Reason for producing in Germany.

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Answer 1

Question

Chapter 2, Problem 6IP

(a)

To determine

Reason for producing in Germany.

(b)

To determine

Possibility of moving workers to other country.

(c)

To determine

Strategy for establishing a new production facility.

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1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer. State the condition for a consumer's utility maximizing choice and illustrate graphically. 2. Consider the following table of long-run total costs for three different firms: Quantity Total Cost ($) Firm A Firm B Firm C 1 60 11 21 2 70 24 34 3 80 39 49 4 90 56 66 5 100 75 85 6 110 96 106 7 120 119 129 Does each of these firms experience economies of scale or diseconomies of scale? Explain your answer with necessary calculations.

Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer.State the condition for a consumer's utility maximizing choice and illustrate graphically.

1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer. State the condition for a consumer's utility maximizing choice and illustrate graphically.

Answer 2

Question

Chapter 2, Problem 6IP

(a)

To determine

Reason for producing in Germany.

(b)

To determine

Possibility of moving workers to other country.

(c)

To determine

Strategy for establishing a new production facility.

Expert Solution & Answer

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Answer 3

Question

Chapter 2, Problem 6IP

(a)

To determine

Reason for producing in Germany.

(b)

To determine

Possibility of moving workers to other country.

(c)

To determine

Strategy for establishing a new production facility.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Chapter 2, Problem 6IP

(a)

To determine

Reason for producing in Germany.

(b)

To determine

Possibility of moving workers to other country.

(c)

To determine

Strategy for establishing a new production facility.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 2, Problem 6IP

(a)

To determine

Reason for producing in Germany.

(b)

To determine

Possibility of moving workers to other country.

(c)

To determine

Strategy for establishing a new production facility.

Answer 6

Chapter 2, Problem 6IP

(a)

To determine

Reason for producing in Germany.

Answer 7

Chapter 2, Problem 6IP

(a)

To determine

Reason for producing in Germany.

Answer 8

(b)

To determine

Possibility of moving workers to other country.

Answer 9

(b)

To determine

Possibility of moving workers to other country.

Answer 10

(c)

To determine

Strategy for establishing a new production facility.

Answer 11

(c)

To determine

Strategy for establishing a new production facility.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 2.1 - Prob. 1Q Ch. 2.1 - Prob. 2Q Ch. 2.1 - Prob. 3Q Ch. 2.1 - Prob. 4Q Ch. 2.1 - Prob. 5Q Ch. 2.1 - Prob. 6Q Ch. 2.1 - Prob. 7Q Ch. 2.1 - Prob. 8Q Ch. 2.1 - Prob. 9Q Ch. 2.1 - Prob. 10Q

Reason for producing in Germany.

Solution Summary: The author explains the reasons for producing in Germany and the possibility of moving workers to other countries. The decision regarding establishing a new production facility depends on the rule of law.

Reason for producing in Germany.

Possibility of moving workers to other country.

Strategy for establishing a new production facility.

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Chapter 2 Solutions