Assume that Max and Min can switch between producing mittens and producing hats at a constant rate. Labor Hours Needed to Quantity Produced in 36 Make 1 Hours Mitten Hat Mitten Hat Маx 2 6 18 6 Min 2 4 18 9. Refer to Table 3-6. Which of the following points is on Max's production possibilities frontier, based on a 36-hour production period? (18 mittens, 0 hats) (15 mittens, 8 hats) O (16 mittens, 10 hats) (0 mittens, 12 hats)
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- Help Se For the production function Q = 5.2K + 3.8L, if K = 16 and L = 12, we know that MPK is: Multiple Choice 01:49:51 Book 12. 16. 5.2. raw ucation pe here to search hpSuppose the graph below shows Gilligan's daily production possibilities curve for coconuts and fish. If Gilligan gathers 3 Ibs of coconuts each day, then what's the maximum amount of fish he can catch in a day? 9. 8. 6. 4 1 0 1 2 3 4 5 6 Fish (Ibs/day) 04 Ibs of fish 4.5 lbs of fish 6 lbs of fish Tenannat ha datarminat Coconuts (Ibs/day)why is the market for recycled aluminium good and the market for plastic bad in the US? Depict this with a firm input choice model. I understand that recycled plastic decreases in qualiy everytime it is recycled while aluminium does not and can be recylced without the decrease in quality, but I dont know how to depict this graphically
- Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?8:35 O ll 60% Econ101- Final Written.. QUESTION 2 Table 1 Number of Chocolate Bars per Day Total Utility Marginal Utility 80 150 200 230 10 2- Refer to the table above, 2.a- What is the marginal utility of the second chocolate bar per day? Please calculate. (3 pt) 2.b- What is the total utility of five chocolate bars per day QUESTION 3 3- You are a firm owner. Your total revenue was 100 TL last year. Your costs for rent and supplies were 35 TL. To start this business, you invested certain amount of money that could bring you a 45 TL as an annual return. If you would work for another company, DONOT CORY 3.a- Refer to the statement above. What were your economic costs during the year? Please calculate. (3 pt) 3.b- Refer to the statement above. What was your cconomic profit last year? Please calculate. (3 pt) QUESTION 4 Table 2 Technology Units of Capital Number of Employees 2. 5 12 B 11 10 D 10 4 4- Use the information provided in Table 2 above to answer the question(s) that follow. II…The graph below is Mendork's production possibility curve for the only two goods that it produces-quirks and quarks. Quantity of Quarks 800 700 600 500 400 300 200 100 A 2 4 6 8 10 12 14 16 18 20 Quantity of Quirks Select one: Refer to the graph above to answer this question. If new technology increased the output of quirks by 50%, how many quirks could be produced if 700 quarks were produced? B A. 9 quirks. B. 18 quirks. C. 10 quirks. D. 20 quirks. E. No quirks.
- Frances is a skilled toy maker who is able to produce both trucks and drums. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Trucks) (Drums) (Trucks) (Drums) A 8 0 4 0 B 6 2 3 10 C 4 4 2 16 D 2 6 1 18 E 0 8 0 19 Suppose Frances is currently using combination D, producing one truck per day. Her opportunity cost of producing a second truck per day is _______. Now, suppose Frances is currently using combination C, producing two trucks per day. Her opportunity cost of producing a third truck per day is ________ per day. From the previous analysis, you can determine that as Frances increases her production of trucks, her opportunity cost of producing one more truck _______. Because she can now make more trucks per hour, Frances's opportunity cost of producing drums is…O let y= F(,k) = 2Č K be a pretustion funtion e ue told daivanve, to deniue, TRS this praquition fumition duplay mmu kinMartin a prequct in ? Hene about in k?Consider Justin who makes $1,400 per week and just won a ‘set for life’ lottery ticket whichinvolves a fortnightly payment of $10,000 for 20 years. Currently he works 35 hours per week. Nowdo the following: • Illustrate the effect of the lottery win on Justins budget constraint using a fully labelleddiagram where i) the horizontal axis represents the hours of free time per week, and ii) thevertical axis represents Justins weekly consumption. • Illustrate on the same diagram Justins optimal decisions before and after the lottery winalong with his indifference curves. • Based on your diagram, discuss whether Justin will quit his job.
- What is the impact of covid 19 on socioeconomic? List down 10 points with an explanationCarol needs to decide how to spend her wealth on sh and chicken.For Carol, 1 lb of sh is equivalent to 2 lb of chicken. Her preferences2Intermediate Microeconomics NYUAD, Spring 2023can be represented by the utility functionu(x; y) = 2x + ywhere x is the quantity of sh (in lbs) and y is the quantity of chicken(in lbs). The consumption set is R2+.(a) Draw two typical indi erence curves for Carol, one correspondingto a utility level of u1 and one corresponding to a utility level u2,where 0 < u1 < u2. Make sure you label the slope of the indif-ference curves and the intercepts with the horizontal and verticalaxes.(b) Suppose the price of sh is $1:5 per lb and and the price of chickenis $1 per lb. Carol has $20 to spend on sh and chicken.(i) Draw Carol's budget set, labeling the slope and the interceptpoints clearly.(ii) How much sh and chicken will Carol choose to purchase?Figure 1 The production possibility frontier ABCDE is a production possibility frontier. It shows the different combinations of goods which can be produced if all resources are fully and efficiently utilised. The economy can produce at any point on the line. It cannot produce at G because the PPF shows the maximum that can be produced. It can produce within the PPF,05 such as at F, but less will be produced than the maximum possible. Non-manufactured goods 50 40 30 20 10 0 A 10 B Ti C 20 30 Manufactured goods G D E 40