When someone is a seller in the market for factors of productionthe money they receive in this market is referred to as revenuethey are a buyer in the market for inputsmoney flows from them to buyers in the market for goods and servicesO they receive wages or rents in exchange for inputsQuestion 6MacBook Air000O00 F4F3F5F6F7F82$%&4578RY* CO

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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5 Question 5 A bottling company uses two inputs to produce bottles of the soft drink Dr Pibb; bottling machines, K, and workers, L. The firm's production function exhibits diminishing MRTS. At its current level of production, the firm spends 800 per day on machinery and 200 per day paying wages to its workers. At this level of production, the marginal product of the machine is an additional 200 bottles per day and the marginal product of labor is 50 more bottles per day. Is this firm producing at minimum cost? If it is minimizing cost, explain why. If it is not minimizing cost, explain how the firm can lower its cost.
1 The demand for an input is: a. the VMP of the input. b. derived from input owner's profit-maximizing condition. c. determined by MP = W. d. sloping upward.
4. Profit maximization in the cost-curve diagram The following graph plots daily cost curves for a firm operating in the competitive market for demin overalls. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. 50 45 45 O O 40 35 35 30 PRICE (Dollars per overalls) 20 15 10 5 + 0 0 2 ATC AVC MC 46 8 10 12 14 16 18 20 20 QUANTITY (Thousands of overallses per day) Profit or Loss ?
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QUESTION 24 Suppose a firm is producing a level of output such that MR > MC. What should the firm do to maximize its profits? O The firm should increase price O The firm should do nothing if it wants to maximize the difference between MR and MC to maximize its profits. O The firm should increase output O The firm should hire less labor QUESTION 25 Click Save and Submit to save and submit. Click Save All Answers to save all answers. DELL
Households sell their in the market. They then use their income to buy in the market. O A. factors of production; goods; goods; factor O B. goods; factor; factors of production; goods O C. goods; goods; factors of production; factor O D. factors of production; factor; goods; goods
Which of the following most directly decreases profits if nothing else changes? O Changing your wardrobe O Giving your workforce a raise O Reducing costs O Lowering price
urgent i will 5 upvotes both answers.
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:
A firm decides to borrow money to fund a new project. Just before they sign the loan, the interest rate on the loan increases. The present value of the returns from this project O A. is now lower than it was before, and so the firm is less likely to borrow the money. O B. is now higher than it was before, and so the firm is less likely to borrow the money. O C. is now higher than it was before, and so the firm is more likely to borrow the money. O D. is now lower than it was before, and so the firm is more likely to borrow the money. Reset Selection
The idea of "economic rent" can be applied to resources other than land. What is economic rent? O The additional "pay" the owner of a resource can earn greater than its "supply price." It's when supply is greater than demand. |0|0|0 O It applies to apartment rent in large cities where rents are outrageous. OIt refers to ridiculously high taxes on entrepreneurs.
A normal profit for a self-employed entrepreneur is 1. an opportunity cost. II. part of the implicit rental rate of the funds invested in the businee. Select one: a. only! O b.only !! O c both I and II d. neither I nor !!

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When someone is a seller in the market for factors of production the money they receive in this market is referred to as revenue O they are a buyer in the market for inputs O money flows from them to buyers in the market for goods and services they receive wages or rents in exchange for inputs