Which of the following can be explained by our 'economic decision rule' from chapter 1?No answer text provided.If MSB(x)> MSC(x) then society is producing/consuming an inefficient amount of good zAll of these can be explained by the economic decision-making ruleOA firm maximizes profits when MR=MCIf MUX/Px

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Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter21: Production And Costs

Section: Chapter Questions

Problem 15QP

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3. Efficiency in the production possibilities model Suppose South Africa produces only two goods: wheat and blu rays. The following graph shows South Africa's current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F. 100 80 PPF 20 F 20 40 60 80 100 WHEAT (Millions of bushels) 10 ++< BLU RAYS (Millions)
A7 You are the manager of a bakery that produces and packages gourmet muffins, and you currently sell muffins in packages of 3. A consultant’s report has estimated the (inverse) demand of a typical consumer to: P = 3 − 0.5Q If your cost of producing bran muffins is C(Q) = Q: (a) What is the marginal cost of muffins? (b) Draw the demand and marginal cost on a diagram. (c) Determine the optimal number of muffins to sell in a single package. (d) What price should the firm charge for each park?
Suppose the United Kingdom produces only two goods: alfalfa and smartphones. The following graph shows the United Kingdom's current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F. 100 PPF 40 20 D E 20 40 60 80 100 ALFALFA (Millions of bushels) SMARTPHONES (Millions) 7
When does an Allocative Efficiency condtion associated with competitive equilibrium occur?
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.
Please solve all four parts Will give like Hand written solutions not allowed.
Economics Question
Sweaters sell for $19 at the crafts fair. Allie knits sweaters and her marginal costs are given in the table below. Allie's marginal costs increase with each additional sweater. If Allie is behaving rationally, how many sweaters will she sel? Marginal Cost ($) Sweater 2nd Sweater 11 ard Sweater 15 th Sweater 21 sth Sweater 28 eth sweater 35 Allie will sell sweater(s).
Krystal runs a nail salon and needs to decide how many hours to stay open. Table 2.2 illustrates her marginal costs of staying open for each additional hour. Suppose that we observe Krystal staying open 2 hours per day. If she is following the marginal principle, what must her marginal benefit be? house of operation marginal cost 1 6 2 12 3 18 4 24 5 30 6 36 7 42
-N802: Prin of Macroeconomics CENGAGE MINDTAP Homework (Ch 02) 3. Efficiency in the production possibilities model Suppose Germany produces only two goods: wheat and cars. The following graph shows Germany's current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F. 100 80 CARS (Millions) 8 20 0 PPF <+ 20 B X F 40 xc E + 60 WHEAT (Millions of bushels) 80 xo 100 a
Hello, this is a microeconomics question. Please use a drawing of a relevant graph to explain how does perfect competition ensure allocative efficiency? Not sure if I'm supposed to use this graph, but if i am please use it as reference when making your explantion to the question of how does perfect competition ensure allocative efficiency
a. the increase in profit when output is reduced from 8 to 7 units of output. b. the profit that could be made if output increases from 7 to 8 units of output. c. the deadweight loss associated with the power of the price taking firm. d. the amount of profit when 8 units of output are produced.

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