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- Microeconomics 2 - Factor Market - Pareto Optimum Consider an economy in which only 2 factors are capital (K) and labor (L) whose total supply is 100 labor and 100 capital. They are used by only firm that produces only 2 final goods X and Y. The technology describing the production process of each of goods is described by the following production functions: X = 5 Lx + 3 Kx and Y = 1/3 Ly Ky It’s known that the factors have been allocated in such a way that the initial endowment is: Kx = 75; Lx = 85; Ky = 25 and Ly = 15. With these data we ask: Obtain the contract curve corresponding to the production of this economy. Does the starting point constitute a PARETO OPTIMUM? Represent the available information in an Edgeworth Box. Obtain the production possibilities frontier (PFC) curve. Locate the initial endowment THANKS :DThe information on three different technologies named as q, v and x is listed in the table below. Note that all of these technologies use different combinations of two types of factors of production, labor and capital, to produce 1000 units of output. Consider the first scenario where the per unit prices of the inputs, labor and capital are $50 and $25 respectively. Technology No of Labors Capital (tons) Cost value ($) A 10 50 B 30 20 C 50 10 Now imagine that a discovery has been made which has led to labor advancements leading to a reduction in per unit price of labor to $10, ceteris paribus. Which technology will a typical firm adopt under these changed circumstances and why? Using the value of costs found, what is the value of the economic rent for this firm?Class Activity •Choice land has 250 workers and produces only two goods, X and Y. Labouris the only factor of production, but some workers are better suited to producing X than Y (and vice versa). The Table below shows the maximum levels of output of each good possible from various levels of labout input a)Draw the production possibilities boundary on a scale diagram, with the production of X on the horizontal axis and the production of Y on the vertical axis. b)If the economy is producing 20 units of X and 800 units of Y, what is the opportunity cost of producing an extra 10 units of X
- In your "toast" production function, you used your labor and a toaster as capital. Keeping capital constant, i.e., with only one toaster if you keep adding the labor, i.e., bring your friends to help you with making toasts, which of the following might happen? Group of answer choices Marginal returns to labor will be a constant. Marginal returns to labor will keep decreasing and, after a point, it will become negative. Marginal returns to labor will keep increasing. Marginal returns to labor will keep increasing and then be a constant.I was running my ten-oven cupcake business last week. On Monday through Wednesday, employed 71 workers and we produced 50,000 cupcakes each day. On Thursday, I hired an additional worker (the 72nd) and my total daily output fell to 49,500 cupcakes. I concluded the 72nd worker was a trouble-maker and I promptly fired her. Having studied economics, you know there's a problem with my interpretation of what happened. Carefully and fully explain the mistake in my reasoning.A Korean BBQ restaurant has four workers for washing jobs: Dane, June, Park, and Pola. Each works eight hours a day and can produce two washing services: washing rice bowls and washing grill racks. . In an hour, Dane can either wash 100 rice bowls or wash 20 grill racks; June can either wash 130 rice bowls or wash 50 grill racks; Park can either wash 150 rice bowls or wash 15 grill racks; and Pola can either wash 100 rice bowls or wash 25 grill racks. Graph the production possibilities frontier over one day for this restaurant. In the graph, you must identify the points where transfer of a worker from one job to another starts to take place, by showing the coordinates of the points. You must take into account the fact that every worker works eight hours a day. Please show me how to graph in excel
- A Korean BBQ restaurant has four workers for washing jobs: Dane, June, Park, and Pola. Each works eight hours a day and can produce two washing services: washing rice bowls and washing grill racks. . In an hour, Dane can either wash 100 rice bowls or wash 20 grill racks; June can either wash 130 rice bowls or wash 50 grill racks; Park can either wash 150 rice bowls or wash 15 grill racks; and Pola can either wash 100 rice bowls or wash 25 grill racks. Graph the production possibilities frontier over one day for this restaurant. In the graph, you must identify the points where transfer of a worker from one job to another starts to take place, by showing the coordinates of the points. In answering this question, you must take into account the fact that every worker works eight hours a day.Consider the product mix problem summarized in the table with 3 products (A, B, and C) and 5 types of resources (1,2,3,4,5). There may be multiple workers working in parallel for each resource. Assume that all workers have 8 hours per day. The number of workers in each resource and the times required for each activity (product) in each resource are given in Table 1. Work stations 1 2 3 4 5 Number of workers 5 4 4 6 8 Table 1 process times for sub products Activity time for A (Min/Unit) 5 3 15 0 10 Activity time for B (Min/Unit) 5 4 0 4 10 Activity time for C (Min/Unit) 5 5 0 3 10 1) For the given setting answer the following questions: a. What is the maximum flow rate if demand must be served in the mix determined by the demand rate (7 units of A, 5 units of B, and 4 units of C)? b. What is the bottleneck workstation, c. What is the utilization of workstations?Please try to solve complete in 2 hours
- The following table shows different combinations of labor and capital that can produce 400 units of output. The 3rd and 4th columns give the marginal products of labor and capital at each input combination. Suppose the wage rate is w=$1 and the price of capital is r = $5, what is the optimal input combination that produces 400 units at lowest cost? Marginal Marginal Product of Product of Labor Capital Labor Capital 10 2 80 400 2 10 400 80 4 5 200 160 5 4 160 200 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a L=10, K=2 b L=2, K=10 C L=4, K=5 d L=5, K=4According to the fallacy of composition, "What is true for one is not true for all." Select one: True FalseDavid Ricardo ([1817] 1965) modified Smith’s model by introducing diminishing returns to land cultivation. Diminishing returns implies that as you apply more of a variable input (labor) to a fixed input (land), the productivity of each additional worker will eventually decline as long as technology isfixed. He claimed that land was of variable quality and finite. Thus, as an economy grows, population grows relative to land, and the productivity of the labor on the land will decline. According to Ricardo, the only way stagnation could be averted, at least temporarily, would be through the trade and imports of cheap food or wage goods. The essential doctrines of John Stuart Mill (1848) differed little, if at all, from those of Ricardo. He, like Smith, believed in the doctrine of laissez-faire , but he also recognized the possibility of modifying the system. He displayed a leaning to the socialist ideal, growing closer as his life advanced. He believed that we should sacrifice economic…