Q)Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 6 workers the firm produces 90 units of output. Fixed costs of production are $6 and the variable cost per unit of labor is $10. The marginal product of the seventh unit of labor is 4. Given this information, what is the marginal cost of production when the firm hires the 7th worker?

Q: Consider the following payoff matrix, where the first entry in each cell is the row-player's payoff....

A: Introduction In payoff matrix each player choose best strategy so that he can get maximum payoff. It...

Q: Required information Problem 05.030 DEPENDENT MULTI-PART PROBLEM - ASSIGN ALL PARTS An electric swit...

A: i = 13%   The analysis will be for 8 yrs. 

Q: Define in your own words what is production and what are the factors that enhances the production in...

A: Introduction and definition if production is given below:  

Q: Assume that household 1 and household 2 has the following demands for education (a private good) (in...

A: Consumers' willingness to buy products and services at certain pricing is referred to as demand. Mar...

Q: QUESTION 32 Reasonable uses of debt include all the following EXCEPT O a. to purchase a car. O b. to...

A: Debt basically refers to the amount that is taken by an businesse organization for some duration of ...

Q: 700 600 600 + + EOQ 3 4 ID i = 5% co. monthly

A: Introduction We have given a cash flow. Let's solve at first for x Present value = future value(1 + ...

Q: In the above figure, the profit-maximizing output and price for this monopolistically competitive fi...

A: In a monopolistically competitive firm there are many sellers of the product, each seller produces s...

Q: Which is NOT neutral in the long run? O output O aggregate demand O money O real interest rates

A: The long run is a period of time during which all production and cost parameters are variable. Firms...

Q: For the following situation: Year Initial Cost Annual Operation and Maintenance cost Annual Benefit ...

A: Given MARR = 8 % Therefore both project will be compared with 6 year life terms for comparison Incre...

Q: According to the Islam (2000) article "Comparative Advantage and Trade Balance in U.S. Agricultural ...

A: the term comparative advantage means the ability of the producer to produce goods at a lower oppertu...

Q: Why is affordable health care not provided to the poorin the United States?

A: Health economics is concerned with issues of efficiency, effectiveness, production and consumption o...

Q: MUJ If the current bundle of food (f) and clothing (c) to be purchased by a consumer is such that Pf...

A: Utility maximizing consumption bundle is when marginal utility per dollar spent on the good is equal...

Q: Grinding mills A and B are being considered for a 12-year service in a chemical plant. The minimum a...

A: Given Initial cost of mill B: (P)= $14,400 Salvage value (F)=$2700 Annual operating cost =$1200 Annu...

Q: When the price is below the equilibrium price, the quantity demanded is ______________, and the quan...

A: Quantity demanded is the total amount of a products  or service which is  demanded by the consumers ...

Q: 1.Discuss how the factors of production lead to economic growth. Be sure to provide an example that ...

A: Economic growth is defined as the process by which the economy's final goods and services rise. An i...

Q: calculate the expenditure multiplier, if the marginal propensity to consume = .80, the tax rate = .2...

A:

Q: Which of the following statements is false? Quantity discounts is the same as second-degree price d...

A: Price discrimination means charging different price for the same good . There are three degree of pr...

Q: Fill in the blanks using the number that correspond to the correct word or phrase in the word bank b...

A: We know that in this world resource is limited, and economics is all about the study and allocation ...

Q: 18. When OPEC raised the price of oil dramatically in the mid-1970s, experts said it was unlikely th...

A: OPEC which stands for Organization of the Petroleum Exporting Countries is a cluster of oil-producin...

Q: Assume at the level of output where MC=MR, a firm experiences TR = $40,000 per week, TFC = $100,000 ...

A: The Total Fixed Cost (TFC) is the summation of all the costs that do not vary with the level of outp...

Q: 2. Consider a competitive market where there are two types of firms, Type A and Type B, with total c...

A:

Q: How Goods Market will be in Equilibrium according to the saving and investment approach? with a res...

A: In the mentioned question we have been asked that how equilibrium is attained with saving and invest...

Q: Consider the following demand of tourists (T) and locals (L) for spots in a race: SQ" = 1,700 – 5p l...

A:

Q: Assume that we have a fixed supply of a depletable resource to allocate between two periods. Assume ...

A: In economics, the marginal cost is the change in the total cost that arises when the quantity produc...

Q: how do think globalization effect communication in the 21st century.

A: Globalization Means the interconnectedness of the nations or markets with global economies . 

Q: Problem 4: A cutting-edge product of Continental Fan had the following net cash flow series during i...

A: The internal rate of return (IRR) calculates the time value of money.  When you calculate the rate o...

Q: solve this cash flow 500,000 EOSA 35,000 A-? i: 52% querterly

A: The entrance and outflow of cash and cash equivalents are referred to as cash flow. The cash flow of...

Q: Question has two parts please answer both the parts: i): supply ii): Laws of supply iii): significan...

A: i): Supply:

Q: According to Max Weber,a. early Protestantism provided a social environmentconducive to capitalism.b...

A: The answer is - b. capitalism developed because of Protestantism.

Q: Discuss reasons why women are more likely to be economically burdened in old age vs men.

A: A person is said to be economically burdened in old age (or in any stage of life) when his/her incom...

Q: Classify the following costs as explicit or implicit. Explain your answer ABC Company spent $1000 fo...

A: Explicit cost :- Those cost which is actually incurred by the organization is called explicit cost. ...

Q: Assets 1. A $10 bill 2. The funds in a money market account 3. A share in a publicly traded company ...

A: Liquidity is the degree of quick  convertibility of any assets into the cash . The asset is said to ...

Q: Which shock can the Fed deal with most effectively? a shock to the LRAS curve a major oil shock a sh...

A:

Q: Assume that there are two firms in the market described by the inverse demand function P(q1,q2)%3D18...

A: Monopoly refers to the market in which a firm charges a different price above the marginal cost. It ...

Q: 16. Calculate the profits for firm 1 for the situation described in question 15 before, where the in...

A:

Q: Suppose you deposit $1,900 cash into your checking account. By how much will checking deposits in th...

A: The correct answer is given in the second step.

Q: Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open...

A: As we know that fixed cast of the expenditure incurred on fixed factor which is not changeable as in...

Q: (a) Explain the meaning of velocity of money (b) Suppose the money supply M has been growing at 10% ...

A: The way through which transactions could take place in the market and are being considered as the me...

Q: Jane is the general manager at a new café and wants to hire a few baristas. The going rate for baris...

A: Jane would generally pay $9.55 per hour as this is the price that is already prevailing in the marke...

Q: Suppose a profit-maximizing monopolist is producing 900 units of output and is charging a price of $...

A:

Q: How many years will Colombia grow with a GDP of $323 billion dollars at a growth rate of 4%?  7) Ho...

A: The correct answer is given in the second step.

Q: Consider the following demand for rounds in a golf club: Qd = 300 - 5p = p = 60 – 0.2Q %3D Assume th...

A:

Q: Your company borrows $800,000 and will pay it back at 10% APR of real interest compounded monthly. T...

A: Amount borrowed = $800,000 Interest rate = 10% Adjustment for inflation would be 4% Payment would be...

Q: Suppose there are only two goods - Food (F) and Shelter (S). The demand equations for these two good...

A:

Q: Which of the following statements are true? (i) The absolute value of the price elasticity of demand...

A: (i) The absolute value of the price elasticity of demand is greater when substitutes are available. ...

Q: IS curve: r = 30.30-0.0015Y LM curve: =Y - 500(r + n°) SRAS curve: Y = Y + 100(P – P°) The nominal m...

A: The IS-LM model describes how aggregate markets for real goods and financial markets interact to bal...

Q: Consider a potential fiscal policy used to curb a recession. How could a consumer and business expec...

A: Fiscal policy refers to the policy of the government to control the money supply in the economy to m...

Q: From the following data obtained for a particular class of people compute heir cost of living index ...

A:   The Index number is equal to the sum of prices for the year for which the index number is to be fo...

Q: 1. Suppose the government mandates a 3-year licensure for contractors and bans working on your own h...

A: Note: We will answer the first question as the exact one was not specified. Please resubmit the new ...

Q: Answer the following questions about country A. a)   What was GDP equal? b)   What was the value o...

A: Calculation is as follows:  

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.