At 8 workers, is MC rising or falling, and how do you know?Select one:a. At 8 workers, MC is falling since MP is rising.O b. At 8 workers, MC is rising since MP is falling.O c. At 8 workers, MC is rising since MP is rising.d. At 8 workers, MC is falling since MP is falling.

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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What is meant by comparative statics? Explain with an example. A. The effect of the best feasible choice, such as consumption, on its marginal cost. OB. A change in an outcome, such as consumption, that results from a change in a factor, such as the price. OC. Equilibria across multiple markets, such as labor markets, financial markets, and service markets. OD. Changes in net benefits when a person switches from one alternative, such as consumption, to another, such as no consumption
Only typed answer and please don't use chatgpt How does the market for inputs like labor differ from the market for goods and services? (Check all that apply.) Part 2 A. Firms are sellers in the market for goods and services, while individuals are sellers in the market for inputs. B. The demand for inputs is derived from the demand for final goods and services. C. Firms are buyers in the market for inputs, while individuals are buyers in the market for goods and services. D. The market for inputs resolves shortages and surpluses through government-supervised negotiations.
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8. If production is givén by Q=KL, doubling both inputs a. leaves output unchanged. b. increases output but does not double it. more than doubles output. d. exactly doubles output. C.
A person is a gig worker and can choose whether and how much he works each day. If he does work, his hourly wage is $20 per hour. Today he decides to work 8 hours. 1. He chooses point (enter A, B or C). 2. The value for W is| (enter whole numbers without the comma). 3. The value for X is 4. He consumes hours of leisure. Enter whole numbers without decimal points or dollar signs, e.g. enter $30,000 as 30000. Income/Consumption IC TC, 24 Leisure Today (hours) SO
Suppose that in the year 2015, Oceanaire, Inc. planned to produce 500,000 units of its lightweight scuba tanks. Of the 500,000 it planned to produce, a total of 30,000 units would be added to the inventory at its new plant in Arizona. Also assume that these units have been selling at a price of $250 each and that the price has been constant over time. Suppose further that this year the firm built a new plant for $5 million and acquired $3.0 million worth of equipment. It had no other investment projects, and to avoid complications, assume no depreciation. Now suppose that at the end of the year, Oceanaire had produced 500,000 units but had only sold 460,000 units and that inventories now contained 40,000 units more than they had at the beginning of the year. At $250 each, that means that the firm added $10,000,000 in new inventory. This year Oceanaire actually invested $ 18000000. (Enter your response as an integer.) Oceanaire planned to invest $ (Enter your response as an integer.)
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uestion 3 How will an increase in labor productivity affect equilibrium in the labor market? O The demand for labor will decrease because fewer workers will be needed to produce the same output. The equilibrium wage and quantity of labor will decrease. O The demand for jobs will increase and the equilibrium wage and quantity of labor will increase. O The supply of labor will increase and the equilibrium wage and quantity of labor will increase. O The demand for labor will increase and the equilibrium wage and quantity of labor will increase.

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At 8 workers, is MC rising or falling, and how do you know? Select one: a. At 8 workers, MC is falling since MP is rising. O b. At 8 workers, MC is rising since MP is falling. O c. At 8 workers, MC is rising since MP is rising. d. At 8 workers, MC is falling since MP is falling.