Economics Article from the Sydney morning ""Battlers exposed again as budget crunch nears" On March 29, 2014, Ross Gittins published an article on the Sydney Morning Herald "Battlers exposed again as budget crunch nears (Links to an external site.)". According to Gittins, which industry is the most heavily assisted within services? Group of answer choices a. secondary education b. tertiary education c. medical profession d. financial services

Economics Article from the Sydney morning ""Battlers exposed again as budget crunch nears" On March 29, 2014, Ross Gittins published an article on the Sydney Morning Herald "Battlers exposed again as budget crunch nears (Links to an external site.)". According to Gittins, which industry is the most heavily assisted within services? Group of answer choices a. secondary education b. tertiary education c. medical profession d. financial services

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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6.12 (Related to the Don't Let This Happen to You] in his autobiography, T. Boone Pickens, a geologist, entrepreneur, and oil company executive, wrote: It's unusual to tind a large corporation that's efficient. When you get an inside look, it's eany to see how inefficient big business realy is. Most corporate bureaucracies have more people than they have work.
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5.3 A column on barrons.com discussing General Motors (GM) made the following observation: "Even the seemingly variable' costs of hourly workers were made burdensome by union agreements whereby 95% of hourly workers' salaries were paid when they were laid off, turning variable labor compensation into a fixed cost." a. Aren't workers' salaries always a variable cost and not a fixed cost? Briefly explain the author's reasoning. b. Suppose that GM reduces its production of cars. Compare what happens to GM's average total cost production in a situation where (i) the company doesn't have this union agreement, and (ii) the company does have this agreement. Use a graph to illustrate your answer.
Hours 0 1 23 4 5 Hours 0 1 2 3 4 Quantity of Fish (Pounds) 0 5 10 Complete the following table with the marginal product of each hour spent fishing. Quantity of Fish Marginal Product (Pounds) (Pounds) 19 25 27 28 0 10 19 25 27 28 AAAAA
b. The Yorkshire Cricket Company makes cricket bats out of lumber supplied to it by Acme Sporting Goods, which pays Yorkshire £10 for each finished bat. Yorkshire's only factors of production are lathe operators and a small building with a lathe. The number of bats per day it produces depends on the number of employee-hours per day, as shown in the table below. Number of bats per day 0 5 10 15 20 25 30 35 Number of employee-hours per day 0 1 2 4 7 11 16 22 (i) If the wage is £15 per hour and Yorkshire's daily fixed cost for the lathe and building is £60, what is the profit-maximising quantity of bats? (ii) What would be the profit-maximising number of bats if the firm's fixed cost were not £60 per day but only £30? (iii) How would Yorkshire's profit-maximising level of output be affected if the government imposed a tax of £10 per day on the company? (Hint: This tax independent from the production level.) (iv) What would Yorkshire's profit-maximising level of output be if the government…
"The four factors of production are needed in an efficient market to provide goods and services at an affordable price at the right time, place and mix,"... "Missing the calibration of these factors can be disastrous for the supplier and consumer." The supplier may face higher costs of production, forcing them to charge a higher price to the consumer or risk going out of business.
Graph the following table. Number of Workers Total Output 0 0 1 20 2 60 3 150 4 260 5 350 6 420 7 455 8 420 9 375 10 300 What is the marginal product and average product at each level of production? Graph marginal product and average product. Label the areas on the graph of increasing marginal productivity, diminishing marginal productivity, and diminishing absolute productivity.
3. The company that you manage has already spent $8 million on developing a new product – awebsite that combines You Tube, Twitter, and Facebook – called You Twit Face. Thedevelopment is not quite finished. It will cost an extra $2 million to finish development andcomplete the product. Assume that this $2 million amount includes the explicit costs and anyopportunity cost that the company may have. At a recent meeting, your salespeople report thatthe expected sales of your new product (if you finish) are $6 million total. If you do not finishdeveloping the product you can sell the incomplete product to another company for $2 million. What is the MC of finishing the development? __________________ What is the MB of finishing the development? __________________ Should you finish the product? Why or why not? Use the idea of “thinking at the margin” toexplain your answer. Need details explanation
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