3. Suppose that Wanda owns a fish shop and that she employs students to sort and pack fish.Students can pack the following amounts of fish in an hour.Quantity ofFish (pounds)Number ofStudentsMPVMPMRPMRC1202503904120145616571808.190a. Fill in the table above if Wanda can sell fish for $.50 per pound and fish packers pay workers$8.00 per hour.b. How many workers will Wanda hire? Why?

To maximize profit a firm should employ the quantity of a resource at which its marginal revenue…

3. Suppose that Wanda owns a fish shop and that she employs students to sort and pack fish. Students can pack the following amounts of fish in an hour. Number of Quantity of Fish (pounds) Students MP VMP MRP MRC 1 20 50 3 90 4 120 5 145 6 165 7 180 190 a. Fill in the table above if Wanda can sell fish for $.50 per pound and fish packers pay workers $8.00 per hour. b. How many workers will Wanda hire? Why?

3. Suppose that Wanda owns a fish shop and that she employs students to sort and pack fish. Students can pack the following amounts of fish in an hour. Number of Quantity of Fish (pounds) Students MP VMP MRP MRC 1 20 50 3 90 4 120 5 145 6 165 7 180 190 a. Fill in the table above if Wanda can sell fish for $.50 per pound and fish packers pay workers $8.00 per hour. b. How many workers will Wanda hire? Why?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

A typical consumer in Microtania has a market basket consisting of 5 Lemons and 4 Peaches. The data table below provides information on Microtania’s prices of Lemons and Peaches in 2011 and 2012. 2011 2012Price per unit of Lemons $0.5 $0.7Price per unit of Peaches $0.4 $1.2What was the cost of the market basket in 2011? What was the cost of the market basket in 2012? What was the inflation rate in Microtania between 2011 and 2012?
12. During the war between Russia and Ukraine millions of Ukrainians have fled into Poland and Hungary. Suppose most of these refugees remain and restart their lives in Poland. In the market for labor the following would likely occur - assuming there is currently a shortage of labor in Poland. a. An increase in the quantity of labor supplied and guaranteed labor surpluses. b. Higher wages if the shortage is eliminated by the increase in the supply of labor. C. An increase in the supply of labor and either a reduced shortage or perhaps even a surplus of labor until wages are pushed down towards equilibrium. d. Huge surpluses of labor if after the increase in supply Poland reaches a market equilibrium it its labor markets. e. None of the above.
Help please
32
which seems to be correct?
The graph below shows the market for soya beans: Plot the two end points using the tool provided in the graphing area below. Plot only the end points of the curve and position those points on the edge of the graphing area. 0 Price per kilo 8222 22 32 24 20 16 12 B S8 D Tools line 4 Activate Windows
Question 1 Laurasia has identified the following goods as its market basket. Here are the prices of those goods over three years. Compute the cost of that market basket in all three years. Instructions: Round your answers to two decimal places. Product Burgers Shoes Scissors Cost Basket Quantity 18 2015 3 2 2015 Price 2016 Price $ 8.00 $ 55.00 $ 7.00 $6.00 $ 50.00 $ 8.00 2016 2017 2017 Price $ 9.00 $ 45.00 $ 9.00
Refer to the figure. Price (dollars) 10 9 8 7 5 4 3 2 0 Market for Artichokes 50 100 D 150 S 200 Quantity (pounds of artichokes) 250 Tools PS O The graph represents the market for artichokes (in pounds per week) at a Midwest farmers' market Suppose the equilibrium price of artichokes is $3 per pound and the equilibrium quantity is 100 pounds of artichokes per week. Using the graph, show the area representing producer surplus in this market, and then determine how much producer surplus will be generated by the market each week. Instructions: Use the tool provided "PS" to illustrate this area on the graph. Producer surplus: $
K Suppose the government adopts a policy that forces pesticide producers to bear the social costs of groundwater contamination associated with the use of their product. This policy will the price of pesticides. Since orange growers regard the pesticide as a key input in the production of oranges, the market for oranges will obviously be affected. Using the line drawing tool, show how the policy on pesticides impacts the market for oranges. Properly label the line. Carefully follow the instructions above, and only draw the required objects. The government policy on pesticides causes the market price of oranges to The government policy on pesticides causes the equilibrium quantity of oranges to
Practice 3 Sovyl Below are some data from the productions of milk and honey. 52 price of quantity of price of quantity of price of quantity of year rice rice water water clothes cothes 2008 $350.00 25,500 $15.00 52,500 $25.00 12,500 2009 $355.00 27,500 $16.50 72,400 $26.00 12,800 2010 $365.00 28,000 $16.50 82,500 $28.00 12,950 i) Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2008 as the base year. ii) Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2009 and 2010 from the preceding year.
1
46. Chapter mank071, Section .61, Problem 024 8. $30. OC. $90. OD. $110. Ask me anything 5 8 8 8 8 8 8 8 8 8 8 8888 8 150- 140- 130+ 120- 110- 100+ 30 Price 10+ B Figure 9-1 The figure illustrates the market for coffee in Guatemala. Refer to Figure 9-1. In the absence of trade, the equilibrium price of coffee in Guatemala is OA. $140. C C (2 2 4 6 8 10 12 14 16 18 20 B 8 D F 24 8. $8. 8 S I H 8 ·88 8. 5. Domestic supply World price Domestic demand 3 46 48 50 52 Quantity