Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
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Chapter 12.A, Problem 5QE
(a)
To determine
Determine the impact of technological innovation.
(b)
To determine
Determine the impact of increase in the price of the input on the X-axis
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Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two related? Why is MC called the mirror image of MPP? Explain.give graph if needed
Present a graph of the following. Label your graphs completely1. Using the isoquant map and isocost, show that combination M is the optimum combination of inputs and not combinations E and L.
We can describe inputs as either fixed or variable. Thinking about a company that assembles cars, which of the following would be an example of a fixed input that could not be changed in the short run?
Group of answer choices
A)The robots that help assemble the cars.
B)The building where the assembly takes place.
C)The electricity required to support the assembly activity.
D)The employees that work for the company.
Chapter 12 Solutions
Microeconomics
Ch. 12.1 - Prob. 1QCh. 12.1 - Prob. 2QCh. 12.1 - Prob. 3QCh. 12.1 - Prob. 4QCh. 12.1 - Prob. 5QCh. 12.1 - Prob. 6QCh. 12.1 - Prob. 7QCh. 12.1 - Prob. 8QCh. 12.1 - Prob. 9QCh. 12.1 - Prob. 10Q
Ch. 12.A - Prob. 1QECh. 12.A - Prob. 2QECh. 12.A - Prob. 3QECh. 12.A - Prob. 4QECh. 12.A - Prob. 5QECh. 12.A - Prob. 6QECh. 12.A - Prob. 7QECh. 12 - Prob. 1QECh. 12 - Prob. 2QECh. 12 - Prob. 3QECh. 12 - Prob. 4QECh. 12 - Prob. 5QECh. 12 - Prob. 6QECh. 12 - Prob. 7QECh. 12 - Prob. 8QECh. 12 - Prob. 9QECh. 12 - Prob. 10QECh. 12 - Prob. 11QECh. 12 - Prob. 12QECh. 12 - Prob. 13QECh. 12 - Prob. 14QECh. 12 - Prob. 15QECh. 12 - Prob. 16QECh. 12 - Prob. 17QECh. 12 - Prob. 1QAPCh. 12 - Prob. 2QAPCh. 12 - Prob. 3QAPCh. 12 - Prob. 4QAPCh. 12 - Prob. 5QAPCh. 12 - Prob. 1IPCh. 12 - Prob. 2IPCh. 12 - Prob. 3IPCh. 12 - Prob. 4IPCh. 12 - Prob. 5IPCh. 12 - Prob. 6IP
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- 4. What if the production function for education (E) is: E=T06 B08, where T is teachers and B is buildings and materials. The cost of each teacher is $54, the material cost $144 per unit and the school has a budget of $5,000 (numbers are in ,000, but this can be ignored) a. Construct the isocost equation. b. With a MPT = 0.6T04B0.8 and MPB = 0.8T06B-02, determine the appropriate input mix to get the greatest output. Also, compute output. c. Explain what would happen in the short-run (keeping capital fixed) to the appropriate input mix if the budget where changed to $4,250. Would the input combination be different in the long-run? If so, how would it change? Explain.arrow_forwardSubmit Estella decides to set up a lemonade stand on a hot summer day. Before long, Estella's friends all decide they would like to help. The table below shows what happens to the number of glasses of lemonade Estella and her friends can make in an hour. Instructions: Round your answers to 1 decimal places. If you are entering a negative number include a minus sign. Lemonade Stand's Labor and Production Levels Labor (workers) Total Average Product Marginal Product Product 1 (Estella) 13 22 es 3 27 4 28 24 a. Complete the average product and marginal product columns in the table above. b. How many additional glasses of lemonade can Estella produce if she has one friend help her make lemonade instead of making lemonade by herself? glasses c. How many additional glasses of lemonade can Estella produce if she has four friends help her rather than having three friends help her? glasses d. If Estella has four friends help her, on average how many glasses of lemonade can her and her friends…arrow_forwardSuppose the relationship between your study time and your grade on a History midterm is given by the following table:If you study for Your grade will be4 hours 805 hours 906 hours 93What is the "marginal grade improvement (MGI)" of the 5th hour of studying? What is the "marginal grade improvement (MGI)" of the 6th hour of studying? Why might the MGI be diminishing?arrow_forward
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