Don't use ai to answer I will report your answer Solve it Asap with explanation and calculation with all parts Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagrammust have all axes and curves clearly labeled and must show directional changes. If the question prompts youto "Calculate," you must show how you arrived at your final answer.A firm's short-run production function shows the relationship between the firm's input and output. Assume thefirm uses one variable input, labor, and one fixed input, capital. The following table shows short-run productionfunction for a firm that produces widgets.Quantity of Labor0Total Product016214324432539642(a) Calculate the marginal product of the sixth worker. Show your work.(b) Does the production function exhibit diminishing returns to labor? Explain.(c) When marginal product is falling, what happens to marginal cost?(d) On a single correctly labeled graph, draw the firm's short-run average total cost curve (ATC), averagevariable cost curve (AVC), and marginal cost curve (MC).<<

Answered: Include correctly labeled diagrams, if…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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so the given answer is erronous?
What is risk selection and discuss any 2 methods that can be used to eliminate this.
Please no written by hand solutions Consider a game between two friends, Amy and Brenda. Amy wants Brenda to give her a ride to the mall. Brenda has no interest in going to the mall unless her favorite shoes are on sale at the large department store there. Amy likes these shoes as well, but she wants to go to the mall even if the shoes are not on sale. Only Amy subscribes to the newspaper, which carries a daily advertisement of the department store. The advertisement lists all items that are on sale, so Amy learns whether or not the shoes are on sale by showing the newspaper to Brenda. But this is costly for Amy, because she will have to take the newspaper away from her sister, who will yell at her later for doing so. In this game, nature first decides whether or not the shoes are on sale, and this information is made known to Amy (Amy observes whether nature chose S or N). Nature chooses S with probability p and N with probability 1-p. Then Amy decides whether or not to take the…
Please answer the question Minimum 150 words How is it possible to measure the risk and consider the tradeoff risk return? (Time value of money)
A wheel of fortune in a gambling casino has 54 different slots in which the wheel pointer can stop. Four of the 54 slots contain the number 9. For a 1 dollar bet on hitting a 9, if he or she succeeds, the gambler wins 10 dollars plus the return of the 1 dollar bet. What is the expected value of this gambling game? What is the meaning of the expected value result?
Answer this question
T/F Opportunity cost is the cost of nest best foregone.
My dear hero expert bro and pro Hand written solution is not allowed. Solve all three parts as they are parts not different questions.
A local insurance company offers both home and auto insurance to four types of customers with the reservation prices listed in the figure below. Assume for simplicity that there is only one consumer of each type. Home Auto Bundle Customer A $90 $67 $157 Customer B Customer C Customer D $117 $87 $204 $103 $77 $180 $83 $52 $135 If the firm were to sell home and auto insurance separately, it would charge $83 for home insurance, $52 for auto insurance, and earn a combined revenue of $540. Determine the revenue the firm would receive if it used a pure bundle. Comparing the revenue of the pure bundle to the revenue of selling home and auto insurance separately, we can conclude that the reservation prices of the consumers must: O A. have no correlation B. be positively correlated C. be negatively correlated D. be serially correlated
U(I) = sqrt(161) I is annual income Job 1 has 0.3 of earning $24000 Job 2 has 0.7 of earning $57000 How much is this person willing to pay to insure against risky income?
Q 100 200 300 400 500 44₁ 1 600 35 700 44 800 53 900 62 1000 „71 1100 80 1200 89 1300 98 O $68 SRATC, SRATC₂ SRATC, 80 90 130 71 78 116 62 66 102 53 54 88 42 74 60 48 31 38 45 52 59 66 O $53 Use the information in the Table above to answer the following question. The LRATC for Q = 900 is 38 units O $38 6 None of these answers is correct 30 68 units 18 32 44 56 68 80 92 SRATC4 140 131 122 113 104 95 86 77 68- 59 50 52 54 O not enough information to calculate

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