Table 2-5 Corn (in bushels) 2000 1600 1200 800 400 p Wheat (in bashels) D 700 1300 1800 2200 2500 Refer to Table 2-5. Table 2-5 shows one set of production possibilities. Which of the following combinations of com and wheat is not currently attainable but would be attainable if there was an improvement in overall production technology? Oa 1400 bushels of corn and 800 bushels of wheat Ob. 600 bushels of corn and 1800 bushels of wheat Oc. 1600 bushels of corn and 300 bushels of wheat Od. 1000 bushels of corn and 2000 bushels of wheat

Table 2-5 Corn (in bushels) 2000 1600 1200 800 400 p Wheat (in bashels) D 700 1300 1800 2200 2500 Refer to Table 2-5. Table 2-5 shows one set of production possibilities. Which of the following combinations of com and wheat is not currently attainable but would be attainable if there was an improvement in overall production technology? Oa 1400 bushels of corn and 800 bushels of wheat Ob. 600 bushels of corn and 1800 bushels of wheat Oc. 1600 bushels of corn and 300 bushels of wheat Od. 1000 bushels of corn and 2000 bushels of wheat

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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5. The relationship between marginal and average costs Consider the following scenario to understand the relationship between marginal and average values. Suppose Kenji is a professional basketball player, and his game log for free throws can be summarized in the following table. Fill in the columns with Kenji's free-throw percentage for each game and his overall free-throw average after each game. Game Result Season Total Game Free-Throw Percentage Average Free-Throw Percentage Game 1 80 2 UAWN 8/10 4/10 2/8 2/4 6/8 8/10 12/20 14/28 16/32 22/40 80
The table below shows Lanark's production possibilities. Wheat Cars A 0 95 B 90 90 C 158 81 204 63 226 F 235 36 a. If Lanark is producing 72 cars, it can produce approximately b. If Lanark is currently producing combination C, the cost of 46 more wheat is (Click to select) c. If Lanark is currently producing combination D, the approximate per unit cost of an additional car is necessary, round your answers to 1 decimal place. Remember to round 0.05 up to 0.10. wheat. (Click to select). If
b. The Yorkshire Cricket Company makes cricket bats out of lumber supplied to it by Acme Sporting Goods, which pays Yorkshire £10 for each finished bat. Yorkshire's only factors of production are lathe operators and a small building with a lathe. The number of bats per day it produces depends on the number of employee-hours per day, as shown in the table below. Number of bats per day 0 5 10 15 20 25 30 35 Number of employee-hours per day 0 1 2 4 7 11 16 22 (i) If the wage is £15 per hour and Yorkshire's daily fixed cost for the lathe and building is £60, what is the profit-maximising quantity of bats? (ii) What would be the profit-maximising number of bats if the firm's fixed cost were not £60 per day but only £30? (iii) How would Yorkshire's profit-maximising level of output be affected if the government imposed a tax of £10 per day on the company? (Hint: This tax independent from the production level.) (iv) What would Yorkshire's profit-maximising level of output be if the government…
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