Robots at Kroger, Walmart, and Whole FoodsThe grocery industry is stepping up its investment in robot technology. Retailers are spending an estimated $3.6 billionin robot technology globally, and are expected to invest $12 billion by 2023.Source: Forbes, July 29, 2019Explain how the widespread use of farm robots will change the rental rate of farm land.www.Q SearchMost likely, the widespread use of retailers' robots willOA. decrease the value of marginal product of mall land will decreaseOB. not change, the prices of the retail goods will not changeOC. increase, the quantity of land used for malls will decreaseOD. not change; the quantity of land used for malls will increasethe rental rate of mall land becauseNext

The widespread adoption of robot technology in the grocery industry is rapidly reshaping the retail…

Robots at Kroger, Walmart, and Whole Foods The grocery industry is stepping up its investment in robot technology. Retailers are spending an estimated $3.6 billion in robot technology globally, and are expected to invest $12 billion by 2023. Source: Forbes, July 29, 2019 Explain how the widespread use of farm robots will change the rental rate of farm land. www the rental rate of mall land because Most likely, the widespread use of retailers' robots will OA. decrease the value of marginal product of mall land will decrease B. not change, the prices of the retail goods will not change C. increase, the quantity of land used for malls will decrease D. not change; the quantity of land used for malls will increase

Robots at Kroger, Walmart, and Whole Foods The grocery industry is stepping up its investment in robot technology. Retailers are spending an estimated $3.6 billion in robot technology globally, and are expected to invest $12 billion by 2023. Source: Forbes, July 29, 2019 Explain how the widespread use of farm robots will change the rental rate of farm land. www the rental rate of mall land because Most likely, the widespread use of retailers' robots will OA. decrease the value of marginal product of mall land will decrease B. not change, the prices of the retail goods will not change C. increase, the quantity of land used for malls will decrease D. not change; the quantity of land used for malls will increase

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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GM cuts jobs at its Australian manufacturing unit GM will cut 500 jobs, or about 12% of its workforce, at its Australian plant because of a sharp fall in demand for its locally-made "Cruze" small car. Source: The Wall Street Journal, April 8, 2013 As GM cuts its workforce, how will the marginal product and average product of a worker change in the short run? Suppose that before the cuts the marginal product of GM workers is below their average product. As the number of workers decreases, the marginal product of a GM worker and the average product of a GM worker in the short run. increases; decreases does not change; does not change decreases; decreases increases; increases decreases; increases
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Janet is a hard-working college sophomore. One Thursday, she decides to work nonstop until she has answered 150 practice problems for her economics course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time Total Problems Answered 8:00 AM 9:00 AM 60 10:00 AM 105 11:00 AM 135 Noon 150 Use the table to answer the following questions. The marginal, or additional, gain from Janet's second hour of work, from 9:00 AM to 10:00 AM, is problems. The marginal gain from Janet's fourth hour of work, from 11:00 AM to noon, is problems. Later, the teaching assistant in Janet's economics course gives her some advice. "Based on past experience," the teaching assistant says, "working on 22.5 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover the same number of pages during each hour…
5.3 A column on barrons.com discussing General Motors (GM) made the following observation: "Even the seemingly variable' costs of hourly workers were made burdensome by union agreements whereby 95% of hourly workers' salaries were paid when they were laid off, turning variable labor compensation into a fixed cost." a. Aren't workers' salaries always a variable cost and not a fixed cost? Briefly explain the author's reasoning. b. Suppose that GM reduces its production of cars. Compare what happens to GM's average total cost production in a situation where (i) the company doesn't have this union agreement, and (ii) the company does have this agreement. Use a graph to illustrate your answer.
The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor: Number of pickers (per hour) 1 2 3 4 5 6 7 8Output of grapes (in flats) 10 28 43 54 61 64 65 61Calculate marginal physical product (MPP) and then graph the total product (output) and MPP curves.
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4. A decision at the margin Raphael is a hard-working college senior. One Saturday, he decides to work nonstop until he has answered 100 practice problems for his math course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 9:00 AM 40 10:00 AM 70 11:00 AM 90 Noon 100 Use the table to answer the following questions. The marginal, or additional, gain from Raphael's first hour of work, from 8:00 AM to 9:00 AM, is problems. The marginal gain from Raphael's third hour of work, from 10:00 AM to 11:00 AM, is problems. Later, the teaching assistant in Raphael's math course gives him some advice. "Based on past experience," the teaching assistant says, "working on 15 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover the same number of pages…