pols Add-ons HelpLast edit was seconds agoxtI UACalibri11+三2 | 3 II | I 4II| II64. Thanks to years of consistent contracts and an outstanding administration, Crestwood High Schoolhas formed one of the best teaching staffs in the State of Michigan. This staff has learned how towork seamlessly with each other and students. They are now able to effectively teach morestudents in every class than before.*Name the determinant:Automakers have introduced new heatinglamps to their paint shops that allow themto dry layers of paint faster than everbefore. These newly invented heaters use less energy and have greatly increased output.5.*Name the determinant:27°C RainII近

The market supply curve of a commodity can shift as a result of a change in technology, input costs,…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. On Monday, a coffee shop has one worker and one coffee machine. The manager hires a second member of staff on Tuesday. The two workers argue with each other and production on Tuesday is less than it was on Monday. What technical assumption over production functions does this violate? Explain your answer.
2. A manager hires labour and rents capital equipment in a very competitive market. Currently, the wage rate is £6 per hour and capital is rented at £12 per hour. If the marginal product of labour is 50 units of output per hour and the marginal product of capital is 75 units of output per hour, is the firm using the cost-minimising combination of capital and labour? If not, should the firm increase or decrease the amount of capital used in the production process?
22. The United Kingdom is made up of several smaller countries that used to be independent. The largest is England and one of the smallest, Wales, became unified with England around 700 years ago. The land in most of England is relatively fertile and can be used to grow wheat or pasture sheep. Wales, on the other hand, is mountainous and it is hard to grow wheat or find good land on which to pasture sheep, although it can be done. The land costs of producing wheat and sheep are shown below. Wheat England Wales 5 acres/ton 10 acres/ton Sheep 2 acres/sheep 2.5 acres/sheep For simplicity suppose England has 20 acres and Wales has 10 acres. Now suppose that England conquers Wales and the king wants his economist, to plot out the production possibilities for his unified kingdom. Do not expect the PPF to be a straight line, so plot more than two points. It will be helpful to consider the different patterns of specialization below and plot the points. Fill in the table Production pattern…
3. A decision at the margini Manuel is a hard-working college senior. One Tuesday, he decides to work nonstop until he has answered 154 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time 8:00 AM 9:00 AM 10:00 AM 11:00 AM Noon Total Problems Answered 0 70 112 140 154 Use the table to answer the following questions. The marginal, or additional, gain from Manuel's second hour of work, from 9:00 AM to 10:00 AM, is problems
Problem 18-01 (algo) Suppose that you own a 20-acre plot of land that you would like to rent out to wheat farmers. For them, bringing in a harvest involves $30 per acre for seed, $80 per acre for fertilizer, and $70 per acre for equipment rentals and labor. With these inputs, the land will yield 40 bushels of wheat per acre. Instructions: Enter your answers as a whole number. a. If the price at which wheat can be sold is $7 per bushel and if farmers want to earn a normal profit of $10 per acre, what is the most that any farmer would pay to rent your 20 acres? $ b. What price would the farmer pay to rent your 20 acres if the price of wheat rises to $8 per bushel? LA
6. lego spider city concity is conventioal city with diminishing returns to building height and vertical transportation in elevator within buildings. when an innovation in construction allows stackable buildings(no additional reinforcement is required for taller buildings) the city changes its name to legocity. when workers acquire new climbing skills and are able to rappel up and down the outside of the buildings, the city changes its name to legospidercity a. draw a trio of isoquuants for concity, legocity and legospider city. b. rank the tree cities with respect to the willingness to pay for land close to the city center.
MANAGERIAL ECONOMICS 1. Describe the scope of the material Managerial Economics and explain what benefits can be obtained by understanding Managerial Economics; Explain the meaning of Company Value and how to calculate the value of the company as long as the company is still actively operating? Give an example of another case related to the benefits of studying this course! 2. The relationship between the concepts and measures of Total, Average, and Marginal is very important in Optimization Analysis; the relationship is basically the SAME, whether for Revenue, Production, Cost or Profit;Explain the meaning of the three economic concepts and their dimensions in a comprehensive manner and the behavior of the relationship between the three, it is more desirable if accompanied by a graphic example.
4. For each scenario below, determine which challenge of measuring the true cost of living-quality improvements, new products, or substitution bias-a price index constructed 15 years ago would experience. a. A typical family owns more cell phones and fewer landline telephones than it did a decade ago. The average price of a cell phone plan is lower than that of a residential line. b. Very few households had high-speed internet connections 15 years ago. Now most households do and the average price has fallen each year. c. Over the last 10 years, personal computers have gotten faster and acquired many new features that enable users to perform many more tasks.
7. Comparative advantage and import competition The Czech Republic joined the European Union (EU) in the early 2000s and began to face intense import competition from other EU members, such as France. Suppose you have the following data on labor productivity for paper and corn production in the Czech Republic and France. Assume that paper and corn production are measured in constant dollars reflecting the value of the products. Use the Ricardian model to analyze possible effects on each country's paper and corn industries when answering the questions that follow. Country The Czech Republic France Sales per Employee Paper (Dollars per year) 39,000 78,000 The table suggests that France has an absolute advantage over the Czech Republic in Corn (Dollars per year) 19,500 31,200 The table suggests that wages in the Czech Republic are True False As a result of the Czech Republic's joining the EU, employment in the Czech Republic is likely to fall in in France. True or False: The degree of…
5. Costs in the short run versus in the long run Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Qequals the total quantity of bikes produced by all factories.) Number of Factories Q = 50 1 180 2 270 3 360 AVERAGE TOTAL COST (Dollars per bike) 400 360 320 280 240 Suppose Ike's Bikes is currently producing 50 bikes per month in its only factory. Its short-run average total cost is 200 per bike. Suppose Ike's Bikes is expecting to produce 50 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using 160 On the following graph, plot the three SRATC curves for Ike's Bikes from the previous table. Specifically, use the green points…
1. The farmer produces 115 pounds of oranges at a total cost of $1.38 per pound. He sells all of the oranges to Firm F for $1.71 per pound. Firm F produces 60 gallons of orange juice at a total cost of $3.81 per gallon (including the amount paid to the farmer for the oranges). Firm F sells 55 gallons of juice to consumers for $5.71 per gallon There are no other firms in this simple economy. What is the value added by Firm F? Enter a whole number with no dollar sign. 2. A farmer grows wheat and sells it to the miller for $1.25. The miller turns the wheat into flour and sells it to the baker for $2.00. The baker turns the flour into bread and sells it to consumers for $3.80. What is the value added by the baker? Group of answer choices $3.80 $7.05 $1.80 $0.55

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