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- NoneThree college students are considering operating a tutoring business in economics. This business would require that they give up their current jobs at the student recreation center, which pays $6,000 per year. A fully equipped facility can be leased at a cost of $8,000 per year. Additional costs are $1,000 a year for insurance and $.50 per person per hour for materials and supplies. Their services would be priced at $10 per hour per person. a. What are fixed costs? b. What are variable costs? c. What is the marginal cost? d. How many student hours would it take to break even ?QUESTION 9 Oliver is writing CML assessment questions for two introductory economics courses at UQ (ECON1010 and ECON1020), and currently finds himself with a 4-hour period in which he can complete either task. Oliver's production possibilities curve for the next 4 hours is shown below. 16 ECON1010 (questions) 12 8 0 1 1 12 1 1 1 24 36 48 ECON1020 (questions) What is Oliver's opportunity cost of writing (producing) a single ECON1020 question? Answer to the nearest two decimal places. [a] ECON1010 questions.
- 1 Optimizing Production Efficiency: A Study on Production Possibility FrontierThe following table ilustrates alternative production techniques for producing 18 widgets that can be sold for $1 each for a total revenue of $18. 18 Techniques Price Per Unit of ( of Units of Each Resource Resource Resource Required) A Labor $2 3. 1. Land 2 Capital Entrepreneurship 4. 2 11 12 Using technique A will result in an Multiple Choice economic loss of $2 economic profit of $1 economic profit of $2 economic profit of $3 00ECN 210 Dr. M. Di Liberto Principles of Economics I: Microeconomics Worksheet - Chapter 2 Problem 1 Suppose there are three techniques for producing 1 wool blanket (Techniques 1, 2, and 3), as shown in the table above. а. Given the resource prices shown, which production technique would the firm use? Why? b. Suppose the firm can sell blankets for $26 each. Would the firm be profitable? c. Assume a new technique is developed that economizes on the relatively expensive labor. It requires 2 units of land, one unit of labor, 3 units of capital, and 1 unit of entrepreneurial ability. Would the firm adopt this new technique? d. Suppose the firm's cost of capital rises to $5, all other values being the same. Which technique would the firm now choose? Price per Unit of Resource Resources Required Resource Technique 1 Technique 2 Technique 3 Technique 4 Units Costs Units Costs Units Costs Units Costs Land $2 2 3 Labor $4 2 1 Capital Entrepreneurship $3 $5 1 2 3 1 1 1 1 Total Price per Unit of…
- QUESTION 2 After receiving an impressive commendation following a project, Ash realised the key to her inspiration and success was eating goji berries before starting her work. Ash can buy any number of kilograms of berries for $20 per kilogram. Ash gains a total benefit of $50 from consuming 2 kilograms of berries, and a total benefit of $65 from consuming 3 kilograms of berries. Which of the following statement(s) are true: There is insufficient information to determine the marginal cost of the third kilogram of berries. The average benefit of consuming the third kilogram of berries is $15. Ash should buy the third kilogram of berries because the marginal cost is less than the marginal benefit. The marginal benefit of consuming the third kilogram of berries is $15.Eleanor and her little brother Josh are responsible for two chores on their family's farm, gathering eggs and collecting milk. Eleanor can gather 18 dozen eggs or collect 6 gallons of milk per week. Josh can gather 2 dozen eggs or collect 2 gallons of milk per week. a. The family wants 2 gallons of milk per week and as many eggs as the siblings can gather. Currently, they collect one gallon of milk each and as many eggs as they can. How many dozens of eggs does the family have per week? (Click to select) ✓ dozen eggs. b. If the siblings were to specialized, which should collect the milk? (Click to select) c. If the siblings were to specialize, how many dozens of eggs would the family have per week? (Click to select) dozen eggs.QUESTION 7 Olivia and Susan operate a store that sells burritos. There are two main activities: chopping up the ingredients and then cooking the fillings for the burritos. Olivia and Susan are deciding who should chop the ingredients and who should cook the fillings in order to maximise output. Olivia Susan Chopped Food (kg/hr) 15 20 Cooked Food (kg/hr) 20 30 Which of the following statements are true: For Olivia, the opportunity cost of 1kg of cooked food is 1.33kgs (to 2 decimal places) of choppectood. For Susan, the opportunity cost of 1kg of cooked food is 0.67kgs (to 2 decimal places) of chopped food. Susan should specialise in chopping. Olivia has an absolute advantage in chopping.
