The figure below is the production possibilities curve showing production of T-Rex costumes and Velociraptor costumes in a single day. T-Rex costumes 15+ 10 5 10 E 0.4 15 20 25 30 35 40 45 Velociraptor costumes Based on the production possibilities curve shown here, what is the opportunity cost of a T-Rex costume? Choose 1 answer: 0.25 T-Rex costumes 4 Velociraptor costumes 0.25 of a T-Rex costume 10 Velociraptor costumes

Sam Malone is considering renovating the bar stools at Cheers.The production function for new bar stools is given byq = 0.1k 0.2l0.8 where q is the number of bar stools produced during the renovation week, k represents the number of hours of bar stoollathes used during the week, and l represents the number ofworker hours employed during the period. Sam would like toprovide 10 new bar stools, and he has allocated a budget of$10,000 for the project.a. Sam reasons that because bar stool lathes and skilled barstool workers both cost the same amount ($50 per hour),he might as well hire these two inputs in equal amounts.If Sam proceeds in this way, how much of each input willhe hire and how much will the renovation project cost?b. Norm (who knows something about bar stools) arguesthat once again Sam has forgotten his microeconomics.He asserts that Sam should choose quantities of inputs sothat their marginal (not average) productivities are equal.If Sam opts for this plan instead, how much of…

Prof. Smith and Prof. Jones are going to produce a new textbook. The production function for the book is: ?=?1/2?1/2?= is the number of pages in the finished book?= is the number of working hours spent by Smith?= is the number of working hours spent by JonesSmith's labor is valued at 3 TL per working hour and Jones's labor is valued at 12 TL per working hour. After having spent 900 hours preparing the first draft, Smith cannot contribute any more to the book. Jones will revise the Smith's draft to complete the book.a) How many hours will Jones have to spend to produce a finished book of 300 pages?b) What is the marginal cost of the 300th page of the finished book?

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Ben's swim coach estimates that his time, t, in the 100-yard butterfly at a big upcoming meet as a function of the number of yards he swims per week, y, is t = 50+8e-0.00005y Based on this production function, his coach also estimates that if Ben swims 20,000 yards per week, his time will be 52.94 seconds, and he will finish tenth place. If he swims 40,000 yards per week, his time will be 51.08 seconds, and he will come in third. If he swims 60,000 yards per week, his time will be 50.40 seconds, and he will win the meet. Use calculus to determine Ben's marginal productivity of time given the number of yards he practices. Is there diminishing marginal productivity of practice yards? Ben's marginal productivity of swim time given y practice yards (MP) is (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a superscript can be created with the ^ MPy character.)

Bill's Bakery has a fire and Bill loses some of his cost data. The bits of paper that he recovers after the fire provide the information in the following table (all the cost numbers are dollars). TP 10 20 30 40 50 AFC 120 A 40 30 24 AVC $60, $90, $100, $130, and $140. $20, $50, $200, $60, and $130. $80, $160, $40, $90, and $120. $90, $70, $110, $120, and $150. 100 B 90 C 108 ATC 220 150 130 D 132 MC 80 90 130 E Bill asks you to come to his rescue and provide the missing data in the five spaces identified as A, B, C, D, and E.

apter 1 Connect Activity i 6 eBook The table below shows Lanark's production possibilities. Wheat Cars A 0 51 B 50 49 C 88 44 D 114 34 27 E 126 19 F 131 0 a. If Lanark is producing 39 cars, it can produce approximately b. If Lanark is currently producing combination C, the cost of 26 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 010. Saved wheat. (Click to select) If

In recent years, the United States has experienced large increases in oil production due in large part to a new technology, hydraulic fracturing ("fracking"). Fracking involves injecting a mixture of water, sand, and chemicals into rock formations at high pressure to release oil and natural gas. An article in the Wall Street Journal indicates that economies of scale in fracking may be considerably smaller than in conventional oil drilling. If this view is cor- rect, what would the likely consequences be for the num- ber of firms drilling for oil in the United States?

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