consumption bundles look like? Show it on a...
i) He owes $80,000 for his house which he believes is worth $150,000 ii) His car...
i) He owes $80,000 for his house which he believes is worth $150,000 ii) His car is worth $20,000 against which there there is $2,000 on the remaining bank loan. iii) his stock protfolio has risen to $50,000 iv) he has a $10,000 bank balance in his bank account which is earning him 1.2% annual interest rate v) and the value of this belonging is $45,000. he has just received his monthly paycheck for $6,000 and he is trying to...
8.) Derived demand is exemplified in which of the following? a.) The salary of computer techs...
8.) Derived demand is exemplified in which of the following? a.) The salary of computer techs rise, resulting in a decrease in supply and an increase in demand. b.) The salary of computer techs fall, resulting in an increase in supply and a decrease in demand. c.) Consumers want computers, so producers raise the price of computers. d.) Consumers want faster computers, so technology firms invest in capital and labor. e.) None of the above 9.) Demand for capital a.)...
9. John owns a shoe-shine business. His accountant most likely includes which of the following costs on his financial statements? a. wages John could earn washing windows b. dividends John's money was earning in the stock market before John sold his stock and bought a shoe-shine booth c. the cost of shoe polish d. Both b and c are correct. 7. Which of the following would be categorized as an implicit cost? (i) forgone investment opportunities (ii) wages of workers...
Mr. Jernigan owns a piece of land on which he grows
corn. Corn production annually requires $6 comma 0006,000 in
seed, $3,000 in fertilizer, and $10,000 in pesticides. Mr.
Jernigan uses his own labor to grow the corn and therefore hires no
workers. If Mr. Jernigan did not use his time to grow corn, he
would instead be able to sell insurance, earning $35,000 per
year.
Suppose another farmer has just offered to pay Mr. Jernigan rent of
$20,000 per...
2. The table below shows the total production for varying numbers of hours worked producing yo-yos. The firm sells its product and hires its workers in competitive markets. Price of Yo-Yos Number of Number of Hours Worked Yo-Yos Produced Wage Rate per Hour (S) 10 10 11 10 170 78 10 12 13 14 10 10 88 90 15 10 (a) Determine the marginal product of labour from hiring the (i) 11th worker, (ii) the 12th worker, (iii) the 13th...
8.) Derived demand is exemplified in which of the following? a.) The salary of computer techs rise, resulting in a decrease in supply and an increase in demand. b.) The salary of computer techs fall, resulting in an increase in supply and a decrease in demand. c.) Consumers want computers, so producers raise the price of computers. d.) Consumers want faster computers, so technology firms invest in capital and labor. e.) None of the above 9.) Demand for capital a.)...
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