3. An electronics plant's production function is Q = 5LK, where Q is its output rate, L is the amount of labor it uses per period of time and K is the amount of capital it uses per period of time. The Price of labor is $1 per unit of labor and the price of capital is $2 per unit of capital.

Q: What are the benefits of considering the economic decisions?

A: Economic decisions are those decisions in which people will choose what to do with limited…

Q: Identify some essential elements common to any rational decision-making process?

A: Rational decision making is a complex process that contains nine essential elements. These are as…

Q: c. How much total consumer surplus will each of them receive at a price of $32?

A: Last parts C and d are answered below:

Q: Answers are A and B, D and E, E and F, F and H, or H and I

A: The indifference curve depicts the combination of two goods that derives the same level of utility…

Q: What is the importance of studying economics? Give an example how it can help you.

A: Economics signifies a social science that analysis how individual agents in a society make their…

Q: In a company, who gets to determine when and how data should be used?

A: Data refers to individual facts, figures, or bits of information that are often quantitative. A…

Q: What is science

A: Science refers to knowledge that deals with the physical world and its phenomena and is based on…

Q: How would an economist define the efficient amount of time studying?

A: Marginal cost (MC): The marginal cost refers to the amount of additional costs incurred in the…

Q: Economics helps managers focus on key issues.

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Name any two types of consumption goods with examples

A: Those goods which have the tendency to satisfy the wants of the consumer are said to be as Consumer…

Q: What is the sequence of events in a literary work?

A: Being able to be able to identify the event components like the beginning, middle, and end is known…

Q: Suppose a firm's cost function is C(q) = 4q² + 16, where C(q) is the total cost, and q is the level…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: how do you deal with opportunity cost

A: Opportunity cost is the cost or value of the next best alternative which an individual foregoes to…

Q: Give 5 benefits of why frugality is important

A: Selecting quality over money, or not spending money at all, is part of being thrifty. You'll have…

Q: Mahatma Gandhi once said “Happiness is when what you think, what you say, and what you do are in…

A: The great aim of life to have is happiness, it is something needed to be worked on every day. Being…

Q: What concept uses observable qualities in order to fill in missing informationwhen making a…

A: Where there is information missing in the market, that is only one party in the transaction has full…

Q: On what are the Economic decisions based?

A: Economic decisions are the decisions made by the economic agents to pursue a goal and achieve a…

Q: Define econometric in 200 words!

A: Econometrics refers to the use of statistical techniques to economic data in order to provide…

Q: Saving equals Group of answer choices Y - C. Y - I. Inventory changes. Y - G

A: The fraction of money left over after paying for current expenses is what is saved. In other words,…

Q: How to perform a cost benefit analysis?

A: There are some costs and benefits associated with each economic activity. Thus, a cost-benefit…

Q: How can we simplify the decision-making process?

A: A business cannot take the decision making process lightly as the entire business relies and acts on…

Q: What are the decisions that people have usually made that incurred opportunity costs?

A: The opportunity cost of a specific activity option in microeconomic theory is the loss of value or…

Q: Economics helps managers understand goal-oriented decision making.

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Are you happy or comfortable in all your decisions from the different situations why?

A: Yeah I can not say I'm happy but I'm satisfied You cannot be proud of your all decisions, because…

Q: Insert Draw Design Layout References Mailings Review View + Share a Times New R. - 14 - A- A-…

A: Direct cost or explicit cost includes the cost which firms incur in the form of wages, rent, cost of…

Q: Two friends are competing to see who can see the most Christmas lights in the month of December.…

A: At the marketplace, firms compete with each other to gain profit and the total output supplied or…

Q: Can you give an example of cost-savings?

A: Answer: Cost reduction is a continuous process of implementing various ways to bring a reduction in…

Q: What is Organization in terms of business?

A: In business, organization is an institution or an entity which consists of one or more than one…

Q: What makes Economic Decisions different from other Design Decisions?

A: The engineering economic decisions are investment decisions that are related to engineering…