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whats the difference between marginal physical product (MPP) and the marginal rate of subsitution (MRS)?
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- What is the difference between marginal revenue product(MRP) and value marginal product (VMP)?A commercial fisherman notices the followingrelationship between hours spent fishing and thequantity of fish caught:HoursQuantity of Fish(in pounds)0 hours 0 lb.1 102 183 244 285 30a. What is the marginal product of each hour spentfishing?Why does the general public often refer to the cost-of-living index?
- The table below shows the prices of the inputs and outputs for the production of a road bike. Raw naterials Manuf acturing Construction Sale by the retailer The retailer sells the bike for $500 Bike mechanic puts everything together Rubber for one tire ($20) Tire maker sells tires for $30 each Bike frame and components: and Aluminum for the fr ame ($80) Frame maker sells them for sells the bike for $350 la total of $250 Other component materials ($70) Instructions: Round your answers to the nearest dollar. a. What value is added by the supplier of the raw materials? $ b. What value is added by the tire maker? 10 c. What value is added by the maker of the frame and components? d. What value is added by the bike mechanic? 2$ e. What value is added by the bike store? $ f. What is the total contribution of the bike to GDP? %24 %24 %24Question 1 of 20 Use the information in the table to answer the two questions that follow about Monster's Ink, a tattoo shop. Number of workers Tattoos completed Marginal product N/A 1 8 8 18 10 3 25 7 4 28 5 30 2 31 1 What is the marginal product of the fourth tattoo artist? marginal product: tattoosAndy Kay is a mobile telecom service operator uses it internet modem and 2 computers to produce reports, the marginal product of the computer is 50 pages a day and the marginal product of the internet modem is 500 pages per day .The rental price of the computer is GHC10 per day,while that of modem is GHC50 per day.Is Andy kay utilizing modem and computers in a cost -minimizing manner?
- Mrs. Mei Mei, the owner and manager of the Moora Photocopy Sdn Bhd located near your university, is contemplating to keep her shop open after 6 p.m. and until midnight. In order to do so, she would have to hire additional workers, L. She estimates that the additional workers would generate the following total output, Q (where each unit of output refers to 100 pages duplicated). Workers hired (L) 0 1 2 3 4 5 6 Total product (Q) 0 12 22 30 36 40 42 A. Help Mrs. Mei Mei to calculate the average product (APL) and marginal product (MPL) of the additional worker (please copy the table in your answer). B. Using the VMP rules, how many workers should Mrs. Mei Mei hires if the price of each unit of output is $10 and each workers hired must be paid $40 per day (show the relevant calculation. C. Using MR=MC approach, prove that the number of workers that Mrs. Mei Mei should hire is the same as that obtained in (b).What is the difference between the rental price and the purchase price of capital?I need your help with the question attached. I am also adding question 1 and 2 which are necessary to solve the attached problem. Thx
- The input-Output coefficent matrix for 2-sector economy is given by: 03 03 A 0.4 0.6 The final demand for two industries are 90 and 520 units respectively. Find the gross output of each sector. What be the labour requirements for each sector?The data in the table below represents Total product (TP), for an agri-business involved in potato production. Саpital (fixed factor) Labor Marginal physical product (MPPL) Оutput(units) Average physical product (АPPL) (variable factor) or Total physical product (TPP1) 10 10 1 7 10 2 20 10 3 39 10 4 55 10 66 10 6 70 10 7 70 10 8 67 (i) Calculate the marginal product and average product value. (ii) At what point do diminishing marginal returns set in? And using the values of AP and MP obtained from part (i), plot the graphs of TP, AP and MP being careful to fully label the graph and explain briefly the law of diminishing marginal returns from your computation. (iii) How does the hypothesis of diminishing returns (MP& AP) influence the behaviour of costs (MC& AC)?Economic s