ECONOMICS W/CONNECT+20 >C<
20th Edition
ISBN: 9781259714993
Author: McConnell
Publisher: MCG CUSTOM
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Chapter 2, Problem 13DQ
To determine
Resource allocation and productively.
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help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
With current technology, suppose a fifirm is producing 400 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 5 units of labor, 7 units of land, 2 units of capital, and 1 unit of entrepreneurial ability, selling at prices of $40, $60, $60, and $20, respectively. If the fifirm can sell these 400 loaves at $2 per unit, will it continue to produce banana bread? If this fifirm’s situation is typical for the other makers of banana bread, will resources flow to or away from this bakery good?
LAST WORD Suppose that minimum efficient scale for producing items with a 3-D printer is 100 times what a typical family would consume in a year
Would you expect each family to have its own 3-D printer? What sort of industry structure might arise?
Chapter 2 Solutions
ECONOMICS W/CONNECT+20 >C<
Ch. 2.2 - Prob. 1QQCh. 2.2 - Prob. 2QQCh. 2.2 - Prob. 3QQCh. 2.2 - Prob. 4QQCh. 2 - Prob. 1DQCh. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQ
Ch. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 1RQCh. 2 - Prob. 2RQCh. 2 - Prob. 3RQCh. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Prob. 8RQCh. 2 - Prob. 1PCh. 2 - Prob. 2PCh. 2 - Prob. 3PCh. 2 - Prob. 4P
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- You are the owner and only employee of a company that sets odds for sporting events. Last year you earned a total revenue of $100,000. Your costs for rent and supplies were $50,000. To start this business you invested an amount of your own capital that could pay you a return of $20,000 a year. Your economic profit last year was O $50,000 O $60,000 O $10,000 O $30,000arrow_forwardPlease answer fast a and c pleasearrow_forwardVinuarrow_forward
- 2 B agriculture Here's a production possibility frontier graph. In this example.... At point E, approximately what is the cost of another unit of industry? O6 units of agriculture O 4 units of agriculture 9 10 11 O2 units of agriculture O 1 unit of agriculture O 0 units of agriculturearrow_forwardThe graph below shows the market for oats. Price per bushel 10 9 8 7 6 LO 5 4 3 2 1 0 15 45 30 75 105 135 120 150 60 90 Quantity per period (in millions of bushels) D Tools S₂ (i)arrow_forward1arrow_forward
- Consider a small landscaping company run by Mr. Viemeister. He is considering increasing his firm’s capacity. If he adds one more worker, the firm’s total monthly revenue will increase from $50,000 to $58,000. If he adds one more tractor, monthly revenue will increase from $50,000 to $62,000. Each additional worker costs $4,000 per month, while an additional tractor would also cost $4,000 per month. LO16.5 a. What is the marginal product of labor? The marginal product of capital? b. What is the ratio of the marginal product of labor to the price of labor (MPL/PL)? What is the ratio of the marginal product of capital to the price of capital (MPK/PK)? c. Is the firm using the least-costly combination of inputs? d. Does adding an additional worker or adding an additional tractor yield a larger increase in total revenue for each dollar spent?arrow_forwardPlease show all your math work so I can follow along. Thank you for your help.arrow_forward6 If a firm is producing a given level of output in an economically efficient manner, then it must be the case that Multiple Choice O this is the lowest cost method f producing that output. each input is producing its maximum marginal product. this output level is the most that can be produced with the given level of inputs. both "this is the lowest cost method of producing that output" and "this output level is the most that can be produced with the given level of inputs". None of the choices are correct.arrow_forward
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