Once again, consider Babs and Donna, who can each produce cake, beer, or some combination ofthe two using only 40 hours of labor each. Babs can produce a maximum of 50 cakes if sheproduces no beer, and 100 units of beer if she produces no cake. Donna can produce a maximumof 100 cakes with no beer produced; if she makes no cake, she can produce 120 units of beer.If in autarky each producer spends half of her time producing cake and the other half producingunits of cake.beer, then in autarky Babs would produce(Carefully follow all numeric instructions.)MacBook Air吕0F3F4F5F6F7F9$&478.9.RYUH.K*

Babs can produce a maximum of 50 cakes if she produces no beer, and 100 units of beer if she…

Answered: Once again, consider Babs and Donna,…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Nancy Lerner is trying to decide how to allocate her time in studying for her economics course. There are two examinations in this course. Her overall score for the course will be the minimum of her scores on the two examinations. She has decided to devote a total of 1,200 minutes to studying for these two exams, and she wants to get as high an overall score as possible. She knows that on the first examination if she doesn’t study at all, she will get a score of zero on it. For every 10 minutes that she spends studying for the first examination, she will increase her score by one point. If she doesn’t study at all for the second examination she will get a zero on it. For every 20 minutes she spends studying for the second examination, she will increase her score by one point.
14. Supposing that a single consumer works for a firm, the quantity of labor input for the firm, N, is identical to the quantity of hours worked by the consumer, h – 1. Graph the relationship between output produced, Y on the vertical axis and leisure hours of the consumer, 1, on the hor- izontal axis, which is implied by the production function of the firm. (In Chapter 5, we refer to this relationship as the production possibilities frontier.) What is the slope of the curve you have graphed?
Along with three other workers, Helena works in a factory that makes plastic phone cases. The four main tasks are mixing, molding, curing, and polishing. Out of all the workers, she is the slowest mixer, has the highest opportunity cost for molding, has the lowest opportunity cost in curing, and hates polishing the most. If her manager makes assignments in a way that maximizes factory output, then she will be assigned to Select one: a. molding. b. mixing. c. polishing. d. curing.
I need short answers for the question attached. The question is also related to graph that I attached too. Please show the work. Thanks!
The accompanying graph contains the production possibilities frontier (PPF) for Rubberland. Rubberland only makes two products, rubber band balls and rubber hoses, and on a given day can produce according to the PPF in the graph. Point A on the PPF represents the combination of the two goods Rubberland currently produces. When a new method of rubber processing is discovered, the productivity of all Rubberland's inputs increases. Please shift the PPF to show this change. Assume that Rubberland does not make more rubber band balls than they originally made at point A but still maximize their productive capabilities. Move point A to their new production point. How many more rubber hoses do they now produce per day than before?
Every week, Mary plays the piano for three hours, and her grade on each English test is 80 percent. Last week, after playing for three hours, Mary considered playing for another hour. She decided to play for another hour and cut her study time by one hour But last week, her English grade fell to 60 percent. Did Mary make her decision on the margin? OA Mary's decision was not made at the margin because she could have chosen not to play the piano but didn't OB. Mary's decision was not made at the margin because the marginal cost of a lower grade always exceeds its marginal benefit Oc. Mary's decision was made at the margin because her grade fell by only 20 percentage points OD Mary made her decision at the margin because she considered the benefit and cost of one additional hour of playing the piano OE Mary's decision was not made at the margin because she didn't compare the total benefit and total cost of a third hour of playing the piano
While traveling by car during one of his many overseas travels, a famous economist spotted scores of road builders moving earth with shovels instead of modern machinery. When he asked why powerful equipment wasn’t used instead of so many laborers, his host told him it was to keep employment high in the construction industry. If they used tractors or modern road building equipment, fewer people would have jobs was his host’s logic. “Then instead of shovels, why don’t you give them spoons and create even more jobs?” the Nobel Laureate inquired. Who used this story to illustrate the power of human capital enhanced by productivity?
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For the annual school bazaar, Emmy can produce and sell either origami frogs (F) or birds (B). For his origami he needs to work with sheets of paper, glue, and paper clips. Below table shows how many units of each input factor is needed to produce one origami. It also shows the total amount of input units available. Emmy’s profits per origami bird and frog are =1 and =2, respectively. 1:Which formula describes the sheets of paper constraint? a F <= 5 b F <= 6-2/3B c B <= 5 d F <=7-1B 2: Which formula describes the glue constraint? a F <=7-1B b F <= 5 c B <= 5 d F <= 6-2/3B 3: Which formula describes the paper clips constraint? a B <= 5 b F <=7-1B c F <= 6-2/3B d F <= 5 4: The iso-profit line has a slope of negative a…
You are planning a move across town. Doing your research you find that the average rate of a moving company is $250 per hour for two movers (moving truck included). The marginal benefit you receive from each hour of the two movers’ time (and truck) is listed in the accompanying table. Hours of movers’ time Marginal benefit 1 hour $850 2 hours $620 3 hours $500 4 hours $250 5 hours $150 6 hours $100 7 hours $0 For how many hours should you hire the movers? How much consumer surplus do you receive? Now suppose that instead of paying per hour, a moving company offers a flat rate of $1,500 for two movers plus a truck for an eight-hour day. Would you hire the movers? How has your consumer surplus changed?
Suppose you are a department manager in a large consulting firm, and you have an assignment to produce a customized automated billing system for a client in the next week. Your boss asks you to find the least costly way to produce the billing system. To produce the billing system, you'll need to use computers and programmers. The blue isoquant curve on the following graph shows the combinations of computers and programmers that you can use to create the billing system in a week. CAPITAL (Number of computers) 10 9 8 7 3₂ 1 0 O 1 2 3 4 5 7 LABOR (Number of programmers) 6 8 9 10 A TC ?
Suppose there exist two imaginary countries, Sequoia and Denall. Their labor forces are each capable of supplying four million hours per week that can be used to produce almonds, shorts, or some combination of the two. The following table shows the amount of almonds or shorts that can be produced by one hour of labor. Almonds Country (Pounds per hour of labor) Sequoia Denall Suppose that initially Denall uses 1 million hours of labor per week to produce almonds and 3 million hours per week to produce shorts, while Sequoia uses 3 million hours of labor per week to produce almonds and 1 million hours per week to produce shorts. As a result, Sequola produces 12 million pounds of almonds and 16 million pairs of shorts, and Denall produces 6 million pounds of almonds and 36 million pairs of shorts. Assume there are no other countries willing to engage in trade, so, in the absence of trade between these two countries, each country consumes the amount of almonds and shorts it produces.…

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