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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The first building that is constructed by a construction company will take longer to construct than the 10th building that is constructed by the same company. This is because the company will become more efficient at constructing buildings as they do more of them. What is this phenomenon known as? O a. Learning-curve effect O b. Network effect O c. Customization O d. Economies of scope E
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1. The marginal rate of technical substitution between two inputs: shows the efficient combination of inputs b. shows the rate at which one input can be traded for another, holding outout constant C. increases as we move down an isoquat d. shows the rate at which output can be increased by using more of both inputs e. shows the rate at which outout decreases when using less of one of the inputs
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Week 5 Chapter 5: Production Process and Costs For this week read Chapter 5. Answer the following questions Question ·Bottom of Form XYZ restaurant sells donuts at $2 per unit. It uses capital (which it rents at $5 per hour under a contract for 5 and labor (which is paid a wage of $150 per hour of labor services). Complete the following table and use that information to answer the following questions. K L Q MPL APL VML FC VC TC 5 0 0 0 5 1 50 50 50 50 25 150 175 5 2 125 75 62.5 150 25 300 325 5 3 225 100 75 200 25 450 475 5 4 375 150 93.7 300 25 600 625 5 5 450 75 90 150 25 750 775 5 6 450 0 75 0 25 900 925 5 7 400 -50 57.14 -100 25 1050 1075 5 8 425 -75 53.12 -150 25 1200 1225 5 9 450 -25 50 -50 25 1350 1375 5 10 500 -50 50 -100 25 1500…
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6 A firm spends $12,000 per day producing a good. The wage per worker is $200 per day and rental rate 1/3 2/3 3." per unit of capit.al is $400 per day. The firm faces the production function y = The cost-minimizing level of capital is and the cost-minimizing level of labor is
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 ?
QUESTION 18 Table Average Average Average Total Total Fixed Variable Marginal Quantity Fixed Variable Cost Cost Cost Cost Cost Cost Cost $50 S50 SO -- -- -- 1 $150 A C D E F G H I S120 J K 3 M P $120 R Refer to Table. Based on the information given in the above table, the value of F will be O a. $200 O b.$50 O c. $150 O d. $100

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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