Answered: Some movie complexes have machines that…

Some movie complexes have machines that sell movie tickets. When this occurs, the movie complex is substituting. for Oland; labor capital; labor labor; technology O labor, capital

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter18: The Markets For The Factor Of Production

Section: Chapter Questions

Problem 3CQQ

See similar textbooks

Related questions

Q: What is science

A: Science refers to knowledge that deals with the physical world and its phenomena and is based on…

Q: Use the following figure to answer the question: What is the consumer surplus in this market when…

A: Demand curve is the downward-sloping curve. Supply curve is the upward-sloping curve. Equilibrium is…

Q: Refer to Figure 3-1. The rate of trade-off'between producing chairs and producing couches is…

A: Trade off means the number of units of a good foregone to produce an additional unit of another good…

Q: write down the personal experience of body language which you have faced from an other person when u…

A: Body language is the way of non-verbal communication. Some of the examples include facial…

Q: Discuss the way to conduct a systematic review of the product?

A: Systematic review A systematic review is a conceptual analysis. It proceeds to assemble all existing…

Q: What is the role of the procurement or negotiations professional?

A: To work out a deal, negotiations professionals play a crucial role and they are much critical in…

Q: dccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccccc…

A: Your question is not visible.

Q: What is the manufacturer's main problem?

A: A manufacturing system can be described as a combination of machinery, humans, and equipment bound…

Q: blanks

Q: d. If Tommy and Ariel wanted to cheat, they might realize that they will get more done if they…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Legal and Ethical Behavior

A: There is a difference between the legal system and ethical decisions, even though they are used most…

Q: I need help with this

A: OPPORTUNITY COST: Opportunity cost is the benefit lost by an individual, investors, or business…

Q: What does the ban on smoking in the resturant do?

A: Ban of smoking in restaurants is a good initiative.

Q: A sentence that contains a metaphor

A: Metaphor is a figure of speech that directly refers to some thing by way of mentioning another.

Q: KYC Policy Know your Customer What is the registration process to be tether customer?

A: Know Your Customer (abbreviated as KYC) refers to an approach of gathering information related to…

Q: Q10. Refer to Figure 1. An economy is operating at full employment, and then workers in the bread…

A: An economy is operating at full employment implies that they are operating on the PPF

Q: Why do people share content via social media channels? They find it interesting and/or entertaining.…

A: The question is asking about the motivations behind why individuals share content on social media…

Q: Write a short description about Jeff Bezos and about his achievements.

A: Jeffrey P. Bezos was born in the New Mexico city of Albuquerque.His mother was still in her teens…

Q: Why is

A: Introduction Perfect competition is a market situation where average revenue and marginal revenue…

Q: The product was in regards to bread

A: When talking about economic rent, it refers to the additional benefits that a firm collects due to…

Q: I want a detailed explanation please

A: Given: Fixed cost of a company = 1200 OMR Variable cost = 2 OMR /unit Demand function P = 100/√x…

Q: Gilberto and Juanita are farmers. Each one owns a 12-acre plot of land. The following table shows…

A: Absolute advantage refers to the ability of an economic entity to produce a greater quantity of a…

Question

Explanation it correctly

Some movie complexes have machines that sell movie tickets. When this occurs, the movie
complex is substituting
for
Oland; labor
capital; labor
O labor; technology
O labor; capital

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Consider a manufacturing firm in a labor market that isperfectly competitive. There are two kinds of workers: productiveworkers whose marginal revenue product is $48,000 per year, andlazy workers whose marginal revenue product is $40,000 per year. Itis difficult for the firm to differentiate between productive andlazy workers. A local college offers a new yearlong astronomy course. Althoughthe cost of tuition is the same for both types of workers, thepsychic cost of having to work hard and get a passing grade islower for productive workers because they are able to learn morequickly than lazy workers. Therefore, the cost of taking the class(including the cost of tuition as well as the psychic cost) is$5,000 per year for a productive worker and $10,000 per year for alazy worker. Because astronomy has little relevance tomanufacturing, taking the class does not increase or decrease aworker's productivity. The firm uses the class as a way to differentiate betweenproductive and lazy…
Coldbox Corporation hires its workers in a perfectly competitive labor market and produces and sells frozen peas in a perfectly competitive product market. The market price for frozen peas is $4 per bag. The table below shows Coldbox' short-run production of frozen peas. Labor is the only variable input. Coldbox Corporation's fixed cost is $500. Number of Workers Bags of frozen peas 0 0 1 60 2 140 3 250 4 320 5 380 6 400 a) If the wage is $200 per worker, identify the profit-maximizing number of workers for Coldbox. Explain using marginal analysis. b) If the price of frozen peas decreases by $2 per bag, would the number of workers hired by Coldbox be more than, less than, or equal to the number of workers you identified in part (a) ? Explain. c) Suppose that Coldbox hires workers from a monopsonistic labor market. Would the wage be higher, lower, or equal to the equilibrium wage in a perfectly competitive market? Explain.
Innovations in technology that cause an increase in the marginal product of a resource will: O increase the marginal revenue product O increase the marginal resource cost O decrease the marginal revenue product decrease the demand for the resource
Typed plz Please give me guality solution Asap plz
Imagine a firm that employs two types of workers – some with computer skills and others withno technology related skills. (i) Explain how a firm’s production function is related to its marginal product of labour, howa firm’s marginal product of labour is related to the value of its marginal product and how afirm’s value of marginal product is related to its demand for labour. (ii) Explain how the wage can adjust to balance the supply and demand for labour whilesimultaneously equalling the value of the marginal product of labour.
Adam operates a small shop specializing in party favors. He owns the build- ing andsupplies all of his own labor and money capital. Adam incurs no explict rental or wagecost. Before starting his own bussines Adam earned $1,000 per month by renting outthe store and earned $2,500 per month as a store manger for a lrge departmentstore chain. Because Adam use his own money capital, he also sacrificed $1,000 permonth interest earned on U.S government treasury bonds. Adam’s monthly revenuesfrom operating his shop are $10,000 and his total monthly expense for labor andsupplies amounted to $6,000. Calculate Adam’s monthly accounting and economic profits
What is the effect if the cost of labor increases? O Price increases, quantity increases O Price decreases, quantity decreases O Price decreases, quantity increases O Price increases, quantity decreases
I need help with #22 please
To maximize profit, a firm OA. uses the quantity of land at which the rental rate equals the value of marginal product of land OB. uses the quantity of capital at which the suppliers' expected profit equals the value of marginal product of capital O c. uses the quantity of capital at which the marginal revenue equals the value of marginal product of capital O D. balances the rental rate of capital against the wage rate of labor 7 5 > 6 M & 7 O * 8 O Next C NS Co ho Miha NS. ythor ers [T Camp.
In 2018, General Motors (GM) announced that it would reduce employment by 14,000 workers. a. What does this decision reveal about how GM viewed its marginal revenue product (MRP) and marginal resource cost (MRC)? O The MRC of those 14,000 workers was negative. O The MRC of those 14,000 workers was less than the MRP. O The MRP of those 14,000 workers was negative. O The MRC of those 14,000 workers was greater than the MRP. b. Why didn't GM reduce employment by more than 14,000 workers or by fewer than 14,000 workers? O The company wanted to set the labor level where MRC equaled MRP to maximize profits. The company wanted to set the labor level where MRC equaled MRP to maximize revenue. O This was what the board of directors voted to do. O It lowered GM's cost enough to make some profit.
Suppose that labor is the only input used by a perfectly competitive firm.The firm's production function is as follows:a.Calculate the marginal product for each additional worker.b.Each unit of output sells for $10.Calculate the marginal product for each additional worker.cCompute the demand for schedule showing the number of workers hired.
A firm's demand for labor will increase if the O marginal product of labor decreases. O price of the firm's output increases. O wage rate rises. O price of the firm's output decreases.