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- Which of the following statements are TRUE? (a) (b) Capital (K) 20 16- 12 8- 4 T T 4 8 10 12 16 20 24 28 I and III I and IV 9 = 20 III and IV 9 = 50 O II and III Labor (L) Capital (K) 20 16- 12 8 6 4 9 = 35 I. Panel (a) illustrates constant returns to scale II. Panel (b) illustrates decreasing returns to scale III. Panel (a) illustrates increasing returns to scale IV. Panel (b) illustrates constant returns to scale 9 = 70 T T T T 4 8 10 12 16 20 24 28 Labor (L)You decide to buy a car. The following are some questions you have to answer with respect to your purchase. Which question is directly associated with engineering economics? O a. what colour? O b. what size? O c. CD player or tape player? d. to lease or to own? O e. Ford or Toyota?Refer to the information provided in Figure 7.9 below to answer the questions that follow. Units of capital 80 60 A 0 Answer: B Diff: 3 Topic: Appendix: Isoquants and Isocosts Skill: Conceptual 197 Figure 7.9 6) Refer to Figure 7.9. If the price of capital is $25, then along isocost line AB total cost is A) $1200. B) $1500. C) $2000. D) indeterminate from this information since the price of labor is not given. Answer: B Diff: 2 Topic: Appendix: Isoquants and Isocosts Skill: Analytic B D E 60 80 120 Units of labor 7) Refer to Figure 7.9. The firm is currently along isocost CD. If the price of capital is $25, then the price of labor is A) $1. B) $25. C) $80. D) indeterminate from the information given. B) $24. 8) Refer to Figure 7.9. The firm is currently along isocost CE. If the price of capital is $24, then the price of labor is A) $16. C) $80. D) $120. Answer: A
- Which of the following is non-rivalrous and does not have to suffer from diminishing returns? O a. Ideas O b. Land O C. Human capital O d. Physical capital3 Explain how economies of scale can be a barrier to entry. Your initial post should be 3-4 paragraphs in length. Make sure to demonstrate critical thinking and analysis by using research. For full credit, include one journal article to support your pos t.t.During the night, the electricity sector has a marginal cost of $1/MWh (megawatt-hour) forthe first 100 MWh produced (from wind turbines), and $20/MWh for each additional unit (from gasgenerators). During the day, they have a marginal cost of $1/MWh (megawatt-hour) for the first 50MWh produced (from solar panels), and $20/MWh for each additional unit (from gas generators).Nighttime and daytime demand are given by QnightD = 50 −P and QdayD = 200 −P , respectively.What are the market quantity and price during the day, and the market quantity and price at night?This is a model of the wholesale market for electricity, which you can think of as being competitive,but there is no resale between night and day.
- The teohnically efficient combiaation of two products a business cän produce in the current period given its existing resources and teohnology is: LA) The production possibilities frontier (b) The marginal rate of product transformation (c). The least cost.combination of two products (d) The maiginal physical productECONOMICS UPVOTE WILL BE GIVEN. PLEASE CHOOSE THE CORRECT ANSWER. NO LONG EXPLANATION NEEDED. A company produces a single, high-volume product. One year its production volume was 780,000 units, its fixed costs were Php 160 million and its variable costs were Php 800 per unit. What was the company's average cost per unit produced? A. Php 1,005.00 B. Php 205.00 C. Php 800.00 D. Php 1805.00The teohnically efficient combination of two products a business oän produco in the current period given its existing resources and teohnology is: LA) The produotion possibilities frontier (b) The marginał rate of product transformation-- (c). The least cost.combination of two products (d) The marginal physical product
- What does it mean for a process to have diminishing returns? O a. There is a limit to learning b. There is no limit to learning c. Most of your learning takes place in your later efforts d. The longer you work, the more tired you become and the task becomes easier27. Which of the four characteristics of general purpose technologies have the least impact on productivity.A. It must have a WIDE SCOPE for improvement and elaborationB. It must be APPLICABLE across a broad range of usesC. It must have a POTENTIAL USE in a wide variety of products and processesD. It must have strong COMPLEMENTARITIES with existing or potential new technologiesb.A clothing manufacturer makes trousers, skirts and blouses. Each trouser requires 20 minutes of cutting time, 60 minutes of sewing time and 5 minutes of packaging time. Each skirt requires 15 minutes of cutting time, 30 minutes of sewing time and 12 minutes of packaging time. Each blouse requires 10 minutes of cutting time, 24 minutes of sewing time and 6 minutes of packaging time. The amount of time available for cutting, sewing and packaging is 115 hours, 280 hours and 65 hours respectively. Using either the Inverse Method or the Cramer’s Rule, determine how many of each type of clothing should be made to use all available labor hours?