Specialization: 1) leads to greater self-sufficiency. 2) can lead to an increase in overall production. 3) allows workers to develop skills by working on a large number of tasks 4) is always the result of an inefficient use of resources

Specialization: 1) leads to greater self-sufficiency. 2) can lead to an increase in overall production. 3) allows workers to develop skills by working on a large number of tasks 4) is always the result of an inefficient use of resources

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter7: Production, Inputs, And Cost: Building Blocks For Supply Analysis

Section: Chapter Questions

Problem 9TY

See similar textbooks

Related questions

Q: Consider the following pairs of goods. In each case, which would you expect to have the more elastic…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Consider a geometric series of cash flows that begins at time 5 with a cash flow of $5,000. Cash…

A: We have, Cash flow time 5 is $ 5000 Annual growth in cash flow ia 7% Number in cash flows is 9…

Q: Describe some government intervention in the economy with the intent of controlling prices. Identify…

A: Government intervention is defined as any action taken by the government that affects the market…

Q: Economic growth is defined as an increase in Group of answer choices investment. real output.…

A: The health and the growth of any economy are measured using economic growth. It tells us how is the…

Q: Consider a 529 (college savings) plan that will pay $20,000 once a year for a 4-year period (4…

A: child is send to college for 4 yo yours. The forged of $20000 in line with 12 months is -payable at…

Q: Explain why the AED200,000 in 2020 cannot be the same as the AED200,000 in 2010.

A: When talking about the currency 'AED', it is said that it stands for United Arab Emirates Dirham and…

Q: At i = 10% per year, a machine has a first cost of $8,000 and estimated operating costs and year-end…

A: In the provided case the equated annual cost method of analysis is an optimal computation to decide…

Q: Given Table 12-6 below, fill in the values for saving. Assume taxes = $800. Table 12-6 National…

A: Saving is the difference between the disposable income and consumption. Disposable income =…

Q: The populations of Abu Dhabi (National, Non-National, and Total) and UAE are shown in the following…

A: Annual growth rate is the percentage increase in the population in the current year over the…

Q: PROBLEM 2. A loan of P5,000 is made for a period of 13 months, from January 1-January 31 the…

A: Loan amount(P)=5,000 Time Period(t)=13 months Converting time period into years =13/12=1.08years…

Q: Explicit Costs = Worker wages + pets and supplies to sell + annual rent Explicit Costs = 92,000 =…

A: In perfect competition, in long run there is zero economic profit. Same is the case with the…

Q: You plan to deposit $200 at the end of every six months for 8 years starting at the end of month 6.…

A: Future worth is the worth of an asset at a particular date. It computes the nominal future sum of…

Q: SITUATION 3: A machine used for cutting materials in a factory has the following outputs per hour at…

A: In economics the cost per unit can be calculated from the fixed costs and variable costs incurred in…

Q: The period of rapid and sustained increase in real output per capita that began in the Western World…

A: Industrialization refers to an approach by which an economy will be moving from agrarian production…

Q: 2. Given the cash flow diagram below, answer the questions by marking on correct answer. $36,000 ΕΟΥ…

A: The time value of money refers to the concept that a sum of money is worth greater now than the same…

Q: 5. Henry Mueller Supply Co. sells tamperproof, normally open thermostats (i.e., thermostat closes as…

A: Future value is the value of a current asset at some point in the future based on an assumed rate of…

Q: 3. Describe any five important differences between the labour market and the goods market.

A: Labour Market: A labour market is a place where labour and organization meet for achieving…

Q: In Italy, firms pay tax on reported profits at a constant proportionate rate t€ (0,1). If th firm's…

A: AUDITING PROBABILITY- Baselining and polarization are often detected by independently evaluating…

Q: Question 1 Table 1 illustrates the supply and demand schedules for cheeses in Sweden and Norway. On…

A: The following table details the supply and demand patterns for calculators in Sweden and Norway-…

Q: Tom Evers an attorney is planning for retirement. He earns $126,000 a year and estimates that he…

A: Given, Tom earns $126,000 and estimates that he will need 80% of his salary for retirement in 10…

Q: A fruit grower can use two types of fertilizer in her orange grove, brand A or brand B. The amounts…

Q: The more frequently a bank compounds interest, ____ will be. Group of answer choices the higher the…

A: Compound interest is the interest earned on savings that is calculated using both the initial…

Q: Year (Base year) 1850 2190 2380 2021 2560 Q.3.2.1 Use the information in Table 3-2 to measure the…

A: CPI (Consumer Price Index) informs on the change in the prices of a basket of items and services…

Q: A country's production possibilities frontier will be a straight line if Group of answer choices the…

A: Within the function, consumer PPC is limited and constrained. It illustrates a tradeoff between…

Q: Consider the average annual growth rate 5.93% of 2000-2005, and forecast the population in Abu Dhabi…

A: Year Abu Dabi Nationals Non-nationals Total 1980 90792 361056 451848 1985 135982 430054…

Q: Armando consumes two goods: grapes and wine. He can purchase both at the market and also possesses a…

A: According to the Marshallian demand function, which was named after Alfred Marshall, the amount of a…

Q: Explain economic models

A: A model is a theoretical construction used to depict economic processes in economics. It consists of…

Q: How is the heterodox/MMT approach different than the Neoclassical/orthodox view of government…

A: Modern Monetary Theory (MMT) is defined as a theory which states that nations that have power or…

Q: The table below shows cost data for producing different amounts of saucepans. Suppose this market is…

A: Total revenue is the product of price and quantity.

Q: Use a banker's year described above to answer this question. To complete the sale of a house, the…

Q: A decision-maker with initial wealth w faces a probability of incurring a loss. If the loss occurs,…

A: The propensity to shun risk is called risk aversion. The investor who favors capital preservation…

Q: Production Function for a Furniture Company The manager of Dixie Furniture Company estimates that…

A: Marginal Rate of Technical Substitution: The marginal rate of technical substitution is an economic…

Q: A grape grower with a vineyard in the Edna Valley and in the Carneros appellation in Sonoma/Napa has…

A: The cost that a firm incurs when it has to produce extra units of any goods or services is referred…

Q: For the last question, can you explain why the answer states grain and not cars? was this an error?

A: Introduction: Opportunity cost refers to the second-best alternative that has been forgone. This…

Q: The populations of Abu Dhabi (National, Non-National, and Total) and UAE are shown in the following…

A: Here we are given the population data of Abu Dhabi and UAE. We will use these numbers to calculate…

Q: Hi, the diagram in scenario 2 is the same?

A: The both graphs as well as the scenarios are the same in the previous given answer, but according to…

Q: Pls explain too. A binding and permanent urban growth boundary that does not allow increases in…

A: Price is affected by the demand and supply in the market.

Q: 4. Construct a cash flow diagram to find the present worth in year 0 at an interest rate of 12% per…

A: Since You have posted multiple questions, as per the guidelines we can solve only one question per…

Q: Consider the average annual growth rate 3.51% of 2000-2005, forecast the nationals population in Abu…

A: Year Abu Dabi Nationals Non-nationals Total 1980 90792 361056 451848 1985 135982 430054…

Q: Acquiring a supplier because it becomes more profitable Question 4 options: will raise…

A: Asking price will be influenced by a numerous variables and factors, including the size, location,…

Q: The aggregate production function is Y = 3KL. If there are 20 units of capital and 50 units of…

A: Labour productivity tells us how efficient is labour. How many outputs are produced per unit of…

Q: What is meant by produce outside ppf and produce inside ppf

A: A graph that shows various combinations of two possibly producible things is known as a production…

Q: Consider the following policies, each of which is aimed at reducing violent crime by reducing the…

A: Demand and supply in the market are the main determinants that decide the price and quantity of…

Q: Refer to the information provided in Figure 1 below. Which of the following causes the ppf to shift…

A: The production possibility frontier (PPF) basically refers to a curve on a graph that depicts the…

Q: Answer the question using 3 step approach 8. What happens to the domestic market when the…

A: Importation of goods implies purchase of goods from the producer of other countries than home…

Q: Suppose, two trading partners simultaneous implement an optimal tariff due to trade wars then A.…

A: Optimal tariffs Robert Torrens was the initial person to recognize the potential for a tariff to…

Q: what are i and P?

A: We know that, Real interest rate = Nominal interest rate - Inflation So, from the given data we…

Q: he aggregate production function is Y = 5KL. If there are 18 units of capital and 50 units of labor,…

A: The production function refers to the function that shows the relationship between the inputs used…

Q: PROBLEM 2. A loan of P5,000 is made for a period of 13 months, from January 1-January 31 th…

A: P = 5000 Interest rate = 20% Time period = 13 months

Q: In the above game, explain in words what condition player 1's probability p of playing strategy A…

A: a) Suppose player 1 plays A with probability p and B with probability (1-p). And player 2 plays a…

Question

Q9 What’s the correct answer ?

Specialization:
1) leads to greater self-sufficiency.
2) can lead to an increase in overall production.
3) allows workers to develop skills by working on a large
number of tasks
4) is always the result of an inefficient use of resources

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Following is information on the production levels of three different firms. Firm A is currentlyproducing at a quantity where it is experiencing increasing returns. Firm B is currentlyproducing at a quantity where it is experiencing diminishing returns. Firm C is currentlyproducing at a quantity where it is experiencing negative returns.a. If each of the firms cut back on its labor force, what will happen to its marginalproduct of labor? And why?b. If each of the firms adds to its labor force, what will happen to its marginal product oflabor? And why?
A positive technological change will Group of answer choices shift the per-worker production function down. move the economy along a given per-worker production function to the left. shift the per-worker production function up. move the economy along a given per-worker production function to the right.
Which of the following examples represents the relationship between division of labor and production? Group of answer choices A company assigns different parts of the production process to various workers, which complicates the process and results in waste A hospital hires more qualified nurses to ensure better quality of care for patients A primary care office hires more doctors to ensure that more patients receive care. A nurse takes patients’ vital signs while the doctor focuses on diagnosis so that more patients can receive care
Identify 10 examples of direct factors (labor, capital, technology, resources) used for production and 10 examples of indirect factors (i.e factors other than labor, capital, technology, or resources).
Labor When the firm uses 40 units of labor, how much output does it produce? 1,600 units B 2,800 units C none of the above D 4,000 units E 400 units
Question 1: Consider the following production function that depends only on labor:Q = 81¹/2 1. Write a combination of input and output that are technically efficient. In other words, for what level of L and Q, is the technology efficient? 2. Write a combination of input and output that are technically inefficient. In other words, for what level of L and Q, is the technology inefficient? 3. Write a combination of input and output that are technically unattainable. In other words, for what level of I and Q, is the technology unattainable?
We often work with production technologies that give rise to initially increasing marginal product of labor that eventually decreases. Are the following statements then True or False? Explain.A negative marginal product of labor necessarily implies a downward sloping production frontier at that level of labor input.
An isocost line identifies The leat costly combination of inputs needed to produce a given level of output. The relative prices of inputs. The technological relationships among inputs. The rate at which one input can be substituted for another in the production process.
What does diminishing marginal product imply? The marginal cost of an extra worker is unchanged. The marginal cost of an extra worker is less than the previous worker's marginal cost. The marginal product of an extra worker is less than the previous worker's marginal product. The marginal product of an extra worker is greater than the previous worker's marginal product.
a) Graph the TP, MP and AP data below. Clearly identify the 3 stages of production by drawing dotted lines vertically at the appropriate labor levels (increasing returns, decreasing returns, negative returns). product
Consider the following production function that depends only on labor:Q = 4L¹/3 1. Write a combination of input and output that are technically efficient. In other words, for what level of L and Q, is the technology efficient? 2. Write a combination of input and output that are technically inefficient. In other words, for what level of L and Q, is the technology inefficient? 3. Write a combination of input and output that are technically unattainable. In other words, for what level of L and Q, is the technology unattainable?
Having a marginal product of labor that increases over low levels of employment is common in this situation. Why is that? a) The first workers a firm hires are just better workers than workers hired later on- they applied first and really want the job. B) often it has to do with specialization- workers are able to divide up tasks and be more productive. Is the answer a or b?