EBK MICROECONOMICS
5th Edition
ISBN: 9781118883228
Author: David
Publisher: YUZU
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Question
Chapter 1, Problem 1.20P
To determine
(a)
The following table is to be completed and it is also verified that the optimal design of fence will be square.
To determine
(b)
The manner in which the length L of the optimally designed pen will increase is to be determined.
To determine
(c)
The change in the optimal length is to be determined.
To determine
(d)
The change in the optimal area is to be determined.
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a) What is the island's maximTwo fields can be planted on Robinson Crusoe's island. Each can be used to grow oranges or apples. If Field A is planted entirely with oranges, it will produce 2 bushels (bu.) of oranges. If A is planted entirely with apples, it will yield 4 bu. of that crop. For Field B, the numbers are reversed: B will produce 4 bu. of oranges if entirely planted with oranges, or it will produce 2 bu. of apples if entirely devoted to that crop. IF A FIELD IS SPLIT BETWEEN THE TWO CROPS, the output of each crop from that field will be proportional to the fraction of the field planted in that crop. For example, if half of B is planted with each crop, then it will produce 2 bu. of oum possible output of oranges? __________
b) Graph your answer in a) on the axes found on the next page and label it point H..(Put oranges on the horizontal axis and apples on the vertical axis)
c) What is the island's maximum possible output of apples? __________
d) Graph your answer in c) on the…
The following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes.
Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.
Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.
Note:
PRICE (Dolar per box)
249 ARKRE 20
50
45
40
35
0 40
Supply
and
80 120 160 200 240 200 320 350 400
QUANTITY (Mons of boxes)
Graph Input Tool
Market for Florida Oranges
Price
(Dollars per box)
Quantity
Demanded
(Millions of boxes)
15
232
Quantity Supplied
(Millions of boxes)
168
The wage rate of Zeta Corp. employees is 20 million
per month, while the cost of one unit of machine is 80
million per month. Currently, Zeta Corp. produces 100
units of output and employs 20 employees and uses 5
units of production machines. This combination of
factors of production is the most efficient for the
company.
So If Zeta Corp. wants to increase its output to 200
units but it cannot change its number of machines
(from 5 units), what is the optimal number of
employees and production costs of Zeta Corp.?
Chapter 1 Solutions
EBK MICROECONOMICS
Ch. 1 - Prob. 1RECh. 1 - Prob. 2RECh. 1 - Prob. 3RECh. 1 - Prob. 4RECh. 1 - Prob. 5RECh. 1 - Prob. 6RECh. 1 - Prob. 7RECh. 1 - Prob. 1.1PCh. 1 - Prob. 1.2PCh. 1 - Prob. 1.3P
Ch. 1 - Prob. 1.4PCh. 1 - Prob. 1.5PCh. 1 - Prob. 1.6PCh. 1 - Prob. 1.7PCh. 1 - Prob. 1.8PCh. 1 - Prob. 1.9PCh. 1 - Prob. 1.10PCh. 1 - Prob. 1.11PCh. 1 - Prob. 1.12PCh. 1 - Prob. 1.13PCh. 1 - Prob. 1.14PCh. 1 - Prob. 1.15PCh. 1 - Prob. 1.16PCh. 1 - Prob. 1.17PCh. 1 - Prob. 1.18PCh. 1 - Prob. 1.19PCh. 1 - Prob. 1.20PCh. 1 - Prob. 1.21P
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