The following is a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant. Units of Resource Total Product 1 24 2 42 3 54 4 64 5 72 If the firm's product sells for a constant $2 and the price of the resource is a constant $16, the firm will employ how many units of the resource? Multiple Choice 3 4 2 5
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The following is a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant.
Units of Resource | Total Product |
1 | 24 |
2 | 42 |
3 | 54 |
4 | 64 |
5 | 72 |
If the firm's product sells for a constant $2 and the price of the resource is a constant $16, the firm will employ how many units of the resource?
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- Question 2 A snowboard company currently hires 10 skilled employees who are paid a weekly wage of $1,000.00. the cost of capital is $3000 and it is fixed, which means that it does not vary with output. The company is currently producing 240 snowboards. The company’s cost will be $13,500 if it produces an additional snowboard. A customer is willing to pay $550 for the 241st snowboard. Should the company produce and sell it? Timothy quits his job which pays $84000 a year, to enrol in a 2-year graduate programme. His annual school expenses are $58000 for tuition, $9500 for books and 3600 for food. What is his opportunity cost of attending the graduate program? A motor vehicle assembly plant requires the use of both capital and labour. the telsa manufacturing plant is considering increasing the number of workers to increase production. Does diminishing returns hold in this scenario yes/no? explain. Explain how each of the following situations would affect…Suppose Mr. Saad is a producer of Lola Loo chocolate, following is the information available of his production plant. Quantity of Labour (L) Quantity of 1 2 3 4 5 Capital (K) 10 15 25 100 50 20 30 40 50 75 50 75 100 125 150200250 300 75 90 105 120 2 30 50 62 15 If K and Lare imperfect substitutes and complements from the information above draw at least three isoquant (map) and identify the level of production. H73 4A manufacturer of toys is employing 50 workers and using 15 pieces of equipment to assemble toys. Currently, the marginal product of labor is 5 $ and the marginal product of capital is 25 S. Assume the market prices for labor and capital are $12 and $20, respectively Is this firm maximizing its profit? A)Yes B)No What should this firm do with respect to its employees and its use of equipment? The firm should (1)_ the number of employees and (2)_its use of equipment. (1) A)Maintain B)Reduce C) Increase (2) A)Maintain B)Reduce C)Increase
- Question 2 A snowboard company currently hires 10 skilled employees who are paid a weekly wage of $1,000.The cost of capital is $3,000 and it is fixed, which means that it does not vary with output.The company is currently producing 24 snowboards .The company's cost will be $13,500 if it produces an additional snowboard. A customer is willing to pay $550 for the 241st snowboard . i) Should the company produce and sell it? (Yes or No). Explain ii) What core principles should be considered in the snowboard company's decision making? Scarcity ,choice and opportunity cost Cost benefit analysis Incentive principle Diminishing returnsA snowboard company hires 10 skilled employees who are paid a weekly wage of $1000. The cost of capital is $3000 and it is fixed, which means that it does not vary with output. The company is currently producing 240 snowboards. The company's cost will be $13500 if it produces an additional snowboard. A customer is willing to pay $550 for the 241st snowboard. a) Should the company produce and sell it. YES/ NO b) Explain c) What core principles are considered in the snowboard company's decisionmaking? i) Scarcity, Chioce and Opportunity Cost ii) Cost benifit analysis iii) Incentive principle iv) Diminishing returns Select one: 1. All principles are considered 2. (i) only 3. (i) and (ii) only 4. (i), (ii) and (iii) only 5. (ii) and (iii) only 6. (i) and (iv) only 7. (ii) and (iv) only 8. (iii) and (iv) only 9. (ii), (iii) and (iv)Question 14 of 20 Output Marginal Labor (Q) Product 15 1 2 50 15 4 70 5 60 In the table above, when the firm increases its Labor from 4 to 5, the Marginal Product of Labor is: O - 10 15 10 O - 15
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