Please do the both questions Using a command system to run the economy allocates a resourceAllocating jobs by personal characteristics allocates a resourceOA. well, poorlyB. well, wellC. poorly, wellOD. poorly, poorlyDeciding a court case on who can pay the market price for the court and its officers during the trial allocates a resource_Using a contest to reward job performance allocates a resourceA. poorly, poorlyB. poorly, wellC. well, wellOD. well, poorlyTime Ren

Answered: Using a command system to run the…

Using a command system to run the economy allocates a resource Allocating jobs by personal characteristics allocates a resource OA. well, poorly OB. well, well OC. poorly, well OD. poorly, poorly

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 15P

See similar textbooks

Related questions

Q: Suppose a country has a money demand function (M/P)ª = kY, where k is a constant parameter. The…

A: a) Average inflation rate would be given as the difference between money supply growth and real…

Q: When the two countries did not specialize, the total production of jeans was 23 million pairs per…

A: Comparative cost advantage: - it is a principle of international trade given by David Ricardo which…

Q: Kremi Ice Cream Factory manufactures vanilla ice cream and chocolate ice cream. There are times when…

A: The demand depends upon the price of that quantity and other factors such as the consumer's income,…

Q: 3-82. Suppose that you have just borrowed $7,500 at 10% nominal interest compounded quar- terly.…

A: Quarterly nominal interest rate = 10% / 4 = 2.5% Number of quarters = 6 x 4 = 24

Q: 17. Unemployment of labour means that

A: Unemployment refers to those who are employable and actively looking for work but are unable to find…

Q: A decrease in the expected inflation rate will cause the short-run Phillips curve to shift up shift…

A: A Phillips Curve is a graph that depicts the inverse connection between the rate of change in prices…

Q: Capitalized cost: Select one: O a. is the future sum needed to provide a perpetual series of cash…

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

Q: For each of the following changes in the market for apples, explain why demand will increase,…

A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Georgia and Moldova are famous for their quality of wine and the United Kingdom decides to start…

A: Answer-

Q: 100 90 80 70 PRICE 40 30 20 10 Figure 7-7 Supply Refer to Figure 7-7. If the government imposes a…

A: Total surplus is the sum of consumer surplus and producer surplus in a market. It represents the net…

Q: PART I: Below is the quantity demanded and supplied in the market for skis. What is the equilibrium…

Q: A monopolist chooses their output quantity to: OA. Make marginal revenue less than marginal cost B.…

A: Monopoly: A monopoly is a type of market composition wherein there exists only one seller for a…

Q: 11. What kind of approach is used by economists to explain how the economy works? A. Collaborative…

A: The following are the correct options for the given questions. 11) Scientific approach is used by…

Q: 3. The cartel of copper exporting countries is called COPEC. As part of an international trade…

A: Price elasticity of demand for a commodity is defined as the proportional change in the quantity…

Q: Question 3 Quantity Total Utility Marginal Utility 150 2 320 3. 450 4 520 5 550 6. 550 7. 430 8 300…

A: We are going to use concepts such as budget constraints, Utility maximisation to answer this…

Q: a farmer in Georgia begins to grow peaches. He uses $1.000.000 in savings to purchase land. he rents…

A: Both Economic profit and Accounting ptofit solved below,

Q: ZYK company makes its policy that for every new equipment purchased, the annual depreciation should…

A: Dear learner as you have posted multiple questions as per our policy we have solved only first…

Q: Question 1 In the Malthusian model, suppose that there is a technological advance that reduces death…

A: The exponential population growth and arithmetic increase in the food supply are two concepts in the…

Q: Disbursement Initial Investment (Bath) OC Salvage Value (Bath) Project Lifetime (Years) Project A…

A: Rate of return:It is the rate that an investor on this amount of investment receives. It is…

Q: specializes in labor market work. If they still need to each eat 3 meals per day (for a total of 6…

A: Comparative Advantage refers to the ability of an individual or a country to produce a particular…

Q: Economists recently define interest rate as "a discount rate used to reduce a future value to…

A: Borrowings: It is a credit taken by the public authority and falls under capital receipts in the…

Q: Suppose Jennifer has $42,000 in currency which she deposits in her bank. If the reserve ratio is 50…

A: We have the following information- Deposit made to bank (Mo)= $42,000 reserve ratio= 50% or 0.50

Q: The NAIRU is More variable than the actual unemployment rate. Constant over time. Less variable than…

A: NAIRU is a non-accelerating inflation rate of unemployment that is the change in unemployment…

Q: Consider the same marginal revenue functions. Now suppose the league imposes a 20% luxury tax on the…

A: Dear learner you have posted multiple questions, as per our policy we have solved only first…

Q: Complete the following table by matching each of the scenarios to the concept of resale price…

A: Pricing Strategies The way with which a seller can gain maximum profits through his pricing…

Q: Question 1 20 Output (units per day) 15 10 5 U 9 TP b a 0 1 2 3 4 5 6 Labor (workers per day) In the…

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

Q: 1. The production function of a small firm that produces t-shirts is given by the table below. 10 12…

A: Answer: (D). Diminishing marginal returns: Diminishing marginal returns means as a firm increases…

Q: Other things remaining the same, the lower the real interest rate, the investment and the is the…

A: The low real interest rate is favorable for consumption and investment expenditure. The aggregate…

Q: Refer to the information provided in Table below to answer the questions that follow Billions 20…

A: Gross Domestic Product:Gross domestic product, or GDP, is the sum of the prices of all final…

Q: Why should sunk costs be ignored for decisio making? Give an example of why it makes se to ignore…

A: Sunk cost refers to costs that have already been spent and cannot be recovered. These costs should…

Q: V. Suppose function C with image formula C(x)=0.0005-x3³+0.08 x² +114 x+50000 is a good fitting…

Q: Q1. In the theory of production, diminishing marginal returns to labour holds in the short run…

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

Q: Q7. Jamal has Budget of $50 and he needs two goods (Milk and Movie) to live. The price of a bottle…

A: Utility is the measure that represents the satisfaction level of a consumer. It is influenced and…

Q: Consumer confidence in the economy increases greatly, and consumers increase spending significantly…

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

Q: Consider the labour market for heath care workers, which is in equilibrium. Because of the aging…

A: The equilibrium is decided where the demand and supply of labor force is equal. Change in either…

Q: 3. Suppose that the representative consumer's preferences change, in that his or her marginal rate…

A: Consumer preferences refer to the choices that consumers make when selecting goods or services to…

Question

Please do the both questions

Using a command system to run the economy allocates a resource
Allocating jobs by personal characteristics allocates a resource
OA. well, poorly
B. well, well
C. poorly, well
OD. poorly, poorly
Deciding a court case on who can pay the market price for the court and its officers during the trial allocates a resource_
Using a contest to reward job performance allocates a resource
A. poorly, poorly
B. poorly, well
C. well, well
OD. well, poorly
Time Ren

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

The following table shows the total benefits and total costs of hiring security guards at a large department store. The total benefits represent the amount of theft prevented and the total costs represent the wages to be paid to the guards. What is the marginal benefit of hiring the 3rd guard? Group of answer choices $19000 $1500 $1000 $10000
The table below shows Tim's and Al's willingnesses-to-pay (marginal benefit) for each firefighter hired by their community. For example, Tim would pay $200 for 1 firefighter, and an additional $160 for a 2nd firefighter. Number ofFirefighters Tim'sWillingness to Pay Al'sWillingness to Pay 1 $200 $120 2 160 40 3 100 20 The (marginal) cost of hiring each firefighter is $120. If Tim and Al are the only two people in the society, what is the socially efficient number of firefighters?Hint: What is the total societal willingness-to-pay (marginal benefit) for each firefighter? Question 6Answer a. 1 b. 2 c. 3 d. None of the answers are correct e. Cannot be determined from the given information
Recently NJ chose to increase the minimum wage, who are the winners andlosers? Why? Make sure to draw a graph to support your answer. What is analternative solution?
The cost of production of extra unit is $100 and a third person born the cost of production of additional unit is $20. What is the value of social marginal cost.
The concept of production possibility frontier explains that a. any point within the curve is a combination of labor and capital input that fall short of putting all inputs to good use b. that capital is more that labor inputs c. any point within the curve is a combination of labor and capital input that is utilized d. that labor is more that capital inputs The concept of production possibility frontier explains that a. labor and capital combination is not enough to produce an output that have very minimal wastage b. level of output is optimal c. labor and capital combination is not enough to produce an output d. level of inputs is optimal more than zero but less than one in the concept of Income Elasticity means a. luxury goods b. substitute goods c. inferior good d. necessity goods
Please help!! Barbara is an economist researcher and commentator. The Eco Books Ltd offers her $13,000 for writing a book about economics principles. Barbara has never written a book about economics principles, but accepts the offer and writes the economics book called 'Principles of Economics'. She assigns the book's copyright for $13,400 to The Eco Books Ltd. The book is published and she is paid. She also sells the book's manuscript to the Eco Books Ltd's library for $4,350 plus several interview manuscripts she has collected while writing the economics book for which she receives $3,200. Discuss each of the above payments to Barbara separately and states if these are income from Barbara's personal exertion. Would your answer differ if Barbara wrote the Principles of Economics' book before signing a contract with The Eco Books Ltd in her spare time and only decided to sell it later? Support your answer by referring to relevant statutory and case law.
Suppose your retired grandmother has complainedof boredom and is considering taking a part-timejob. Use the concept of opportunity cost to adviseyour grandmother how to decide whether to takethe job
If the marginal product of labor is 40 units and the marginal product of capital is 200 units, while the price of labor is $50 per worker and the price of capital is $300 per unit of capital, what would the producer do? Group of answer choices The producer would use more labor and less capital. The producer would use the same amount of both capital and labor as before. The producer would use more capital and less labor. The producer would use less of both capital and labor. The producer would use more of both capital and labor.
Clancy is a hard-working college senior. One Sunday, he decides to work nonstop until he has answered 100 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 40 10:00 AM 70 11:00 AM 90 Noon 100 The marginal, or additional, gain from Clancy’s first hour of work, from 8:00 AM to 9:00 AM, is problems.
The following table shows the total benefits and total costs of hiring security guards at a large department store. The total benefits represent the amount of theft prevented and the total costs represent the wages to be paid to the guards. What is the marginal cost of hiring the 3rd guard? a)$1000 b)$9000 c) $1500 d)$3000
Suppose your doorbell rings and it is your neighbor's son, offering to weed your flowerbed, which goes all the way around your house. You would like to have it weeded but cannotstay to supervise. Should you offer to pay by the hour, pay a fixed fee, or pay by the weight of the weeds picked? What is the person doing the weeding likely to prefer?
Expert bro Hand written not allowed.