George Jack Lawns Mowed 10 6 5 4 Gardens Cultivated The table above shows the output per day of two gardeners, George and Jack. They can either devote their time to mowing lawns or cultivating gardens What is Jack's opportunity cost of cultivating a garden? OA. one-half of a garden cultivated OB. two lawns mowed OC. two-thirds of a garden cultivated. OD. one and a half lawns mowed
Q: See the table below. At a long-run chosen output level of 500, which firm size (amount of capital)…
A: In economics, the short run refers to the time period during which at least one input such as…
Q: When the price of enchiladas is $1.00, a restaurant sells 1200 enchiladas per day. The restaurant…
A: The goods demand will be affected by several factors like price, income levels, tastes and…
Q: 6. You purchase a new piece of equipment for $65,000. Your net cash flow the first year is $18,000…
A: Annual capital cost is $11,612Equivalent annual savings is $178,363.05.Explanation:Step 1: Calculate…
Q: 2. Trade creation and trade diversion Suppose that with free trade, the cost to the United States of…
A: This is an example of trade creation resulting from a regional agreement.Explanation:The impact of…
Q: 7. Which of the following is NOT an explanation for operation of scale economies? a. decreases in…
A: Economies of scale refer to the cost advantages that a firm can achieve by increasing its scale of…
Q: Complete the following table by filling in the missing cells. GDP Deflator Real GDP Nominal GDP Year…
A: Here we have to fill the table withvalues of Real GDP, Nominal GDP and GDP Deflator The GDP…
Q: 1. The opportunity cost of holding assets as money Suppose you've just inherited $165,000 from a…
A: A proportion of the amount charged on borrowers' money is referred to as the interest rate. The…
Q: You are considering opening a new plant. The plant will cost $101.3 million up front and will take…
A: A capital is a broad term known as cash or liquid asset, that has monetary value. It is the…
Q: (c) Consider a two-period small open endowment-economy populated by a large number of identical…
A: Given,
Q: 36. Suppose the following situation exists for an economy characterized by: Kt+1/N < Kt/N. Given…
A: The question at hand revolves around an economic scenario related to capital per worker in an…
Q: If the average product at 3 units of labour is 10 units of output and the average product at 4 units…
A: In this question we are given that average product at 3 units of labour is 10 and average product at…
Q: private and public sectors
A: In the context of offerings for retirees, the private quarter refers to companies and groups that…
Q: In a farway country, banana is the most important crop exported to rest of the world. Data about…
A: Macroeconomics examines the working, composition, and dynamics of an economy. To comprehend and…
Q: In canada, How much would required to invest in Canada to qualify in the self-employed category?
A: To qualify for the self-employed category in Canada, individuals must meet specific criteria set by…
Q: What is the term for the economic principle. that individuals try to get the greatest benefit from a…
A: The issue includes recognizing the term that portrays the monetary rule where people mean to augment…
Q: ASB is considering leasing a new machine. The lease calls for 9 payments of $1,022 per year with the…
A: Lease is a legal document that includes conditions under which particular property is to be used and…
Q: In the CNN video, Sarlin interviews a journalist who explains the reason people pay feel worse about…
A: The issue includes understanding the reason why people could feel negative about the economy in any…
Q: 4. The Diversified Vegetable Company grows two crops, tomatoes and zucchini. The firm is a…
A: QUESTION AThe profit-maximizing level of production is approximately 1.76 bushels of tomatoes and…
Q: Imagine Two Households each with an income of $65,000 per year. Household A consists of two married…
A: The issue at stake is figuring out what area of government policies of equality in taxes regarding…
Q: The demand equation for the Widget Company has been estimated to be: Q =…
A: The demand function is the mathematical relationship between the quantity of a commodity demanded…
Q: On the graph input tool, change the number found in the Quantity Demanded field to determine the…
A: Total revenue, also referred to as gross revenue, is the income generated by a business from selling…
Q: Using the Mundell - Fleming short-run model of a small and open economy, with well-labeled diagrams,…
A: The Mundell-Fleming model examines how monetary policy (interest rates), fiscal policy (government…
Q: Consider the game below: Player C Q-50 Q-100 Q-150 Player R Q-50 37,37 30, 40 20.37 Q-100 40.30…
A: The payoff for players R and C is given as Player CQ = 50Q = 100Q = 150Player RQ = 5037, 3730, 4020,…
Q: 7.34. This problem will enable you to apply a revealed preference argument to see if a firm is…
A: The issue concerns utilizing a revealed preferences theory to figure out the extent to which a firm…
Q: Which of the following is an effect of deflation on debt? a) Debt becomes easier to repay b) Debt…
A: The question is to pinpoint the inapplicability of debt to deflation. Understanding such a…
Q: Choose the false statement about monopoly. O Natural monopolies usually enjoy economies of scale in…
A: A monopoly, as described by Irving Fisher, is a market with the "absence of competition", creating a…
Q: 7. Using the income elasticity of demand to characterize goods A survey taken by residents from the…
A: Income elasticity of demand shows the responsiveness of a percentage change in income to a…
Q: An individual has an intertemporal utility functi monotonic, and strictly convex. She can…
A: The intertemporal utility function means the consumption is distributed between present and future.…
Q: Suppose we have two markets, A and B, each consisting of seven firms. The market shares of the 5…
A: The Herfindahl-Hirschman Index (HHI) is a measure of market concentration. It measures the size of…
Q: Solve all questions compulsory... 1. A payrol tax Is born entirely by workers if the supply of…
A: Understanding the incidence of payroll taxes and the impact of changes in tax rates on budget lines…
Q: 3. For the available population data, calculate using the Declining growth method the population for…
A: The objective of the question is to predict the population for the year 2030 using the declining…
Q: Laurel's Lawn Care Limited has a new mower line that can generate revenues of $129,000 per year.…
A: Operating cash flows can be computed as revenues less cash expenses less taxes. Here are the details…
Q: In a rental market like the one in the Exhibit given below, a government-imposed rule that rent…
A: Price ceiling can be defined as a maximum price that a seller can sell an item for, and in contrast…
Q: demand and supply equations
A: An equilibrium price function refers back to the mathematical representation of the fee stage at…
Q: Rachael starts out with 10 lobsters and 5 coconuts. Freya starts out with 10 lobsters and 15…
A: The Edgeworth box is a graphical depiction of a market with two consumers and two commodities, such…
Q: Which of the following is(are) good example(s) for explaining the economic concept of scarcity? (We…
A: The concept of scarcity serves as a foundational principle shaping decision-making processes and…
Q: A Canadian traveling to the United States converts $100 Canadian into 80 U.S. dollars. One month…
A: Exchange rates represent the value of one currency in terms of another currency. Changes in exchange…
Q: The aim of this individual assignment is to explore the assertion regarding the state of Financial…
A: In addressing the assertion concerning the state of financial markets, both globally and within the…
Q: no handwritten notes!
A: Consumers are facing higher taxes, and as a result have begun buying fewer…
Q: a) What is the profit maximising condition in a market with perfect competition?b) Explain what is…
A: The profit maximising condition in a market with perfect competition is when marginal cost equals…
Q: 3 1 The graph below illustrates the money demand and investment demand for the economies of Pabst…
A: Note: As per policy we are supposed to do only the first three sub parts. Please repost the question…
Q: 2. A company is planning to install a new automated concrete block making machine. Four different…
A: Present worth (PV), also known as present discounted value, refers to the current value of an…
Q: Aggregate demand function is given by Y=7000-20P; the short-run aggregate supply function is given…
A: Macroeconomics examines the working, composition, and dynamics of an economy. AD/AS model is used…
Q: At the profit-maximizing output level, the slopes of the revenue and total cost curves are not…
A: ***Since the student has asked for a specific question to be solved, hence, the expert is required…
Q: Rate of Return Analysis
A: Rate of Return Analysis is a monetary approach used to assess the profitability of an investment by…
Q: Assume the required reserve ratio in the country of Rayogi is 5 percent, and the banking system in…
A: The central bank tries to increase the money supply as an expansionary policy, which decreases the…
Q: Attempts is not 2. Study Questio is A Misa credit card Average/2 Problems #2 money because it A…
A: 1. Visa credit is not money because does not serves as a store of value 2. Federal reserve note is…
Q: 1. Sketching curves. Suppose that the production technology for our class restaurant changes (as…
A: Solution is given below Explanation:Approach to solving the question: Detailed explanation:…
Q: At 8% interest, find the total EUAC of an asset with an initial cost of $80,000, an estimated…
A: initial cost of $80k,estimated salvage value of $20k Interest rate = 8%
Q: The monopolistic semiconductor producer TSMC's total cost function is given by TC = 2Q + 10, where Q…
A: A monopolistic firm is a single firm that produces a unique good or service in the market. Since the…
Step by step
Solved in 5 steps with 1 images
- The table below represents the combinations of beef and corn produced on a tract of land of a given size and fertility Corn (bushels) Beef (kg) 10000 8000 6000 900 1200 4000 1400 2000 1475 0. 1500 Which of the following combination represents unattainable production levels with the current tract of land? Select one: O a. 8000 bushels of corn and 500 kg of beef O b. 200 bushels of corn and 1475 kg of beef O c. Both 8000 bushels of corn and 1200 kg of beef and 6000 bushels of corn and 1300 kg of beef O d. 8000 bushels of corn and 1200 kg of beef O e. 6000 bushels of corn and 1300 kg of beefAlexi and Tony own a food truck that serves only twoitems, street tacos and Cuban sandwiches. As shownin the table, Alexi can make 80 street tacos per hourbut only 20 Cuban sandwiches. Tony is a bit faster andcan make 100 street tacos or 30 Cuban sandwiches inan hour. Alexi and Tony can sell all the street tacos andCuban sandwiches that they are able to produce.Output Per HourStreet Tacos Cuban SandwichesAlexi 80 20Tony 100 30a. For Alexi and for Tony, what is the opportunity cost of a street taco? Who has a comparative advantage in the pro-duction of street tacos? Explain your answer. b. Who has a comparative advantage in the production ofCuban sandwiches? Explain your answer. Assume that Alexi works 20 hours per week in thebusiness. Assuming Alexi is in business on his own, graphthe possible combinations of street tacos and Cubansandwiches that he could produce in a week. Do the samefor Tony.d. If Alexi devoted half of his time (10 out of 20 hours) tomaking street tacos and half of…Alexi and Tony own a food truck together that serves only two items, street tacos and Cuban sandwiches. Some customers purchase both goods together; therefore, they will always produce both goods. 480- Alexi and Tony can sell all the street tacos and Cuban sandwiches that they are able to produce, and will split the revenue equally. 400 Output Per Hour Street Cuban 320- Tacos Sandwiches Alexi 20 100 a 240- Tony 60 30 160 Alexi's opportunity cost of producing one taco is 5 Cuban sandwiches. (Round your response to two decimal places.) Tony's opportunity cost of producing one taco is 0.5 Cuban sandwiches. (Round your response to two decimal places.) 80- PPF 1o00 800 1200 1600 2000 2400 2800 Cuban sandwiches Alexi has a comparative advantage in the production of Cuban sandwiches 0- 400 Tony has a comparative advantage in the production of street tacos. Assume that Alexi works 20 hours per week in the business. Further assume that Alexi devoted half of his time (10 of the 20 hours) to…
- QUESTION 10 product Y product Y 28 # 20 16 12 8 4 0 28 20 16 12 8 4 0 0 Fig. A Production Possibilities Frontier PPFO PPFO 4 8 PPFn 8 12 Fig. C Production Possibilities Frontier PPFn 16 12 Point E 20 16 24 product X Point E 20 product Y product Y 4 20 16 12 8 4 0 28 20 16 12 8 4 0 O 0 Fig. B Production Possibilities Frontier PPFO 4 PPFO PPFn 8 12 Fig. D Production Possibilities Frontier PPFn Point E 12 16 24 product X 16 20 Point E 20 24 product X 24 product X 10. Which of the above figures represents economic growth caused by an increase of resources specific to the production of product Y? (a) FIGA O (b) FIG B (c) FIG C O (d) FIG DPPF 60 40 5, 10 20 D 20 60 80 100 CORN (Millions of bushels) Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check all that apply. Point Inefficient Efficient Unattainable A B C ロ|ロ|0|0|0|0 口|口|□|0|□ 口|ロ|□|0|□|□ CARS (Millions)MNLogs harvested logs (with no inputs from other companies) from their property in northern Minnesota. They sold these logs to MNLumber for $2,500 and MNLumber cut and planed the logs into lumber. MNLumber then sold the Ilumber for $4,000to MNFurniture. MNFurniture used the lumber to produce 100 tables that they sold to customers for $90 each. Instructions: Enter your responses as whole numbers. a. Complete the table below to calculate the value added by each firm. Company Revenues Cost of purchased inputs Value added MNLogs $ $ MNLumber $ $ $ MNFurniture $ b.Suppose that all of these transactions took place in 2016. By how much did GDP increase because of these transactions? 2$ c.Suppose that MNLogs harvested the logs in October 2016 and sold them to MNLumber in December 2016. MNLumber then sold the finished lumber to MNFurniture in April 2017 and MNFurniture sold all 100 tables during the rest of 2017. By how much did GDP increase in 2016 and 2017 because of these transactions? GDP…
- If 10 million toy cars are sold. which means that: The production of toy cars is currently at an inefficient level, and to reach efficiency more should be produced. From the data given it is impossible to tell if toy cars are being produced at the efficient level. O The production of toy cars is currently at an inefficient level, and to reach efficiency less should be produced. The production of toy cars is currently at the efficient level. IF 30 million toy cars are sold, - vwhich means that: The production of toy cars is currently at an inefficient level, and to reach efficiency more should be produced. O From the data given it is impossible to tell if toy cars are being produced at the efficient level. The production of toy cars is currently at the efficient level. The production of toy cars is currently at an inefficient level, and to reach efficiency less should be produced. The optimal allocation of resources would result in the production of toy cars.Antarctica produces only party ice and frozen fish. The table shows the marginal benefit and marginal cost schedules for frozen fish. If Antarctica produces 37 frozen fish, the marginal benefit from frozen fish frozen fish. To achieve allocative efficiency, Antarctica must O A. is less than; decrease O B. exceeds; decrease O C. O D. exceeds; increase is less than; increase C the marginal cost of the quantity of frozen fish produced. Frozen fish (per month) 33 34 35 36 37 38 Marginal cost (packs of ice per pack of fish) Marginal benefit 53 6 5 4 3 2 3 4 20 35Country A Country B Textiles 4 4 Soybeans 4 5 The numbers in the table indicate the number of hours required to produce 1 unit of the good What is pT in Autarky? O 1 in Country A 4/5 in Country B 4wA in Country A 4wB in Country B O4 in Country A 4 in Country B O 1 in Country A 5/4 in Country B
- The table below represents the combinations of beef and corn produced on a tract of land of a given size and fertility Corn (bushels) Beef (kg) 10000 8000 900 6000 1200 4000 1400 2000 1475 1500 The production possibilities shown for corn and beef mean that the PPF Select one: O a. is concave because the total amount of beef increases as less corn is produced O b. is concave because the opportunity cost of corn falls as more corn is produced is concave because the opportunity cost of beef increases as more beef is produced O d. is a straight line because the change in corn is 2000 bushels all along1. Debbie, a popular wedding photographer, is able to photograph a wedding every Saturday of the year. She charges couples $4,000 for a complete set of photographs that cost her $2,200 to print and develop. Suppose that on one Saturday Debbie photographs her niece's wedding without charge, but her niece insists on paying Debbie $2,200 to cover her printing and developing costs. What is Debbie's economic cost of photographing her niece's wedding? A $4,000 B $2,200 C $1,800 D $0 2. If AVC=Q²QUESTION 9 product Y product Y 28 # 20 16 12 00 8 4 0 28 24 20 16 12 8 4 0 0 Fig. A Production Possibilities Frontier 4 PPFO PPFO 4 8 PPFn 8 12 Fig. C Production Possibilities Frontier PPFn 16 12 Point E 20 24 product X 16 Point E 20 product Y 2 product Y 28 20 16 12 8 4 0 20 16 12 8 4 0 0 Fig. B Production Possibilities Frontier 0 PPFO 4 8 4 PPFo PPFn 12 8 24 product X 09. In figure A the shift of the Production Possibilities Frontier outward would be best explained by: O (a) a movement towards efficient production. O (b) an increase in demand for both products. (c) an increase in specialization of resources. O (d) an increase in available resources specific to the production of good X. (e) an increase in available resources specific to the production of good Y. Fig. D Production Possibilities Frontier PPF 16 Point E 12 20 24 product X 16 Point E 20 24 product X