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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500 400 300 200 100 Pumpkin 100 200 300 400 500 Wonderland produces and consumes two goods, pumpkins and sweet potatoes, by using two inputs, labor and capital. The production possibilities frontier of Wonderland is shown above. Which of the following combinations of pumpkins and sweet potatoes is NOT a combination which is "definitely better than the autarky consumption combination (A)"? O 300 units of pumpkins and 200 units of sweet potatoes 100 units of pumpkins and 500 units of sweet potatoes O 300 units of pumpkins and 300 units of sweet potatoes O200 units of pumpkins and 300 units of sweet potatoes
John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the table below: Hours Per Day Cleaning Windows 0 1 2 3 4 5 $2 What is the lowest price per window that John would be willing to accept to spend 4 hours per day cleaning windows? $11 $3.50 $7 32 Total Number of Windows Cleaned 0 7 11 14 16 17 |||
Solve all this question......you will not solve all questions then I will give you down?? upvote......
The prairie dog has always been considered a problem for Canadian cattle ranchers. They dig holes that cattle and horses can step in, and they eat grass necessary for cattle. Recently, ranchers have discovered that there is a demand for prairie dogs as pets. In some areas, prairie dogs can sell for as high as $150. Cattlemen are now fencing off prairie dog towns on their land so these towns will not be disturbed by their cattle. Draw a production possibilities frontier demonstrating a rancher’s production option between cattle production and prairie dog production, showing increasing opportunity cost and what would happen in each of the following situations (using a separate graph for each situation): a. The outcome is efficient, with ranchers choosing to produce equal numbers of cattle and prairie dogs. b. As a protest against the government introducing the grey wolf back into the wild in their province, ranchers decide not to use 25% of the available grassland for grazing. c. The…
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?
Imagine a very small economy in which there are only four people and only one product. William is willing to pay $10 for one of the product, $8 for a second, $6 for a third, $4 for a fourth, and $1 for every one after that until he has a total of twenty. James is willing to pay $3 for every item up to 10, then he cannot buy any more because he has only $30. Adriana is willing to pay $2 for each of the first three of the item, then $1 for a fourth, but no more. Gerardo is willing to pay $8 for one of the product, $3 for a second, and $1 for a third, but no more How many of this product will be sold if the price is $17 What if the price is $3? OA 10, 25 OB. 37, 16 OC 25, 10 OD 40, 20
F Velma, a book editor for a local publishing company, and Daphne, an opera singer in a local opera company, share a townhouse in Miami. Velma enjoys reading and editing books at home, and Daphne enjoys rehearsing her arias at home. Daphne is willing to pay Velma $200 per week if she will find another place to read and edit books. Velma offers Daphne $240 per week to find someplace se to rehearse if Daphne has the right to rehearse in her home, explain why the townhouse will be free of arta rehearsals. If Veima has the right to read and edit books in her home, explain why the townhouse will be free of aria rehearsals. If Daphne has the right to rehearse her arias, A. she has to leam to enjoy silence. OB. she will only accept a payment more than $240 from Velma to stop rehearsing at home. OC. she will be willing to accept some payment less than $200 from Velma to stop rehearsing at home. OD. she will be willing to accept some payment between $200 and $240 from Velma to stop rehearsing…
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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…
Prunella raises peaches where L is the number of units of labor she uses and T is the number of units of land she uses. Her output is f(L,T) = LT bushels of peaches. Currently, the cost of land is 8, the wage for labor is 9, and the price of peaches is 10. Prunella is currently maximizing her profits. Which occurences would cause the quantity of labor used to decrease? O An increase in the price of peaches O A increase in the price of labor O An increase in the Marginal Product of Labor O All of the above
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?
QUESTION 3 Zeus owns a factory which makes guitars which sell for $400 each. The number of guitars he can make in a month depends on the size of his crew. He pays each person on his crew $1500/month. He also pays rent on a building, which he has leased for the remainder of the year for $2000/month. The table below indicates how many guitars can be built, as a function of the size of his crew (the crew size excludes himself). You may assume all other cost, such as materials, are 0. Size of Crew Total # of Guitars 1 4 2 8 3 19 4 28 5 40 6 50 7 58 8 earns without a dollar sign and without a comma). 64 The size of the crew that maximizes the firm's profits is 9 67 10 70 11 72 12 The Marginal product of labor is the additional output per worker. Crew member delivers the greatest marginal product. 74 13 and Zeus dollars in profit per month (please record your answer 75

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