Instacart offers consumers a convenient form of home delivery service for groceries. Units of output (q) are individual grocery deliveries/day. Grocery deliveries are achieved through the use of delivery trucks (K) and workers (L). The price of labor (w) is $10/worker. Use the provided graph to answer the question below. K 16 15 14 13 12 11 10 9 8 54 7 6 5 4 32 2 1 A B D q=100 q=50 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 L Which of the following statements about Instacart's MRTS at input mixes A and B is incorrect? O Instacart's MRTS is greater at input mix A, relative to its MRTS at input mix B Instacart's MRTS is greater at input mix B, relative to its MRTS at input mix A Instacart's MRTS is the same at both input mix A and B Not enough information is provided to compare the MRTS at input mixes A and B

Instacart offers consumers a convenient form of home delivery service for groceries. Units of output (q) are individual grocery deliveries/day. Grocery deliveries are achieved through the use of delivery trucks (K) and workers (L). The price of labor (w) is $10/worker. Use the provided graph to answer the question below. K 16 15 14 13 12 11 10 9 8 54 7 6 5 4 32 2 1 A B D q=100 q=50 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 L Which of the following statements about Instacart's MRTS at input mixes A and B is incorrect? O Instacart's MRTS is greater at input mix A, relative to its MRTS at input mix B Instacart's MRTS is greater at input mix B, relative to its MRTS at input mix A Instacart's MRTS is the same at both input mix A and B Not enough information is provided to compare the MRTS at input mixes A and B

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that Zamboni Enterprises is the only company that sells zambonis (ice resurfacing machines). To produce the machines, the company hires assembly workers. Since these workers can work in many different companies, Zamboni Enterprises must pay them the market wage, which is equal to $6. The number of zambonis that the company produces, which is denoted by y, is proportional to the number of assembly workers that it hires, which are denoted by N; in particular, the production function is given by y=0.76N. The economywide demand for zambonis is given by the following demand function: y=2191-219p, where y is the number of zambonis that consumers are willing to purchase at price p. Given this market structure, how many assembly workers will Zamboni Enterprises choose to hire? How many zambonis will Zamboni Enterprises produce and sell? What will be the price of a zamboni? If the market for zambonis were competitive, how many zambonis would be produced? If the market for…
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Suppose that Zamboni Enterprises is the only company that sells zambonis (ice resurfacing machines). To produce the machines, the company hires assembly workers. Since these workers can work in many different companies, Zamboni Enterprises must pay them the market wage, which is equal to $6. The number of zambonis that the company produces, which is denoted by y, is proportional to the number of assembly workers that it hires, which are denoted by N; in particular, the production function is given by y=0.76N. The economywide demand for zambonis is given by the following demand function: y=2191-219p, where y is the number of zambonis that consumers are willing to purchase at price p. If the market for zambonis were competitive, how many zambonis would be produced? If the market for zambonis were competitive, how many assembly workers would be hired? If the market for zambonis were competitive, at what price would zambonis be sold?
already got a) b) c) plz answer d) e) f)!!
Instacart offers consumers a convenient form of home delivery service for groceries. Units of output (q) are individual grocery deliveries/day. Grocery deliveries are achieved through the use of delivery trucks (K) and workers (L). The price of labor (w) is $10/worker. Use the provided graph to answer the question below. K 16 15 14 13 12 11 10 9 8 7 6 5 4 32 1 A B q=50 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Long Run Total Cost Curve L Let's say you drew a curve that passed through all of the long run cost minimizing input mixes associated with each of Instacart's isoquants. What is the name of this curve? O Input Expansion Curve C Output Expansion Curve q=100 O Short Run Firm Supply Curve
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