do fast correct answer explain step by step. The table below shows the units of land and labor required to produce a unit of bread and cheese respectively in Country X. Identify the correctstatement.1 Unit of CheeseLabor InputLand InputMultiple Choice1 Unit of Bread5 units4 units20 units10 unitsOProduction of bread is relatively land-intensive in the country.ОThe domestic price ratio in the country is two units of bread per unit of cheese.ОThe opportunity cost of producing an extra unit of bread is four units of cheese.Production of bread is relatively labor-intensive in the country.

Bread production is relatively land-intensive in the country.To determine whether bread production…

Answered: The table below shows the units of land…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter1: Welcome To Economics!

Section: Chapter Questions

Problem 10RQ: Give the three reasons that explain why the division of labor increases an economys level of...

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The following table shows the production possibilities for the country of Erewhon: A CDEF Wine 10 18 24 28 30 Cheese 40 28 18 10 4 0 What is the total cost of producing the first 10 units of wine? O a. 24 units of cheese O b. 28 units of cheese O c. 12 units of cheese O d. 6 units of cheese B.
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As an economist it is important to know that resources are scarce. Explain what u understand that resources arenscarce in economic terms
David and Morgan äre farmers. Each one owns an 18-acre plot of land. The following table shows the amount of maize and squash each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing maize or squash or to produce maize on some of the land and squash on the rest. David Morgan Malze (Pounds per acre) 28 18 Squash (Pounds per acre) 7 6
3. Optimal use of multiple inputs. In his shop, Jim Valenti retrofits sunroofs into automobiles. The process can use a combination of skilled labor and unskilled labor. Given his current mix of employees, the marginal product of the last unit of skilled labor is 4 sunroofs per day, and the marginal product of the last unit of unskilled labor is 1 sunroof per day. Current market rates for skilled and unskilled labor is $40 and $20, respectively. Is Julian using a least cost combination of inputs? If not, which of type of labor should he use relatively more? Comparison Expression: Result:
Country X has received an injection of additional 50 million dollars to its budget to spend on the production cars and bicycles. Explain how these additional resources will affect the production possibility frontier (PPF) of this country.
16
The table below shows the prices of the inputs and outputs for the production of a road bike. Raw naterials Manuf acturing Construction Sale by the retailer The retailer sells the bike for $500 Bike mechanic puts everything together Rubber for one tire ($20) Tire maker sells tires for $30 each Bike frame and components: and Aluminum for the fr ame ($80) Frame maker sells them for sells the bike for $350 la total of $250 Other component materials ($70) Instructions: Round your answers to the nearest dollar. a. What value is added by the supplier of the raw materials? $ b. What value is added by the tire maker? 10 c. What value is added by the maker of the frame and components? d. What value is added by the bike mechanic? 2$ e. What value is added by the bike store? $ f. What is the total contribution of the bike to GDP? %24 %24 %24
The table below represents the combinations of beet and corn produced on å tract of lahd o given size and fertility Corn (bushels) Beef (kg) 10000 8000 900 6000 1200 4000 1400 2000 1475 1500 Which of the following combination represents unattainable production levels with the current tract of land? Select one: O a. 8000 bushels of corn and 500 kg of beef O b. 6000 bushels of corn and 1300 kg of beef O c. Both 8000 bushels of corn and 1200 kg of beef and 6000 bushels of corn and 1300 kg of beef d. 200 bushels of corn and 1475 kg of beef e. 8000 bushels of corn and 1200 kg of beef
traai, hatrar resources, 3. The circular flow model The following diagram presents a circular flow model of a simple economy. The inner set of arrows (shown in green) shows the flow of dollars, and the outer set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Product markets Revenue- Products Firms Households - Income preneurial ability Resources Resource markets purchase in the resource markets. Based on this model, households earn income when Suppose Ginny earns $875 per week working as a programmer for PC Pros. She uses $10 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Eric $300 per week to wash cars. Eric uses $350 to purchase software from PC Pros. Goods and services Expenditure , capit entren
Give the three reasons that explain why the division of labor increases an economys level of production.
MNLogs harvested logs (with no inputs from other companies) from it's property in Northern Minnesota. It sold these logs to MNLumber for $1500 and MNLumber cut and planed the logs into lumber. MNLumber then sold the lumber for $4,000 to MNFurniture. MNFurniture used the lumber to produce 100 tables that is sold to customers for $70 each.

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