does not support all öf247. Describe three ways that human specialization contributes to society's output.doing, time, and differences8. What advantage does a money economy have over a barter economy?9. A firm has the choice between producing product A, B, or C. In producing the products the firm facesa weekly cost of $10 for product A, $130 for product B and $200 for product C. The prices receivedfor each product at different quantities are listed in the table below.ProductProductProductProfitProfitProfitOutputACAC$3.00$15.00$35.00151.259.0010.00(а)(b)profit?Compute the firm's profit for A, B, and C and enter this data into the table.Which product will the firm choose to produce and how much output will maximize10.Assume that a firm can produce product A, product B, or product C with the resources it currentlyAssume for the purposes of thisemplovs These resources cost the firm a total of $100 per week194%D 回Type here to searchPoUpPrtScnF8HomeEnd

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7. Describe three ways that human specialization contributes to society's output. doing, time, and differences

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Question

does not support all öf
2
4
7. Describe three ways that human specialization contributes to society's output.
doing, time, and differences
8. What advantage does a money economy have over a barter economy?
9. A firm has the choice between producing product A, B, or C. In producing the products the firm faces
a weekly cost of $10 for product A, $130 for product B and $200 for product C. The prices received
for each product at different quantities are listed in the table below.
Product
Product
Product
Profit
Profit
Profit
Output
A
C
A
C
$3.00
$15.00
$35.00
15
1.25
9.00
10.00
(а)
(b)
profit?
Compute the firm's profit for A, B, and C and enter this data into the table.
Which product will the firm choose to produce and how much output will maximize
10.Assume that a firm can produce product A, product B, or product C with the resources it currently
Assume for the purposes of this
emplovs These resources cost the firm a total of $100 per week
194%
D 回
Type here to search
PoUp
PrtScn
F8
Home
End

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7. After receiving good reviews for her work at a series of art shows, Jean Rodin considers quitting her job as a management consultant to pursue full time her hobby of sculpting. Jean figures that she can sell $100,000 worth her art each year. She found a studio that she can rent for $2,000 per month and know that materials will cost her $20,000 per year. She now earns $90,000 per year. If her calculations are correct, Jean's annual economic profits from the venture will be. a) $80,000 b) $56,000 c) $10,000 d) -$34,000
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Please explain the answer:
(1) Specialization increases productivity which results in a De creasing revenue increasing b с d. asing marginal retums increasing opportunity increasing costs marginal output.
7. Which of the above figures represents economic growth caused by an improvement in the technology of producing product of both X and Y? a) FIG A b) FIG B c) FIG C d) FIG D
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1. Production Possibilities Country X is faced with the following output combinations for capital goods and consumer goods. Capital Goods Option ABCDE 8000 16000 24000 32000 Consumer Goods 220000 200000 160000 100000 Complete parts a, b, c, and d. a. Graph the production possibilities curve for Country X with capital goods on the x-axis and consumer goods on the y-axis. b. Does the Law of Increasing Opportunity Costs hold for this example? Explain why or why not. c. As you move from point B to point C, what is the cost of one more consumer good? d. If Country X wanted to experience higher levels of economic growth over the next few years, would they be better off choosing option B (a combination of 8000 capital goods and 200,000 consumer goods) or option D (a combination of 24000 capital goods and 100,000 consumer goods)? Explain.
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