MANAGERIAL ECONOMICS5. In conducting studies to estimate market / demand forecasting, generally two types of data are used, namely “Time Series” data and “Cross-section” data or a combination of the two types of data; explain the meaning of the two types of data and the advantages/disadvantages of each!6. Explain what is meant by ISOQUANT? Next, explain the main characteristics of the isoquant curve and how to find the optimal point of production; Next, explain the meaning of the Production Economic Area which is depicted by a dividing line called the Ridge Line

5. In conducting studies to estimate market / demand forecasting, generally two types of data are used, namely “Time Series” data and “Cross-section” data or a combination of the two types of data; explain the meaning of the two types of data and the advantages/disadvantages of each!

5. In conducting studies to estimate market / demand forecasting, generally two types of data are used, namely “Time Series” data and “Cross-section” data or a combination of the two types of data; explain the meaning of the two types of data and the advantages/disadvantages of each!

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 38CTQ: Do you think that the taxicab industry in large cities would be subject to significant economies of...

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Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
What is a production function?
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!
MANAGERIAL ECONOMICS 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.
Please assist on answering the questions below (microeconomics expert)
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.
Question 9 a) Draw isoquant curves for an economic consulting firm that can always trade two mathematicians for seven economists and still keep the output constant. Put mathematicians on a vertical line the horizontal axis. a horizontal line an upward sloping straight line. an upward sloping curve which is not a straight line • An isoquant curve is 1Select Jan downward sloping straight me an downward sloping curve which is not a straight line L-shaped [ Select ] 0,-2/7,-3.5, -7, 2/7,'3.5, 7, infinite, not exist, none of the above • What is the slope of an isoquant curve at point (20,20)? • What is the slope of an isoquant curve at point (4,17)? [ Select ] 0,-2/7,-3.5, -7, 2/7, 3.5, 7, infinite, not exist, none of the above • What is the slope of an isoquant curve at point (4,12)? [ Select ] 0,-2/7,-3.5, -7, 2/7,3.5, 7, infinite, not exist, none of the above b) Draw isoquant curves for a mathematics department that requires exactly 3 cups of coffee per each mathematician to produce…
1.Explain how a firm uses resources price and value data to determine the appropriate combination of capital and labor resources to use in order to maximize profits. 2.how does this change when the firm want to produce a specific quantity of product with the least cost combination of resources? 3. if a software firm estimates that the MP of labor is 3 apps per month and the price is labor is $1100 per month, while the MP of capital is 5apps per month and its price is $2000, should the firm hire more labor and decrease its capital use or increase its use of capital and use fewer labor resources?
Economics 1. You collect the following production data for your firm: a. Which functional form (linear, quadratic, cubic) is most suitable to your data? Construct a scatter diagram but be sure to just do the dots; don't include the lines that connect them. Then, play around with the trendline feature and include what you consider to be the best trendline. b. Using OLS, estimate the firm's short-run production function. Comment on the strength of the regression results. c. Calculate the Q, AP, and MP for L= 8 workers. d. At 8 workers, is MC rising or falling, and how do you know? 301 2 1,436 6 632 3 69 1 1,813 9 1,078 1,961 5 7 797 4 1,869 11 2,353 10
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6. Relationship between returns to scale, isoquants, production frontiers, and cost curves The following graph shows two isoquants that represent the firm's production technology. One of the isoquants shows all of the possible combinations of labor and capital that can produce 300 units of output (q = 300), but you must determine the other isoquant's quantity given the information that follows. CAPITAL 100 90 80 70 60 50 40 30 20 10 0 0 10 20 30 40 50 LABOR 60 70 80 ¹9, = 300 90 100 Suppose the firm's production process exhibits decreasing returns to scale. Based on the graph, the level of output represented by the second isoquant is q2 =
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