Consider the figure to the right. Suppose that Q₁ = = 8 acres and P₁ = $1,700 per acre. What is the dollar amount of economic rents received during the current period, and why is this amount classified as economic rents? The dollar amount of economic rents received during the current period is (Enter your response as a whole number) Price per Unit P1 E1 Q₁ Quantity of Land S D E

Consider the figure to the right. Suppose that Q₁ = = 8 acres and P₁ = $1,700 per acre. What is the dollar amount of economic rents received during the current period, and why is this amount classified as economic rents? The dollar amount of economic rents received during the current period is (Enter your response as a whole number) Price per Unit P1 E1 Q₁ Quantity of Land S D E

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Use the table below to answer questions about Benny: Total Revenue Cost of Lemonade Wages Interest $200,000 Please use dollar signs when answering: What is Benny's accounting profit? What are Benny's total implicit costs? $10,000 $4,000 $5,000 Benny the Lemonade Guy's forgone wages $80,000 Benny the Lemonade Guy's forgone interest $2,000 Economic depreciation $2,400 Normal profit $13,000
Your product sells for $5 per unit, labor costs $5 per unit, and the rental price of capital is $20 per unit. Complete the following table, and then answer the accompanying questions. (1) (2) (3) (4) 5 6 L K Q MPL P VMPK 0 5 0 1 5 10 2 5 30 3 5 60 4 5 80 5 5 90 6 5 95 7 5 95 8 5 90 9 5 80 10 5 60 11 5 30 b. Which inputs are fixed inputs? Which are the variable inputs?c. How much are your fixed costs?
part b please
Final answers must be in 4 decimal places. Analyn borrowed Php 5,000 from a bank and agreed to pay the loan at the end of 9 months. The bank discounted the loan and gave him Php 4,000 in cash. (a) What was the rate of discount? (b) What was the rate of interest? (c) What was the rate of interest for one year? Use only these formulas I=Pin F=P+I F=P+Pin F= P(1+in)
Consider a firm producing Smirnoff Mule which uses two inputs-machines and labor-to produce output (Q). The amount paid to a unit of machine input is called rent; on the other hand, the amount paid to the unit of labor is called the wage rate. If the wage rate is at P500/unit and the rent for the machine is at P1200/unit, given the following table: TABLE 2 Output 0 10 20 30 40 50 60 70 Machine Inputs 30 30 30 30 30 30 30 30 Labor Inputs 60 110 150 210 310 450 630 6. Compute for the firm's TV C, TFC, TC, AV C,AFC, AC, and MC. (Show your formulas).
Problem 18-01 (algo) Suppose that you own a 20-acre plot of land that you would like to rent out to wheat farmers. For them, bringing in a harvest involves $30 per acre for seed, $80 per acre for fertilizer, and $70 per acre for equipment rentals and labor. With these inputs, the land will yield 40 bushels of wheat per acre. Instructions: Enter your answers as a whole number. a. If the price at which wheat can be sold is $7 per bushel and if farmers want to earn a normal profit of $10 per acre, what is the most that any farmer would pay to rent your 20 acres? $ b. What price would the farmer pay to rent your 20 acres if the price of wheat rises to $8 per bushel? LA
Suppose that marginal product stayed the same while product price doubled in the table below. Total Marginal Product Marginal Units of Product Product Price Total Revenue Resource (Output) (MP) Revenue Product $2 $0 1 7 14 $14 13 6. 26 12 18 36 10 4. 22 4 44 8. 25 50 6. 6. 27 2 54 4 28 1 56 What would be the new values in the table? Total Marginal Product Marginal Units of Product Product Total Revenue Resource (Output) (MP) Price Revenue Product $0 1 3 4. 7 What would be the net impact on the location of the resource demand curve given below?
Q) You have two choices for how you are going to spend Saturday evening. You can go to the pub with your friends, which will cost you $30 for the evening. The pleasure you anticipate from this experience is worth $50 to you. Or you can go to the theatre The ticket will cost you $50, but you value the experience at $60. Based on this information, which of the following statements is correct? Select one: a. Based on economic rent alone, you would choose to go to the theatre. b. The opportunity cost of an evening at the theatre is $10. c. The economic cost of going to the pub is $30. d. The economic cost of going to the theatre is $60. e. The economic rent of going to the theatre is -$10.
Q3: what is the relationship between the marginal costs and the marginal product of a factor of production? Explain and graphically illustrate the typical course for these two sizes.
Exercise 1: • Assume we are selling a product for $2 each. • Assume that the variable cost associated with producing and selling the product is 60 cents. • Assume that the fixed cost related to the product (the basic costs that are incurred in operating the business even if no product is produced) is $1000. What is the BEP?
Your product sells for $5 per unit, labor costs $5 per unit, and the rental price of capital is $20 per unit. Complete the following table, and then answer the accompanying questions. (1) (2) (3) (4) 5 6 L K Q MPL P VMPK 0 5 0 1 5 10 2 5 30 3 5 60 4 5 80 5 5 90 6 5 95 7 5 95 8 5 90 9 5 80 10 5 60 11 5 30 b. Which inputs are fixed inputs? Which are the variable inputs?c. How much are your fixed costs?
Calculate the value of gross value added at factor cost with given information:- Sales = $200 Change in stock = $40 Purchase of raw material = $160 Subsidy = $10