The next 3 questions refer to the following: A housecleaning company receives 36 for each house cleaned. The tabbelow gives the relation between the number of workers and the number houses that can be cleaned per week. [[[[Number of], [Workers]], [[Houses], [Cleaned]]], [0, 0], [1, 9], [2, 17], [3, 24], [4, 30], [5, 35], [6,36]] The marginal revenue from thefourth worker is If the company want to maximize profit and hires three workers, the wa rate of a house - cleaner can beno more than If the wage rate of a house - cleaner is 140, the maximum amount of pr the company can earn is

The first question is asking for the marginal revenue from the fourth worker. Marginal revenue is…

Answered: The next 3 questions refer to the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Solve by hand (no excel)
1
Hayfever Farms is an 80‑acre hay farm in Colorado. Due to the legalization of marijuana production in the state, the owners are considering changing the farm's name to Blissful Acres and growing marijuana instead of hay. Use the information presented in the table to answer three questions. Number of acres MC $ MR $ (hay) MR $ (marijuana) 10 320 730 5,600 20 200 730 5,600 30 540 730 5,600 40 730 730 5,600 50 1,200 730 5,600 60 3,200 730 5,600 70 5,600 730 5,600 80 6,700 730 5,600 If they continue to grow only hay, how many acres should Hayfever Farms devote to growing hay in order to maximize profits? area devoted to hay:_______ acres If the owners decide to only grow marijuana, how many acres should Blissful Acres devote to growing marijuana in order to maximize profits? area devoted to marijuana:_______ acres Which outcome likely happens due to the legalization of marijuana production and consumption? The number of growers…
Each term (3 months) the current group of economics students completed a questionnaire as to how much they would spend on new purchases compared to how much they would save/pay off bills, if they suddenly and unexpectedly received a check for $1,000. The average MPC is shown in the table below. Month in which student poll was taken Average of students’ responses as MPC March 0.41 June 0.30 September 0.22 December 0.56 What do these MPC’s imply about the students’ thinking over the course of the year? (Enter response here.) What is likely happening in the economy during the same period of time?
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Hanna, who is a 5-year-old girl, eats nothing but pasta, yogurt, and lemonade. Each month her parents buy 32 pounds of pasta, 79 packages of yogurt, and 22 bottles of lemonade. Hanna's parents have recorded the prices per unit of pasta, yogurt, and lemonade for the last four months, as shown in the table below. Hanna's Meals Month Pasta (dollars per pound) Yogurt (dollars per package) Lemonade (dollars per bottle) January $1.83 $1.14 $2.58 February 1.90 1.04 2.35 March 2.07 0.95 2.54 April 2.26 1.04 2.77 Instructions: Round your answers to two decimal places. a. Compute the total monthly cost of Hanna's meals and indicate whether inflation, deflation (negative inflation), or no inflation occurred during these months. In January, the total monthly cost was $. In February, the total monthly cost was $ and (Click to select). In March, the total monthly cost was $ and (Click to select). In April, the total monthly cost was $ and (Click to select). b. If Hanna's parents want to buy the same…
U.S. Population The projected population of theUnited States for selected years from 2000 to 2060 isshown in the table below, with the population givenin millions.a. According to this table, what should the U.S. population have been in 2010?b. Create a new table with x representing the numberof years after 2000 and y representing the numberof millions.c. Use a graphing utility to graph the data from thenew table as a scatter plot.
The table lists weights (pounds) and highway mileage amounts (mpg) for seven automobiles. Use the sample data to construct a scatterplot. Use the first variable for the x-axis. Based on the scatterplot, what do you conclude about a linear correlation? Weight (lb) Highway (mpg) Which scatterplot below shows the data? O A. 40- 20+ 2000 5000 2855 3050 3810 3985 4250 2275 3525 33 32 27 24 22 39 28 Weight (lb) Q Q O B. 40 20+ 2000 AHH 5000 Weight (lb) Q Q Is there a linear relationship between weight and highway mileage? O A. No, there appears to be a relationship, but it is not linear. O B. Yes, as the weight increases the highway mileage decreases. O C. Yes, as the weight increases the highway mileage increases. OD. No there appears to be no relationshin C O C. Q 40- M Q 20++ 2000 5000 Weight (lb) Highway ( O D. Highway (mpg) 40- 20+ 2000 5000 Weight (lb) Q
compare the results of this graph for small vs large time windows. ( the first graph= small time window, 2nd graph = large time window)
Results Real Estate had 6 home sales during the week: $150,000, $140,000, $240,000, $158,000, $3,200,000, and $150,000. What is the median?
5. (26 points) The following two equations were estimated using a sample of births for the year 2010. The variable bwght is birth weight, in ounces, faminc is annual family income, in thousands of dollars, cigs is number of cigarettes the mother smoked per day while pregnant, motheduc is mother's education (in years), and fatheduc is father's education (in years): log (bŵght) = 4.73+ 0.146 log( faminc) - (0.03) (0.076) n=1,191 R² = 0.264 0.031 cigs (0.016) (5.1) log (bŵght) = 4.73+ 0.136 log( faminc) - (0.03) (0.076) - 0.051 cigs (0.010) 0.040 motheduc+ 0.041 fatheduc (0.030) n=1,191 R² = 0.286 (0.026) (5.2) (a) In terms of the model parameters, (i) state the null hypothesis that, after controlling for faminc, motheduc, and fatheduc, cigs has no effect on birth weight against the alternative that cigs has a negative effect; and (ii) carry out the test at the 10% significance level (4 points). (b) Controlling for cigs, is faminc individually significant at the 1% level against a two-…
Question 2 For each of the following variables, indicate whether the data are time series or cross-sectional. v Spending on household goods recorded monthly. A. time series v The annual percentage change in the population of Houston recorded over the last 10 B. cross-sectional years. v The percentage of adults 25-40 who report using online bil payment methods. v The number of students at a university who use the on-campus health and recreation center each day, recorded over a semester. Revenue for the month of August in 2016 for all Starbucks locations in the Houston area. v A data set created today by a credit card bank showing the total spending of each of its customers for the last three months.

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