51 4. Calculate the marginal product of hiring the 6 55 fourth worker and the fourth worker's value of marginal product. How many workers will Kaiser's hire to maximize its profit and how many milkshakes a day will Kaiser's produce? If the price of a milkshake rises to $5, how many workers will Kaiser's hire? 5. 6.

Q: What is economy type does the United States have?

A: The U.S. is highly developed country and has a mixed economy. The U.S. economic system features…

Q: What is opportunity cost?

A: "In economics, cost refers to the value of money that is spent in order to produce a good." Costs…

Q: Does optimal use of an input (such as labor) mean maximizing average output (per unit of input)?…

A: If economics is concerned, the answer is surely no, though it is yes to some technical sense.

Q: What are the four factors of production?

A: Factors of production: - factors of production are the resources used to produce goods and services.…

Q: choice arise out of scarcity

A: Scarcity- Wants of people are more than availability. Scarcity is the gap between limited resources…

Q: what is the potential opportunity cost of watching a lot tv show.

A: If a lot of television is watched, then it reduces the time available for other activities, for…

Q: Explain what is the three methods of linking theory and analysis?

A: Theories: It refers to the big ideas that help in solving the various kind of problems in the…

Q: A Fun-Size bag of M&M's contains 4 green, 3 red, 2 yellow, 3 orange, 4 blue, and 2 brown candies.…

A: Introduction: Probability is the state of being able to do something. It's a field of mathematics…

Q: What is opportunity cost and how can this concept be applied in real life?

A: In economics, opportunity cost is an important concept to study as it has significance in making…

Q: you must make decision for one choice, could you discuss what economic principles or concepts that…

A: Consumers' preferences of goods and services are at the heart of economics. Market forces decide the…

Q: What does ceteris paribus means?

A: Economics means the condition of a group regarding its material prosperity.

Q: Can you give an specific example that includes two economic terms?

A: Economic terms refer to specific words and phrases that have specific meanings within the field of…

Q: Is there a pattern in opportunity cost changes?

A: Opportunity cost is a micro economics concept refer to the lost of the potential benefit for an…

Q: Opportunity costs exists only for durable goods? Explain if it’s correct or not.

A: Economics is the branch of social science that deals with the production, distribution, and…

Q: What is opportunity cost and what is its significance. In my homework .

A: Opportunity cost refers to the usual cost next best foregone. It is the cost of something that has…

Q: Why should the economic decision be based on the objective of making the best use of limited…

A: Economic decisions are the decisions by economic agents in order to sort out problems related to…

Q: What are three basic economic questions?

A: Economics is the subject that studies how to allocate the limited resource between the unlimited…

Q: Name two types of scarcity

A: The two types of scarcity are- Relative scarcity Absolute scarcity

Q: “Scarcity is the fundamental problem that every nation in this world faces.”  What do you mean by…

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

Q: what is the difference between the concept of trade off and opportunity cost?

A: For the given question, the difference between trade offs and opportunity cost need to be discussed.…

Q: What is the major difference between microeconomics and Marcoeconomics.

A: Economics is categorised in two category microeconomics and macroeconomics. Individual and corporate…

Q: What do opportunity costs represent?

A: A trade-off is a situation, where making one choice or purchasing one good means losing the chance…