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“Factor prices determine factor proportions used in production of goods in the H-O model.”
Explain with the help of a graph.
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- Economics Modify the Lewis model and assume that there is a strictly positive marginal product of labor in the traditional sector. Use figures with production functions in the traditional and the modern sectors to show what the equilibrium is when no one wants to move away from agriculture. What assumptions do you have to make about production functions to arrive at the conclusion that fewer people will end up in agriculture? Use the same starting point as in the above question. Derive the demand for labor in the traditional and in the modern sectors. Show graphically what the characteristics of the equilibrium would look like when no one wants to change sectors.1a) Define an isoquant and then explain what decreasing returns of scale implies. What happens to the isoquants on an isoquant map in such an instance? b) In general, changes in price and quantity depend on the amount by which the demand and supply curves shift, in which direction they shift and the shape of each curve. With this statement in mind, illustrate by drawing a single graph the new price and quantity at a new equilibrium when both curves shift to the right, but the shift in the demand curve is larger than the shift in the supply curve.Use of graph, when possible, is strongly encouraged. Answers should be typed, with no specific word limit, but should not be longer than required. Make sure you are explaining your answers clearly, precisely and concisely. Good luck! Define fixed and variable costs of production. Why do you think bigger firms may have a lower average total cost (ATC) than smaller firms? Explain. Define marginal physical product of labour (MPP) and the marginal cost of the product (MC). How are these two related? Why is MC called the mirror image of MPP? Explain. Why are firms called price takers in a perfectly competitive market? Why do different firms produce different quantities despite having the same price and MR curve in perfect competition? Explain. Being the only producer in a monopoly market, can a monopolist charge a very high price to maximize profit? Why, or why not? From a societal point of view, can we claim that perfect competition and monopoly are equally efficient? Why, or why not?…
- (This is a single question with five parts to the answer. I would appreciate help with all five parts if possible. Image screenshot of the original question with the formulas more easily readable than can be identified here is attached) Tech firms produce goods and services from labor and energy. The total cost in dollars to produce y amount of goods and services for each firm j is cj(yj) = yi2. There are 100 identical tech firms which all behave competitively. What is the individual supply of technological goods and services? What is the market supply of technological goods and services? Suppose the demand curve for these goods is D(p)=200-50p. What is the equilibrium price and quantity sold? How much is the total surplus of this economy? Now suppose that the industry makes a one-time investment for $K amount of dollars to innovate in a new technology of production that allows every firm to reduce its cost of production to a 1/4 fraction of the previous cost. What is the new total…please i need the answer for the graphIke's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) NOTE: PLOT POINTS PROPERLY AND write the x and y coordinates to each point after NOTE: Options to blank question is Suppose Ike's Bikes is expecting to produce 500 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using ______ (One factory OR two factory OR three factory)
- Suppose the local economy experiences an influx of both skilled and unskilled workers, what will happen to prices of goods and services? Group of answer choices Since this increases the supply of labor, prices and wages both decrease. Since this increases the demand for labor, prices and wages both increase. Since this decreases the supply of labor, prices and wages both decrease. Since this increases the marginal product of labor, prices and wages both decrease. A worker on a Texas oil rig is likely to earn _______ than a reception because _________. Group of answer choices less; the job has unattractive characteristics. more; the job is more fun. more; the job is more prestigious. more; the job is more dangerous. please answer two questionsConsider the labor market defined by the supply and demand curves plotted on the following graph. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. WAGE (Dollars per hour) 20.0 17.5 Supply 15.0 12.5 10.0 7.5 5.0 25 Demand 0 125 250 375 500 625 750 LABOR (Thousands of workers) 875 1000 Graph Input Tool Market for Labor Wage (Dollars per hour) 2.50 Labor Demanded (Thousands of workers) 875 Labor Supplied (Thousands of workers) 125 Complete the following table with the quantity of labor supplied and demanded if the wage is set at $12.50. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded Labor Supplied Wage (Thousands of workers) (Thousands of workers) Shortage or Surplus? $12.50 Suppose the federal government contemplates a new law that would create a…Consider the following production function: q = 9LK + 6L² – Assuming capital is measured on the vertical axis and labor is measured on the horizontal axis, determine the value of the marginal rate of technical substitution when K= 30 and L= 10. MRTS = -. (Enter a numeric response using a real number rounded to two decimal places.) 20 tv MacBook Air F6 FB 10 F3 23 2$ & з 4 6 7 8 { [ E Y U P D F G J K > C V N M command option - .. .- B
- Sorry, that is incorrect. The correct Production Data answer is: Workers Cars Washed Economics 11 = (96 - 85)/ (6- 5) Mentor 1. 10 24 Correct Answer: 11 3 45 4 68 5. 85 Okay, so at which worker is the marginal product of labor maximized? 96 7. 91 8. 80 Randall At the 6th worker At the 5th worker At both the 4th and 5th workers At the 4th worker Submit MacBook Air 寸Question You are the manager of a firm and you are required to optimize the Cobb Douglas function given the following parameters. The maximum amount of money available is$1600 where the price of K = 12 and the price of L=6. That is PK=12 and PL=6. The function is given as q=K0.4+L0.6. What is the constraint equation? a. none of the above b. 12K - 6L = 1600 c. 12K/6L = 1600 d. 12K+6L=1600
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