Please give me the right answer. Thank you so much 2. Optimal choice of capitalAa Aa EAlyssa makes sweaters in her home. She started with just some knitting needles and yarn and was able to knit 55sweaters per year. Now some local stores have expressed interest in her designs and have offered to buy her sweatersfor $30 each. This makes it worthwhile for her to invest in some capital; in particular, she could produce many moresweaters if she invested in one or more looms, as shown in the following table.Quantity of Input(Looms)0123452345Output(Sweaters per year)55105150190225255МАЛЛАMPP of Each LoomMRP of Each LoomCalculate and enter the marginal physical product, as well as the marginal revenue product, of each loom in the previoustable. Suppose that the market for looms is a perfectly competitive resource market. If her marginal factor cost (MFC) isconstant at $1,100 per year, Alyssa should usetwo loomsthree loomsfour loomsone loomAlyssa might be considered a monopsonist if:She has to buy looms at a price greater than their marginal revenue product.She is the only buyer of looms.She is the only seller of sweaters.

Marginal product measures the change in the total product due to a change in input by one unit,…

Alyssa makes sweaters in her home. She started with just some knitting needles and yarn and was able to knit 55 sweaters per year. Now some local stores have expressed interest in her designs and have offered to buy her sweaters for $30 each. This makes it worthwhile for her to invest in some capital; in particular, she could produce many more sweaters if she invested in one or more looms, as shown in the following table.

Alyssa makes sweaters in her home. She started with just some knitting needles and yarn and was able to knit 55 sweaters per year. Now some local stores have expressed interest in her designs and have offered to buy her sweaters for $30 each. This makes it worthwhile for her to invest in some capital; in particular, she could produce many more sweaters if she invested in one or more looms, as shown in the following table.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter7: Economies Of Scale And Scope

Section: Chapter Questions

Problem 7.5IP

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