Suppose that the price of labor, the only variable input used in production, increases from $100 to $120 per day. The ef...
Suppose that the price of labor, the only variable input used in production, increases from $100 to $120 per day. The effect on costs will be:
a parallel shift in the total cost curve
a parallel shift in the fixed cost curve
a parallel shift in the marginal cost curve
a shift in total cost by different amounts for different quantities
Homework Answers
Answer
Option 4
a shift in total cost by different amounts for different quantities
The increase in the wage increases total costs but by different amounts so it shifts up but different for different quantities and the same is true for marginal cost curve as the MC, ATC, and AVC are not linear always so the shift is not parallel
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Suppose that the price of labor, the only variable input used in production, increases from $100 to $120 per day. The ef...
QUESTION 1 Suppose that the price of labor, the only variable input used in production, increases from $100 to $120...
QUESTION 1 Suppose that the price of labor, the only variable input used in production, increases from $100 to $120 per day. The effect on costs will be: O a parallel shift in the total cost curve O a parallel shift in the fixed cost curve a parallel shift in the marginal cost curve a shift in total cost by different amounts for different quantities QUESTION 2 Your company produces peanut butter. An increase in the price of peanuts will...
please answer in an A, B, C, D format. Thank you. 3120 per day. The effect...
please answer in an A, B, C, D format. Thank you.
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Suppose that for a particular firm the only variable input into the production process is labor...
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Suppose that a firm's only variable input is labor. The firm increases the number of employees...
Suppose that a firm's only variable input is labor. The firm increases the number of employees from four to five, thereby causing weekly output to rise by three units and total costs to increase from $3,300 per week to $3,600 per week. What is the marginal product of the fifth worker units. (Your answer should be a whole number.)
Assume labor is the only variable input and that the law of diminishing returns applies, explain...
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Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero
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Jane's income is $500 a semester. The price of one day of skiing per semester is...
Jane's income is $500 a semester. The price of one day of
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riding is also $100. The figure shows Jane's preference map for
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What quantities of days of skiing and days of horseback riding
does Jane buy? What is Jane's marginal rate of substitution at the
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Suppose that the price of one day...
15 09. 00 points) Suppose that a firm's cost per unit of labor (w) is $30 per day and its cost per a. Draw the isocost line for a total cost per day of s15,000. (Base case) and Draw the What...
15 09. 00 points) Suppose that a firm's cost per unit of labor (w) is $30 per day and its cost per a. Draw the isocost line for a total cost per day of s15,000. (Base case) and Draw the What are the maximum amount of K and L possibly used to produce 100 units? unit of capital (r) is $50 per day isoquant curve when this firm is producing efficiently, assuming output is 100 units b. If the price...
2. Suppose that a hypothetical economy has the following relationship between its real output and the input quantit...
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Question 5 (1 point) Labor Total product (workers per day)| (hats per day) 1 10 18...
Question 5 (1 point) Labor Total product (workers per day)| (hats per day) 1 10 18 5 25 30 5. The above table shows the total product of producing baseball hats. The average product of 3 workers is equal to 1.67 baseball hats. 12.78 baseball hats. 18.00 baseball hats. 6.00 baseball hats. Question 6 (1 point) 6. The law of diminishing marginal returns says that as the firm uses more of - with a given quantity of product of the...
QUESTION 1 Suppose that the price of labor, the only variable input used in production, increases from $100 to $120 per day. The effect on costs will be: O a parallel shift in the total cost curve O a parallel shift in the fixed cost curve a parallel shift in the marginal cost curve a shift in total cost by different amounts for different quantities QUESTION 2 Your company produces peanut butter. An increase in the price of peanuts will...
please answer in an A, B, C, D format. Thank you.
3120 per day. The effect on couts will be QUESTION 1 Suppose that the price of labor, the only variable input used in production, increases from 1100 a parallel shift in the total cost ourve parallels in the feed cost curve a parallel hit in the marginal cost curve a shift in total cost byderent amounts for different quantes QUESTION 2 Your company produces peanut butter. An increase in...
Suppose that a firm's only variable input is labor. The firm increases the number of employees from four to five, thereby causing weekly output to rise by three units and total costs to increase from $3,300 per week to $3,600 per week. What is the marginal product of the fifth worker units. (Your answer should be a whole number.)
Jane's income is $500 a semester. The price of one day of
skiing per semester is $100, and the price of one day of horseback
riding is also $100. The figure shows Jane's preference map for
days of skiing and horse back riding per semester.
What quantities of days of skiing and days of horseback riding
does Jane buy? What is Jane's marginal rate of substitution at the
point at which she consumes?
Suppose that the price of one day...
15 09. 00 points) Suppose that a firm's cost per unit of labor (w) is $30 per day and its cost per a. Draw the isocost line for a total cost per day of s15,000. (Base case) and Draw the What are the maximum amount of K and L possibly used to produce 100 units? unit of capital (r) is $50 per day isoquant curve when this firm is producing efficiently, assuming output is 100 units b. If the price...
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