14. (continued) What happens to the labor productivity, which is the output per unit of labor, Y/L, if Thanos gets his wish? (Calculate the percent change and give your answer in the decimal form. If it decreases include a negative sign to indicate that.)
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- The table below contains information of three techniques for producing $ 15 worth of bar soap. Assume that we said " $ 15 worth of bar soap" because soap costs $ 3 per bar and all three techniques produce 5 bars of soap ( $ 15=$ 3 per bar multiply on 5 bars). So you know each techniques produces 5 bars of soap. a) What technique will you want to use if the price of a bar of soap falls to $ 2. 75? What if the price of bar of soap rises to $ 4? What if the price of bar of soap rises to $ 5? b). How many bars of soap will you want to produce if the price of a bar of soap falls to $ 2. 00 ? ( a) Five: it is profitable to produce bars of soap at this selling price; b) Zero: It is not profitable to produce bars of soap at this selling price ). c) Suppose that the bar of soap is again $ 3 per bar but that the prices of all four resources are now $ 1 per unit. Which is now the least- profitable technique? d). if the resource prices returns to their original levels (the ones shown in…12) Melquiades is worried about his grades from the microeconomics course, according to the rules for grading, the final grade is obtained as the minimum between the grade for the midterm test (x) and the final test (y). The utility function of Melquiades will depend on the grades obtained from those two tests Now, Melquiades has researched that the average student needs to study 24 minutes an additional point in each test (tests are graded from 0 to 100) obtain a) If Melquiades has 20 hours to study for both tests (x and y), how much time would he employ for each test? Figure out the grade that Melquiades will obtain in each test and his final grade in microeconomics. Elaborate a graph. b) How much additional study time would Melquiades require to increase his final grade by 10 points. Elaborate a graph. c) Suppose the difficulty of the final test increases in such a way that now each additional point would require 26 minutes of study. What would be the total cost (in minutes)…Suppose that Verania and Josimar are roommates that need to complete some household chores. Vacuuming and washing dishes need to be done. They know from the last time they did these chores that it takes Verania 2 hours to vacuum and 1 hour to wash dishes. It takes Josimar 3 hours to vacuum and 2 hours to wash dishes. Josimar says it does not matter which task each of them performs because Verania is faster at both tasks. Josimar’s reasoning a. is wrong. Because Verania has a comparative advantage in washing dishes, she should wash dishes, and Josimar should vacuum. b. is correct. Because Verania is faster at both tasks, there is no benefit in each volunteer specializing in one task or the other. c. is wrong. Because Verania has an absolute advantage in both tasks, she should perform both tasks herself. d. is wrong. Because Josimar has a comparative advantage in washing dishes, he should wash dishes, and Verania should vacuum.
- The time path of resources is described by X(t) = X(0)e*". If you graphed In X(t) on the y-axis, and had time (t) on the x-axis, then what would be the intercept of the line you drew? In X(0) There isn't enough information to tell gx2) Draw the graph of a production function which requires only one input. Suppose the decision-maker is on a budget which either can be spent on that input or on a different consumption good which can be purchased at a fixed price. Draw his possibility frontier (FF). What is the slope of the FF called and what trade-off does it refer to? Explain the condition that needs to be satisfied for him to have made a wise decision.For the annual school bazaar, Emmy can produce and sell either origami frogs (F) or birds (B). For his origami he needs to work with sheets of paper, glue, and paper clips. Below table shows how many units of each input factor is needed to produce one origami. It also shows the total amount of input units available. Emmy’s profits per origami bird and frog are =1 and =2, respectively. 1:Which formula describes the sheets of paper constraint? a F <= 5 b F <= 6-2/3B c B <= 5 d F <=7-1B 2: Which formula describes the glue constraint? a F <=7-1B b F <= 5 c B <= 5 d F <= 6-2/3B 3: Which formula describes the paper clips constraint? a B <= 5 b F <=7-1B c F <= 6-2/3B d F <= 5 4: The iso-profit line has a slope of negative a…
- Robinson Crusoe has exactly 12 hours per day to spend gathering coconuts ( C) or catching fish (F). Let tp denote the time (in hours) spent catching fish and tc the time (in hours) spent gathering coconuts per day. Robinson can catch 3 fish per hour or he can gather 6 coconuts per hour; his "production technology" can thus be described by: F = 3tp and C = 6tc. Robinson's utility function is U(F,C) = FC where F is his consumption of fish and C is his consumption of coconuts. 1. (a) Write down Robinson's time constraint and hence find an equation for his Production Possibility Frontier (PPF). (b) Find the number of fish Robinson will catch per day and the number of coconuts he will gather per day.2- Answer the following questions: a) Show that Young's Theorem holds for the following function: f(x, y) = 9ye²xy. | b) Let z(x, y, w) = x² + wy +w², where w (r, s) = r² + s²₂ x (r,s) = r² — s² and y (r, s) = r. s. Find the partial derivative 6 =? 6s c) The foreign demand for our exports X depends on the foreign income X and our price level P: 1 X = Y + P-². Find the partial elasticity of foreign demand for our exports with respect to que price level. d) If production function is Q₁ = A(t) K³L, where A(t) is an increasing function of t, and K₁= Ko + at, and L. Lo + bt. Find the rate of change of output with respect to time? = www wwwww.w intim um momwProblem 3 (a) Suppose that when Jane is presented with the following two menus, her choices from them are as below 2 • When presented with the menu {6 units of apples, 5 units of bananas}, Jane chooses 6 units of apples. • When presented with the menu {7 units of oranges, 5 units of bananas}, Jane chooses 5 units of bananas. Suppose that Jane is then presented with the menu {7 units of oranges, 6 units of apples} What must Jane's choice be from this menu so that her behavior conforms to the axioms of rational choice? Explain. (b) Suppose that Frederick choices from the following menus are as follows • For any e > 0³, out of the menu {(4 + ɛ apples and 3 bananas), (5 oranges and 3 bananas)}, Frederick chooses (4 + ε apples and 3 bananas). • Out of the menu {(4 apples and 3 bananas), (5 oranges and 3 bananas)}, Fred- erick chooses (5 oranges and 3 bananas) What axiom of rational choice does Frederick's behavior evidently violate? Discuss.
- Let say you have 3 products: cake, candy, and bread. The revenue per cake is $8. The revenue per candy is $4. The revenue per bread is $5. Define the number of cake, candy, and bread you are about to produce per day as x, y, and z respectively. The manager wants that the number of cake accounts for at least 30% of the total production per day. What is the correct linear constraint to show this? Group of answer choices 0.3x – 0.7y – 0.7z ≥ 0 0.7x – 0.3y – 0.3z ≥ 0 0.7x – 0.3y – 0.7z ≥ 0 0.3x – 0.7y – 0.3z ≥ 0Course: Introduction to Microeconomics1. Our students Francisca and Javier have a heated discussion about Axioms of Preference and Rational Consumer Choice, from which they raise questions and reflections regarding topics seen in class. You are asked to comment on each of these statements, justifying whether statement is true, false or uncertain. You should be supported by graphic analysis as appropriate.Statements that our students arrive at are as follows:(a) To have consistent ordering and represent convex indifference curves, only Axioms of order (Monotonicity) and Transitivity are needed.b) For a consumer to find equally preferred baskets from an initial basket, he must establish a substitution relationship between goods to stay on same indifference curve.c) Given consumer's income, the best he can do with respect to his consumption decision, is to find a situation where marginal utility per weight spent on good X is equal to marginal utility per weight spent on good Y.3. Professor Steven and Professor John are going to produce a new introductory textbook. They face the production function for the book as q = S'/2j!/2, where q = the number of pages in the finished book, S = the number of working hours spent by Steven, and J= the number of hours spent working by John. After having spent 900 hours preparing the first draft, time which he valued at $3 per working hour, Steven has to move on to other things and cannot contribute any more to the book. John, whose labor is valued at $12 per working hour, will revise Steven's draft to complete the book. а. How many hours will John have to spend to produce a finished book of 150 pages? Of 300 pages? Of 450 pages? b. What is the marginal cost of the 150th page of the finished book? Of the 300th page? Of the 450th page?