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- Give the three reasons that explain why the division of labor increases an economys level of production.DA production ficmis faced with a cobbDolas producion furchon of aCLn)-BL°a Ko! the MATS of capital and labour is ? BIunn conoume's two qods,X and Y. His budpt eguation is 70 7Y His MRSis? papes production fum hay a prodcnion unetion oda-KL. The marginal rate of technical sulbstitution is 15.the cost d production is N$80 the What is the rental rate of capital? wge rate is B8 D Amal consumes two goods,Xand the of X is NAS and the price pace of N is Nalo. She has an income of to spend goods Her niliy fuction on the th0 is ll=x combination of X and Y that The maximizes Almal's unility issA new highway linking two major towns is constructed. What would be the impact on the country's production function? Select one: a. shift inwards O b. remain unchanged Ocmovement downward along the same curve O d. shift outwards e. movement upwards along the same curve Next page age n this page e here to search
- Which of the following is not included in macro environment? O a. Competitors b. Economic O C. Political o d. Demographic19. A point on the production possibi:lities fronte reflects an e atainable point with full employmeni of ali resources E. atainable point withou: full employment of all resources e unsttainable point with full employment of all resources d unattainable point without full employment of all resourcesPlz do fast asap..
- 7. Fancy Footwear manufactures shoes. The figure below shows Fancy Footwear's marginal product of labor and average product of labor curves in the short run. Output (Quantity of footwear) monoos Icunns a'boral ai rud W d 1 1 2 3 4 5 6 7 8 13g moondaM (abanog) (s B a. Identify the Marginal Product and the Average Product? 23/10W A Labor (units) b. For what quantity of labor does production display diminishing returns? od oldat on BM to dinom od notIf olready done please skip...arrow_forward Question Asked Jun 26, 2020 1 views Suppose one thousand (1000) units of product Aare produced by XYZ limited and the quantity demade for the product is two thousand (2000)units .All other things remaining constant,$18 change in price of product A results in change quantity demaded and supplied of 6 and 9 respectively.XYZ limited has a work force of 500 people who Pay income tax of $200 each .Supposed the government introduce a subsidy of $10 on each unit of A produced. Calculate the new equilibrium price and quantity
- Time The government increases the funding to new start-ups. What would be the impact on the country's production function? Select one: movement upwards along the same curve O b. movement downward along the same curve shift outwards d. remain unchanged O e. shift inwards Next age this pageSome economists believe that the U.S. economy as awhole can be modeled with the following productionfunction, called the O,bb-Douglas prod11ctio11 Ju11ctio11:Y = AK1/3 L 2/3,where Y is the amount ol outpu~ K is cl,e amount ofcapital, Lis the an10u.nt of labor, and A is a paran,eterthat measures the slate of technology. For this productionfunction, tl,e marginal product of labor isMPL = (2/3) A(K/ L)1/3 ·Suppose that the price of output Pis 2, A is 3, K is1,000,000, and Lis 1,000. The labor market is competitive,so labor is paid the value of its marginal product.a. Calcula te cl,e amount of output produced Y and thedollar value ol output PY.b. Calcula te cl,e wage Wand cl,e real wage W JP. (Note:11,e wage is labor compensation measured in dol•lars, whereas the real wage is labor compensationmeasured in units ol output.)c. Calcula te cl,e labor share (the fraction of the value ofoutpu t that is paid to labor), which is (Wl.)/(PY).d. Calcula te what happens to output Y, the wage W,the…DRYERS 888888888 100 90 80 70 60 50 40 30 20 10 to D O a. The economy has insufficient resources to produce at a more desirable point. O b. The economy's available technology prevents it from producing at a more desirable point. O c. There is widespread unemployment in the economy. O d. The economy is experiencing economic growth. im 10 20 30 40 50 60 70 80 90 100 WASHERS Figure 2-3 Refer to Figure 2-3. Suppose this economy is producing at point D. Which of the following statements would best explain this situation?
