Q: According to the circular-flow diagram, factors of production are owned by Select one: a. firms O b.…
A: According to circular flow diagram, factors of production are owned by households. Which are land,…
Q: 6. Which of the following statements about factors of production is aise Ahe term 'factors of…
A: Factors of production are resources which are required for the production of goods and services in…
Q: Factors of production are A) the mathematical calculations firms make in determining their optimal…
A: Economics has categorised four major types of factors of production. They are land, labor, capital…
Q: Every point on the production possibilities curve represents? a. a greater increase in supply b. an…
A: The Production Possibilities Curve is a model used to show the tradeoffs related with designating…
Q: Explain all resources that economic relies on.
A: In economics, resources refer to the items that provide benefits to the people directly or…
Q: Refer to Figure 2-1. Which arrow shows the flow of the factors of production? Figure 2-1 A Markets…
A: The circular flow of money explains how money and goods are circulated between the household sector…
Q: Production is efficient if the economy is producing at a point 1S
A: Production indicates the total output produced in the economy. The production of goods is very…
Q: a. Explain the following statement : "Surely, as you begin this course, you recognize that time is…
A: "Surely, as you begin this course, you recognize that time is one of the scarcest resources of all.…
Q: QUESTION 4 he way a firm combines its resources to get the maximum output is called: O the…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: In your own words, clearly distinguish and differentiate why economists say all resources are scarce
A: Resources are the set of material, stock, and other assets used in the organizations for smooth and…
Q: In the production process, both the average product and marginal product of the variable- input rise…
A: The statement that "In the In the production process both the average product and marginal product…
Q: 1. Suppose Worker A and Worker B produce knives and forks. Worker A has to work for 2 hours to…
A: d) B works only on knives, Needs 10 hours to produce knife. Time = 20 hour
Q: The optimal level of production is the level that either maximizes profits or minimizes losses. How…
A: Answer: An optimal level of production refers to that level of output where the profit is maximum or…
Q: Which of the elements of this scenario represent a flow from a firm to a household? This could be a…
A: A flow from a firm to a household normally takes place in the form of rent, wages, interest, and…
Q: Discuss “Land” as a special input of production?E xplain in deatail
A: Modern economists consider land as a special input of production, which can be used in several ways.…
Q: QUESTION 1 All of the following are categories of economic resources except: O Land O Interest rate…
A: Economic resources: the inputs used for producing and distributing goods and services.
Q: The economic resource that organizes the use of other economic resources is called Select one: a.…
A: An economic resource aids in carrying out various economic activities of production and consumption.…
Q: If this economy devotes all of its resources to the production of notepads, then it will produce
A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…
Q: Every point on the production possibilities curve represents? a. a greater increase in supply b.…
A: The production possibility curve is the graphical representation of the different combinations of…
Q: 1) In a circular flow diagram which one of the following transactions happens in the market for…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: t might happen to the cost of a resource as it becomes scarce
A: Equilibrium(E) refers to the situation where quantity(Q) demanded equals quantity(Q) supplied. The…
Q: 1. Suppose Worker A and Worker B produce knives and forks. Worker A has to work for 2 hours to…
A: The following problem has been solved as follows:
Q: By going to school an individual will obtain which "factor of production"? O Money. O Physical…
A: the factor of production tells us about the various items needed in the production process and which…
Q: Explain to your elderly relative, who is wondering what is the global marketplace that they keep…
A: Market: It refers to a place where goods and services are sold. The people go and can buy anything…
Q: Table 1 Production Function and Demand for Labor Schedules Quantity of labor demanded…
A: We are given the schedule for production function and labor demand and supply as follows:
Q: Mark can cook dinner in 30 minutes and wash the laundry in 20 minutes. His roommate takes half as…
A: Mark's roommate takes 15 minutes to cook dinner and 10 minutes to wash the laundry.
Q: A. Covid 19 Effects Using the consumer choice theory, show the impacts of the following: a. Person…
A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…
Q: Describe and contrast market economies, planned economies and mixed economies.
A: Market economy :- A market economy is a type of economy in which the decisions regarding investment,…
Q: Which of the following is not an economic resource? O a computer programmer O money used to pay…
A: Economic resources are the factors of production that are used in the production of goods and…
Q: According to below Figure which of the following point is representing resources are not used t…
A: This depicts a PPF(Production Possibility Frontier). It represents a combination of goods and…
Q: A gardener exclaims: “For only $1 in seeds I’ve grown over $20 in produce!” Besides the fact that…
A: The nursery worker has neglected to accept into account the opportunity costs. To precisely measure…
Q: ong with the statement: “If the market price of good Z rose to $100,000, then no one could afford to…
A: Market Demand is the economic term that measure sensitivity of quantity of a good that total…
Q: Discuss TWO (2) similarities and differentiation between macroeconomic and microeconomic. Relate TWO…
A: Definitions: Macroeconomics is a part of economics aspects that portrays a substantial picture. It…
Q: What is the Theory of Production in economics? Explain..
A: Answer: In economics, the technical relationship between the input and output is explained by the…
Q: 1. Suppose Worker A and Worker B produce knives and forks. Worker A has to work for 2 hours to…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: b. unlimited wants and unlimited resources. c. limited wants and limited resources. d. unlimited…
A: The circumstance in the general public when the resources that people need to satisfy their needs…
Q: Factors of production are inputs used to consume goods and services. a. False O b. True
A: Factors of production, term utilized by social scientist to denote the economic resources, each…
Q: What is the difference between micro and macro economics? Give an example of a microeconomic…
A: 1) Microeconomics is the study of individual behaviours and the firm's production analysis and the…
Q: Specify and explain the typical shapes of marginal-benefit and marginal-cost curves. How are these…
A: Marginal Benefit is the willingness to pay of a consumer for additional unit of goods and services.…
Q: Explain the term resource in economics
A: Resource: - In economics the inputs that are used to produce goods and services known as resources.
Q: Taxes adversely affect the allocation of resources in society because... A) The taxes collected are…
A: Taxes are imposed by the government. It is a compulsory charge which has to be paid by all the…
Q: Give two factors that lead to the price of energy from new technologies to increase.
A: Introduction Energy, fossil fuels, oil, and sustainable energy markets are complex and continuously…
Q: Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these…
A: A marginal benefit is a maximum amount a consumer is willing to pay for an additional good or…
Q: In the circular-flow diagram, firms are sellers in Select one: O a. the factors of production market…
A: Option ‘C’ is correct answer c) the goods and services market
Q: Describe the similarities and differencesbetween the markets for land and capital and themarket for…
A: Market for land, labor and capital is known as factor market. This is because land, labor and…
Q: Course: Macroeconomics Assume that one day's labor in Argentina can produce either 20 units of…
A: Argentina produces cloth = 20 units or wine = 2 units Chile produces cloth = 24 units or wine = 12…
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- The main problem of economic theory is believed to be the contradiction between unlimited needs and limited resources. Try to explain how economy appears from this contradiction.When answering try to use the following concepts: - properties of economic resources - the law of marginal utility1.Explain how a firm uses resources price and value data to determine the appropriate combination of capital and labor resources to use in order to maximize profits. 2.how does this change when the firm want to produce a specific quantity of product with the least cost combination of resources? 3. if a software firm estimates that the MP of labor is 3 apps per month and the price is labor is $1100 per month, while the MP of capital is 5apps per month and its price is $2000, should the firm hire more labor and decrease its capital use or increase its use of capital and use fewer labor resources?Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.
- 8. What is economic?a. Explain the following statement : "Surely, as you begin this course, you recognize that time is one of the scarcest resources of all. Your primary decision problem is to allocate a scarce resource -time- to achieve a goal-such as mastering the subject matter or earning an A in the course."Imagine an economy that only produces burgers. Kathleen is the queen of that economy and she has a grill which sells for $2000 dollars, 5 fryers for $500 each, 200 lbs of potatoes which costs $1/lb, 50 gallons of oil priced at $2/gallon, 200lbs of beef which costs $3/pound, 600 burger buns which costs $1/bun, 600 slices of cheese $0.20/slice and 20 lbs of condiments at $1/lb. She sells a total of 600 burgers at $10/burger and 600 bags of fries at $3/bag. Assume that, that is all the transaction she did for the year 2021. What is the GDP of this economy? $ 6140 $12300 $11650 $13940
- -50 Eleanor and her little brother Josh are responsible for two chores on their family's farm, gathering eggs and collecting milk. Eleanor can gather 10 dozen eggs or collect 5 gallons of milk per week. Josh can gather 2 dozen eggs or collect 2 gallons of milk per week. a. The family wants 2 gallons of milk per week and as many eggs as the siblings can gather. Currently, they collect one gallon of milk each and as many eggs as they can. How many dozens of eggs does the family have per week? ‒‒‒‒ (Click to select) Edozen eggs. b. If the siblings were to specialized, which should collect the milk? (Click to select) c. If the siblings were to specialize, how many dozens of eggs would the family have per week? (Click to select) dozen eggs.Explain the term resource in economics4. Explain all resources that economy relies?
- Use the table with data for Maria and Jose to answer the question. Table: Maria and Jose Produce Strawberry Jam Jose charges $8 per jar. Maria charges $8 per Maria earns $200, and | Maria earns $50, and Jose earns $180. Jose charges $4 per jar. Jose earns $280. jar. Maria charges $4 per jar. If Jose charges $8, Maria should charge Maria earns $300, and Maria earns $180, and Jose earns $40. Jose earns $150. If Jose charges $4, Maria should charge $8; $8 $4; $4 $8; $4 O $4; $8Select the number of the question and the letter to indicate the answer you consider correctfor each question. Answers to all questions are to be recorded on the answer sheet. (Pleasenote - Do not submit the full question with a circle answer. ONLY the number and theletter).1. The Law of demanda. applies to final consumer goods but not to the productive resources purchased bybusiness firms.b. tells us how much of a good people want, but not necessarily how much of that good theyare willing to pay for.c. tells us that when the price of a good falls, quantity demanded will increase.d. applies only to goods that are not absolute necessities. 2. The law of supply states that all other things remaining the same:a. as the price of a good increases, supply of the good will increase.b. as the price of a good increases, the quantity of the good supplied willincrease.c. as the price of a good increases, demand for the good will increase.d. as the price of a good increases, the quantity of the…Specify and explain the typical shapes of marginal-benefit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefit, should more or fewer resources be allocated to this product? Explain.