If labor productivity for the first quarter was 575.4 and then when we calculate it for the next quarter it is 547.5, which statement best describes what this might mean? (note the units for this are deliberately left off to make sure you understand the meaning of productivity) The productivity drop signifies a cost drop and more efficient use of resources and is positive news Our productivity dropped, perhaps through lower output and is not a good sign
Q: Determine the adverse macroeconomic consequences that a government faces when it maintains a…
A: A budget deficit occurs when spending exceeds income, and it represents the strength of a nation's…
Q: Question 3.For a two-person two goods exchange economy, provide a formal definition of a barter…
A: In economics, the barter system is considered as the prior type of making an exchange at the…
Q: 6. Assume a perfogly competitive firm incurs a total cost of $10,000, marginal cost of $38, and…
A: Profit refers to the amount of revenue earned over and above the total cost that a producer or…
Q: 7. The Phillie Phanatic always eats his ballpark franks in a special way- I foot-long dog together 1…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first three sub part of the…
Q: A man wishes his son to receive P250,000 ten years from now. What amount should he invest if it will…
A: The present worth technique is very famous in industry since every single future expense and incomes…
Q: Emily regularly works from 8:00 am to 5:00 pm. Because of an emergency in the workplace, she worked…
A: Given: Working hours of Emily - 8:00 AM to 5:00 PM = 9 hours In case of an emergency on christmas…
Q: In 2012 the nominal value for household spending on clothing and shoes was equal to $5013m and in…
A: To monitor inflation, a nation's prices for a variety of products and services are recorded in the…
Q: Suppose apartments are in four locations: Location A, Location B, Location C, and Location D.…
A: The opportunity cost of a specific activity is the value or benefit surrendered by engaging in that…
Q: Which of the following parties will suffer if the value of the US dollar decreases? Group of…
A: Devaluation is the process through which a currency loses value when measured against other…
Q: 14. A government increase government spending in an economic recession. Fiscal policy in that case…
A: When the government increases the government spending during the recession then the government…
Q: Two types of cars (Deluxe and Limited) were produced by a car manufacturer last year. Quantities…
A: Given information There are two types of cars, i.e., Deluxe and Limited, produced by a car…
Q: According to the equation, sales (Y, measured in $1,000 per month) and advertising (X, measured in…
A: Given Sales Y, measured in $1000 per month Advertising X, measured in $1000 per month Equation…
Q: 8 Asseme there are 2 countries peroducing apples and oranges. Each country has many workers. The…
A: The table shows the necessary hours needed to produce one unit of each good. A B Apple 8 10…
Q: Suppose Malcolm has determined that his marginal utility schedules for used CDs paperback books (PB)…
A: The utility is maximized where marginal utilities derived from per dollar are same across the goods.…
Q: R. Price $3 $4 $5 $6 $7 $8 Quantity Demanded 85 80 75 70 65 60 Quantity Supplied. 72 73 75 7 79 1 77…
A: An economy achieves its equilibrium at the point where quantity demanded gets equal to quantity…
Q: In a competitive constant cost industry with identical firms and free entry, long run producer…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Reduced availability of money will result in: A, a reduction in investment in the medium run B. an…
A: The total amount of money as well as other liquid assets in an economy on the measurement date is…
Q: Assume a drought in the Great Plains reduces the supply of wheat. Noting that wheat is a basic…
A: Given: >Drought reduces the supply of wheat >Wheat is an input for bread >Bread and…
Q: Player 1 and player 2 are playing a simultaneous-move one-shot game, where player 1 can move "up" or…
A: A game in which players can randomly choose a particular action with a certain probability is called…
Q: If you borrowed $100,000 for one year at an interest rate of 10% and inflation was 20%, then: The…
A: According to the Fisher equation,Real interest rate = Nominal interest rate - Inflation rate
Q: R8
A: Labor Force: The Labor force includes all those people who are currently working and/or in search…
Q: Why is credit so important to our economy? Can the economy function without credit
A: Banks acquire from resident and rent it out as credit to assembling which is the principal job of…
Q: If the marginal cost is $33 and the marginal income is $56, what is the value of the marginal profit
A: Given, The information in the question above is: Marginal cost = $33 Marginal revenue = $56…
Q: Consider the following Stackelberg duopoly. Both firms produce differentiated goods. For form 1, the…
A: Stackelberg duopoly is a model in which leader can make first move and follower can make other one ,…
Q: how to find the oppotunity cost if given the PPF equation => 9x^2 + y^2 = 81; which we must find the…
A: Introduction Production possibility curve shows all the production possibility of producing two…
Q: The U.S. and Mexico both produce vehicles and tons of plastic, which are sold for the same price in…
A: The opportunity cost is time spent contemplating and that cash to spend on something different. A…
Q: 4. Inflation and interest rates The following table shows the average nominal interest rates on…
A: Nominal interest rate alludes to the interest rate prior to considering expansion. Nominal can…
Q: Suppose demand for a product is Q = 100 - P and that the product's marginal cost is equal to average…
A: Monopoly exists when there is a single vendor and a big number of buyers. Monopolies have market…
Q: 19. Which of these statements is true according to the Keynesian (post-Keynesian) view a. Increases…
A: Keynesian believes that demand management is key to restore equilibrium in the economy. The economy…
Q: Pizza subs S The producer of pizza is able to get tomatoes for half the regular price. What will be…
A: Meaning of Demand and Supply: The term demand refers to the willingness of an individual to…
Q: What will the value of spending be if you had $1300 in savings and $2250 in income
A: Given, Income (Y) = $2250Saving (S ) = $1300
Q: So what was the economic growth neoclassical growth model
A: While economic expansion is characterized as an increase in people's real income, it means that the…
Q: the demand curve for a monopolist is 2p=100-q find total revenue average avenue and marginal…
A: Given the demand curve for a monopolist, 2p=100-q First we find the Total revenue (TR), TR=p×q
Q: Consider the following production function: f (A, B) = gamma multiply A^alpha multiply B^Beta. where…
A: We are going to use function separability theorem to answer this question.
Q: To earn the maximum amount of points, I recommend responding in a 150 to 200 word response. Check it…
A: 1. There will be a temporary closing of three U.S truck assembly plants of the Ford Company to help…
Q: When bakeries produce sliced bread, they also produce bread crumbs. Bakeries sell the sliced bread…
A: A shift in the supply curve and an adjustment to supply result from a change in the price of a…
Q: 1. What happens to the reservation wage if non-labour income increases and why? 2. What economic…
A: Disclaimer- “Since you have asked multiple question, we will solve the first question for you as per…
Q: Please elaborate on the sequence of actions that must take place for expansionary and contractionary…
A: Monetary policies are typically utilized to create short-term economic stability, they also have a…
Q: 5 What is GDP?
A: We know that Gross domestic product(GDP) is macroeconomics term having very broad meaning.…
Q: The figure shows the flows of expenditure and income in an economy. In 2013, Uwas $1.0 trillion,…
A: We are given that U (G) = 1 trillion (Government spending) V = 2.5 trillion ( Private Saving) W or…
Q: D4
A: There are three types of system in the economy. These systems are market system, command system and…
Q: Question 1: Suppose that the demand and supply curve for wheat (measured in million bushels) in the…
A: As given Demand : Q = 3000 - 300P Supply : Q = 1900 + 200P Market equilibrium is that condition…
Q: 09.
A: Given, time available per day = 500 minutes Daily demand = 157 parts per day Set up time = 6 minutes…
Q: To derive the demand curve for a firm for one of the several variable factors, the following must be…
A: Since you have posted multiple questions, we will answer the first question for you. If you want any…
Q: Gives explanation correctly
A: Price elasticity of demand The quantity demanded of a good or service divided by the percentage…
Q: Give four (4) economic activities that generate both positive and negative externalities
A: An externality is a positive or negative side effect of production or consumption in economics. It…
Q: Brainstorm common items that you think consumers pay too much for or that you think are overpriced…
A: Given data Scarcity- When a commodity or service is scarce, there is a larger demand for it than…
Q: The market for cruises is at its market equilibrium when two events occur: cruise companies increase…
A:
Q: Market: Airline Industry Scenario: To combat recessionary fears, the government announces stimulus…
A: In essential terms, a downturn/recession is a point at which the economy's exhibition diminishes for…
Q: 2. Which of the following variables is independent of the choice of base year? a. Nominal GDP b.…
A: In the calculation of an index, a base year is chosen to enable inter-year comparisons.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A company produces children's toys. The manager noticed the connection between the number of employed workers and the quantity of toys produced per month, which are presented in the table of following: a) In what period is this firm operating? Why? b) What is the average product when 5 workers are employed? c) What is the marginal product when 7 workers are employed? What does this value mean? d) Does the law of declining marginal income apply? If yes to which worker? e) In this production function do we have total declining revenues? If so, which worker happens? f) Graph the curves of total product (TP), marginal product (MP) and product average (AP).What is the real average hourly earnings for 1965 in 2010 dollars equal to?MCQ 45 Suppose the production function exhibits constant returns to scale, with diminishing marginal productivities for both capital and labour. For this function, we would expect a fall in employment and an increase in the capital stock to generate: A a fall in the marginal product of labour and a fall in the marginal product of capital I do not want to answer this question. a fall in the marginal product of labour, but the change in the marginal product of capital can't be determined from the information provided D a rise in the marginal product of labour and a fall in the marginal product of capital E a rise in the marginal product of labour and a rise in the marginal product of capital F a fall in the marginal product of labour and a rise in the marginal product of capital
- Draw an isoquant representing Y = 140 for each of the following cases where L denotes number of workers and K denotes units of capital. A. Y = Min (2L, 7K). Find the TRS at L = 80 and K = 20 B. Y = 2L + 7K. Find the TRSPlease provide the excel formula because I am not understanding what I'm doing wrong with the gradient and percentages. Thank you.Question 17 The average product of labour is the output per employee often in table 17.1 to answer the question below. Table 17.1 Output units 1000 2 500 6 000 7 000 8 000 C) d) Number of employees 10 20 30 50 As the number of employees increases from 10 to 50 the a) Is constant b) Falls then rises Rises Falls
- Marginal Product Average Product of Labor Units of Total Labor Product of Labor 4 16 5 6. 120 30The data in the table below represents Total product (TP), for an agri-business involved in potato production. Capital (fixed factor) Labor (variable factor) Output(units) or Total physical product (TPPL) Average physical product (APPL) Marginal physical product (MPPL) 10 0 0 0 - 10 1 7 7/1 = 7.00 7 10 2 20 20/2 = 10.00 13 10 3 39 39/3 = 13.00 19 10 4 55 55/4 = 13.75 16 10 5 66 66/5 = 13.20 11 10 6 70 70/6 = 11.67 4 10 7 70 70/7 = 10.00 0 10 8 67 67/8 = 8.38 -3 At what point do diminishing marginal returns set in? And using the values of AP and MP obtained from part (i), plot the graphs of TP, AP and MP being careful to fully label the graph and explain briefly the law of diminishing marginal returns from your computation. How does the hypothesis of diminishing returns (MP& AP) influence the behaviour of costs (MC& AC)?Is it possible to increase the labor productivity in a given production process which exhibits diminishing returns to labor? If so, how? Explain with a graph
- Weekly production for a potter varles with the number of workers employed, as shown in the table below. Number of workers 1 2 3 4 5 Total product (units of pots) Marginal product Average product 0 90 360 486 540 435 90 90 a. Enter the values of marginal product, when adding each worker, in the table above. Include a minus sign (-) when entering any negative values.Labo r (wor kers) 0 1 2 3 4 5 Total product (units) 0 14 19 Marginal product 3 3 Ave rage prod uct 4.5 The above (incomplete) table provides information about the relationships between labor and various product measures. The provided information should be enough to recover the missing information in the table. Fill in the blank with the correct numbers for the Total Product Column and the Marginal Product Column. After completing the table, you find that the amount of labor that maximizes the marginal product of labor is units of labor. Without calculating the Average Product, just use what we learned in class about the relationship between MP and AP, the average product of the fourth unit of labor should be (>,=, or <) the marginal product of the fourth unit of labor.Problem 1 Cefel Furniture is a small furniture shop that focuses on making kitchen chairs. The weekly wwww ww dollar value of its output, including finished goods and work in progress, is 14,280. The value of inputs,such as labor,materials, and capital, is approximately 16,528. Compute the total productivity measure for Cefel Furniture. wwww Problem 2 Cefel has just purchased a new sanding machine that processes 17 chairs in 8 hours. What is the www productivity of the sanding machine? Problem 3 Cefel has hired two new workers to paint chairs. They have painted 10 chairs in 4 hours. What is www their labor productivity? Note that all the problems are connected.