The efficiency factor Select one: O ameans resources are used in the least costly way (productive efficiency O b. Means an achieving productive efficlency cmeans resources are used to produce the mix of products most wanted by society dA and A|| of the above

The efficiency factor Select one: O ameans resources are used in the least costly way (productive efficiency O b. Means an achieving productive efficlency cmeans resources are used to produce the mix of products most wanted by society dA and A|| of the above

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 8PA

See similar textbooks

Related questions

Q: Hi, can you explain the formula for get those results.

A: The formulas used to get the values of x1, x2....x9 depends on the values available and deduced in…

Q: Joey "Jaws" Chesnut really likes eating Krystal burgers. The following table shows Joey's total cost…

A: The total cost represents the cumulative cost of producing each quantityTotal benefit represents the…

Q: 1. What is a commodity? a product O a bathroom facility

A: What is a commodity? a. Product b. a bathroom facility Solution: Answer is a bathroom facility. A…

Q: Explain all resources that economic relies on.

A: Economic resources: - all resources used as an input in the production and distribution of goods and…

Q: Where does allocative efficiency occur? where the price of a good is equal to the marginal cost of…

A: Allocative efficiency is a condition of the economy where creation is lined up with purchaser…

Q: If Mr. White decides to open his sporting goods store, what is the opportunity cost of this…

A: If Mr. White opens a sporting goods store in the building then he is using the place for himself…

Q: Unit 1-Comparing Governmer Internet Users Education & Literacy Rates Economy & Natural Resources…

A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Economic efficiency means using the method that produces given level of output at_

A: Economic efficiency implies utilizing the technique that creates a given degree of yield at the most…

Q: Production possibility curve shows maximum efficiency means . Oa. Resources are wasted Ob. None of…

A: The PPF curve show the combination of two goods that a nation can produced with given set of…

Q: Among the reasons that Sweden should not adopt the euro is that Multiple Choice Swedish exporting…

A: Sweden does not officially utilise the euro as its official currency, and there are no plans to do…

Q: Cho is a skilled toy maker who is able to produce both boats and puzzles. She has 8 hours a day to…

A: Opportunity cost is the cost of second best alternative foregone. It is also sometimes known as…

Q: a. What is optimization? How does it blow up the myth about profit being a result of a mere…

A: For achievement of the “best” design that is being relative to a set of constraints or criteria that…

Q: Explain mohivation PowN yot"?

A: Power is something which makes a person more powerful. For example,when Hitler got power,he became…

Q: Afcasible production combination for a firm producing/twO: outputs must.be (aOutside tlie pröduction…

A: Economics is a social science that describes human behavior regarding their unlimited wants in terms…

Q: Marginal benefit and marginal cost (dollars per swim) A 50 MC 40 30 20 10 MB D B 2 4 5 Manatee swims…

A: In the above diagram, when the manatee swims per week is 1, the marginal benefit is $40 at point A…

Q: DO Units of Variable Input 1 2 3 5 8 Price/Unit Total Cost of Input 2 2.5 3 45 2 6 Marginal Input…

A: Input cost is the expenses/ the amount of money incurred for producing a good or service. It…

Q: Would you rather have efficiency or variety? That is, one opportunity cost of the variety of…

A: Efficiency refers to the situation where the firm can produces the goods and services at lower cost.…

Q: For the EUAW Select one: a. Both of above b. Output is positive and input is negative O c. Input is…

A: Equivalent uniform annegnual worth(EUAW) = Equivalent uniform annual benefits (EUAB) - Equivalent…

Q: Chip and Joanna are building a new home. Chip can cut 24 pieces of lumber or paint 4 rooms in a day.…

A: Comparative advantage refers to the ability to produce a specific good for a lower opportunity cost…

Q: Marginal cost is the one more unit of a good and opportunity cost of producing increases as…

A: Marginal cost refers to additional cost that is incurred by pricing one more unit of a good.

Q: Explain, Why is the marginal utility curve declining with incresed consumpition of burgers?

A: ANS Marginal Utility (MU) is the change in the total utility when an additional unit of the…

Q: If Charles Lackey's utility costs remain constant at $500 per month, labor at $8 per hour, and cost…

A: The term "multifactor productivity" refers to the measurement of output, performance, and…

Q: 5. Consider the accompanying breakeven graph for an investment, answer the following questions. a)…

A: Since you have provided multiple subpart question, we will solve the first three subpart for you. If…

Q: How chabges in buget line take places explain with diagram

A: Changes in the budget line can be because of a change in income and change in the price ratio of…

Q: Which of the following questions is NOT a microeconomic question? OA. Why is the unemployment rate…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: In a closed economy, in the short-run fiscal is more effective at decreasing unemployment, when:…

A: In a market economy, decisions are taken by the market forces and the government has limited…

Q: The condition that arises because the available resources are insufficient to satisfy wants Select…

A: All the economic terms provide information about a specific market or economic condition that is…

Q: The demand and supply curves are given by q = 80 - 4 p and q = 6 p-40, respectively; the equilibrium…

A: Taxes distort the quantity and price away from equilibrium. With the imposition of taxes, a…

Q: Pizza 8 0 Pizza $1.25 0 5 (A) (C) $2.00 O graph A O graph D O graph B O graph C Beer Beer Pizza 5 0…

A: The opportunity cost is an alternative cost that is forgone by choosing other goods. It is an…

Q: ✓ An engineering firm recently conducted a study to determine its benefit and cost structure. The…

A: Net Benefit is the difference between Benefit B(Y) and Cost C(Y). Optimal level is where Marginal…

Q: Price per arginal Utility Fro Cuerent Consumption Product Unit $ 10 20 20 30 The table shows the…

A: Marginal utility is the additional utility derived from the consumption of one extra unit of a good.

Q: The assertion that "there is no free lunch" means that: O A. there are always trade- offs between…

A: Scarce resources: It means when demand for a natural resource is greater than the available supply

Q: Situation in whic UDI U 1O jun oue aun O a. Scarcity Ob. Production Possibility Frontier OC.…

A: Item available indicates the supply of a good while item people want is the demand for the good.

Q: The following table lists the production possibilities in a single day for a donut shop. A B C D E…

A: Production possibility frontier (PPF) shows the combination of two goods that a firm or a country…

Q: Is it cost of production or utility that governs? What is Marshalls responce? What is the argumetn…

A: Cost is the payment in the production process in such a way that rent, wages, interest, and profit.…

Q: Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these…

A: A marginal benefit is a maximum amount a consumer is willing to pay for an additional good or…

Q: How does economics play a role in decision-making at Asian Paints?

A: The corporation can make the best business decisions by analyzing economic aspects.

Question

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 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

Suppose Alphonsos town raises the price of bus tickets from 0.50 to 1 and file price of burgers rises from 2 to 4. Why is file opportunity cost of bus tickets unchanged? Suppose Alphonsns weekly spending money increases from 10 to 20. How is his budget constraint affected from all three changes? Explain.
Suppose Alphonsos town raised the price of bus tickets to 1 per trip (while file price of burgers stayed at 2 and his budget remained 10 per week.) Draw Alphonsos new budget constraint. What happens to file opportunity cost of bus tickets?
What is productive efficiency? Allocative efficiency?
E D A B Refer to the diagram. Assume that the horizontal axis measures the quantity of a good and the vertical axis measures the marginal-benefit and marginal- cost of the good. Assuming that the good represented here has at least some positive benefits and costs, what can we conclude about the marginal- benefit and marginal-cost curves? Multiple Choice О There is no combination of curves shown that could represent the optimal allocation of resources to this good.
The condition that arises because the availableresources are insufficient to satisfy wantsSelect one:O aa. ScarcityO b. DeflationO c. CredibilityO d. Rationality
I need help with the last part.
K Joey "Jaws" Chesnut really likes eating Krystal burgers. The following table shows Joey's total cost (TC), marginal cost (MC), total benefits (TB), and marginal benefits (MB) for consuming Krystal burgers. Marginal Cost ructor Quantity of Krystal Burgers 0 1 456A W N 3 7 Total Cost $0.00 $1.00 $2.00 $.0 $4.00 $5.00 $6.00 N/A $1.00 $ $1.00 $1.00 $1.00 $1.00 $1.00 a.) Fill in the missing numbers table above. b.) How many Krystal burgers should Joey "Jaws" Chesnut optimally eat? Total Benefit $0.00 $4.41 $6.45 $8.03 $9.14 $10.05 Krystal burgers Clear all Marginal Benefit N/A $2.32 $2.09 $ $1.58 $1.11 $0.91 $0.36 Check answer 9. | ТСНIIP UI UDC | LTIvaty ruilty. I I CHTIIDDIUTƏ | LUTILOLL US T
Typed please and provjde a qualuty solutuin for better ratings
Marginal cost is the one more unit of a good and opportunity cost of producing increases as production O price that must be paid to consume; decreases as consumption O opportunity cost of producing: decreases as production O price that must be paid to consume; increases as consumption of the good increases.
Vicky currently produces corn and beef at point A in the graph. Use the graph to complete the following sentence. Vicky's marginal cost of producing an additional unit of corn is O A. 40 units of beef OB. 40/5 units of beef O C. 5/40 units of beef O D. 6 units of beef O 60- Beef (units) 40 ģ PPF 10 12 Corn (units) >>> Click on the graph to work out the answer. Q
O Multiple Choice 1. What is a commodity? O a product O a bathroom facility O SHOW ANSWER
how to work problems