In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The cost and output structure that the firm faces is shown in the table below. Assume the product price is $6. a. Calculate the marginal revenue product and the marginal resource cost, and then fill in the blanks in the labor supply table. Instructions: Enter your answers as a whole number. Marginal Revenue Marginal Resource Units of Marginal Product Labor Total Product Wage Rate Total Labor Cost Product (Labor) Cost 10 400 $9 $90 11 416 16 192 12 132 42 12 430 14 210 15 180 48 13 442 12 216 18 234 54 14 452 10 210 21 294 60 15 460 8 192 24 360 66 b. What are the equilibrium wage rate and level of employment? Equilibrium wage rate = $ Equilibrium level of employment workers

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Q: Marginal product curve, mathematically is the slope of which curve?

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Q: What are the firm's average total costs at an output of 10 pizzas? $12 O $100 $10 $120

A: Average total cost is the per cost of the goods and services so here we can choose the correct…

Q: Year CPI 2017 175 2018 180 Table 1 8. Suppose that the data in the Table 1 above reflect price…

A: here we can choose the correct option by calculating the inflation which are as follow-

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A: Here we calculate the future amount by using the formula which are as follow-

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Q: Do answer quickly asap

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A: Consumer surplus occurs when the price consumer pay for the goods and services is less than they…

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A: we can calculate the national income by using the above figures as follow-

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A: we can draw the graph and solve the equation as follow-

Q: Write a short note on monopoly market structure

A: A market structure which is characterized by a single seller is known as monopoly market structure.

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A: # With the production of an additional unit, the cost we come across is the marginal cost and…

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A: # Demand curve is downward sloping showing the negative relationship between price and demand.

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A: According to the given question a) The price elasticity of supply when the supply curve passes…

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A: Inflation is usually defined as an increase in the total price level or the cost of living in a…

Q: True/False When Total revenue is maximum then Marginal revenue is 0

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A: here we can find the answers by using the the table which are as follow-

Q: 5 Why Does the Demand Curve Slope Downwards to the Right?

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A: government spending increases the consumption and consumption increases the GDP so we can calculate…

Inflation and Purchasing Power Theory

In economic terms, Inflation refers to the increase in the costs of various commodities which are used in daily lifestyle like food, clothes, transport, etc. over a specific time. It may lead to a fall in the purchasing power of the people and also affects the exchange rate of the currency because of the price increase. As the purchasing power falls the unit of the currency in the economy falls. When the prices of the commodities are decreased, then the purchasing power of the consumers will rise, then it will lead to deflation and changes the currency of the base economy to that of the foreign economy which will lead to change in exchange rates.