Hours Needed to Make 1 Unit of Sweaters Cakes Sweden 1 Iceland 5 4 2 8 units of sweaters and 10 units of cakes 24 units of sweaters and 15 units of cakes Refer to Table 3-3. Assume that Sweden and Iceland each has 40 labor hours available. If each country divides its time equally between the production of sweaters and cakes, then total production is 40 units of sweaters and 20 units of cakes Number of Units Produced in 40 Hours Cakes Sweaters 48 units of sweaters and 30 units of cakes 40 8 10 20

Hours Needed to Make 1 Unit of Sweaters Cakes Sweden 1 Iceland 5 4 2 8 units of sweaters and 10 units of cakes 24 units of sweaters and 15 units of cakes Refer to Table 3-3. Assume that Sweden and Iceland each has 40 labor hours available. If each country divides its time equally between the production of sweaters and cakes, then total production is 40 units of sweaters and 20 units of cakes Number of Units Produced in 40 Hours Cakes Sweaters 48 units of sweaters and 30 units of cakes 40 8 10 20

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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To answer, refer to the following: "At Huffy's ... bicycle factory, 1,700 employees turn out 15,000 bicycles a day. Five years ago, it required 2,200 workers to make 10,000 bikes daily." Today, at the Huffy bicycle factory, Multiple Choice O the total product is 15,000 bicycles per day. the marginal product of labor is 10 additional bicycles per additional employee. O the average product of labor is 8.8 bicycles per employees. both "the total product is 15,000 bicycles per day" and "the marginal product of labor is 10 additional bicycles per additional employee". both "the total product is 15,000 bicycles per day" and "the average product of labor is 8.8 bicycles per employees".
First graph the related points, shown in the picture, the part I am confused in doing is how to find the marginal product of each of the first four workers and what the marginal product of each of the second workers.I thought the first set would be 7 and the second set would be 5 but then I noticed I need to do it based on the graph.How would I get both questions via the graph?
70,0001 Norway 60,000 United States 50,000- Netherlands Denmark •. Germany France 40,000- :UK South Korea Jарan. Italy" • Spain 30,000- Greece Russia 20,000- Mexico Chile Turkey 10,000- 0. 6,400 6,500 6,600 6,700 6,800 6,900 7,000 7,100 7,200 7,300 7,400 7,500 Average annual hours of free time per worker According to the graph: Select one or more: а. UK workers have more free time than Greek workers. b. UK workers have lower GDP per capita than Spanish workers. O c. The relationship between GDP per capita and free time is downward sloping. d. US workers work longer hours than French workers. GDP per capita (USD PPPS)
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100 QUANTITY OF OUTPUT (Units) 90 80 70 60 30 20 10 8 1 2 3 4 5 6 7 LABOR (Number ofworkers) Refer to Figure 13-1. The graph illustrates a typical production function. O production possibilities frontier. Ototal-cost curve. 9 10
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