If producing 200 buttons and 200 safety pins daily is a 50% split of resources, where do we see the opportunity cost if you decide to produce 300 buttons and 100 safety pins?
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- In choosing a production technology, how will firms react if one input becomes relatively more expensive?The Mazoon Company paid for the advertisement of their milk and milk products to Oxygen Advertising Agency. Choose the cost incurred by Mazoon company. O a. Production cost O b. Explicit cost O c. All of these O d. Opportunity costBased on the figure, up to which level of output will like's Ice Cream Kitchen have increasing marginal retums? A only at 0 gallons B. up to 60 gallons C. up to 40 gallons up to 10 gallons D. Cost (dollars per gallon) 0 MC ATC AVC 10 20 30 40 50 60 70 80 90 100 Quantity (gallons of ice cream per hour * 2
- Sweaters sell for $19 at the crafts fair. Allie knits sweaters and her marginal costs are given in the table below. Allie's marginal costs increase with each additional sweater. If Allie is behaving rationally, how many sweaters will she sel? Marginal Cost ($) Sweater 2nd Sweater 11 ard Sweater 15 th Sweater 21 sth Sweater 28 eth sweater 35 Allie will sell sweater(s).Done Save & Exit C Su Check my wGater Tools, a profit-maximizing firm, has a patent on a power tool, making it the only producer of that power tool. Thegraph above shows GaterTools' demand, marginal revenue, average total cost, average variable cost, and marginal costcurves.(a) Calculate GaterTools' total revenue if the firm produces the allocatively efficient quantity. Show your work.(b) Starting at a price of $12, if GaterTools were to increase the price by 4%, will the quantity demanded decrease bymore than 4%, less than 4%, or exactly 4%? Explain.(c) At a quantity of 10 units, is GaterTools' marginal product increasing, decreasing, or constant? Explain. (f) Does GaterTools have a dominant strategy? Explain using numbers from the payoff matrix.(g) Identify the Nash equilibrium. Explain why this is a Nash equilibrium using information from the payoff matrix.(h) Suppose HandyBilt makes a credible commitment to GaterTools that if GaterTools maintains its price, then HandyBiltwill pay GaterTools $250. Will this offer…
- Mc Graw Hill The table below shows Lanark's production possibilities. Wheat Cars A 0 40 B 35 38 C 60 34 D 78 26 E 87 15 (Click to select) ✓Continue with the table and complete the calculation for Marginal Cost: Round to the table standard. Q3 Table Bags/ Participants Fixed Cost Variable Cost Total Cost Average Variable Cost Marginal Cost Total Revenue wt Price $20 Marginal Revenue Total Profit 0 1700 0 1700 0 -1700 100 1700 500 2200 a 2000 20 -200 200 1700 1200 2900 b 4000 20 1100 300 1700 2700 4400 c 6000 20 1600 400 1700 5200 6900 d 8000 20 1100 500 1700 9000 10700 e 10000 20 -700 600 1700 15000 16700 f 12000 20 -4700 700 1700 23800 25500 g 14000 20 -11500 800 1700 36800 38500 h 16000 20 -22500 900 1700 55800 57500 i 18000 20 -39500 1000 1700 83000 84700 j 20000 20 -64700homework micro.docx - Word (Error de activación de productos) ARCHIVO INICIO INSERTAR DISEÑO DISEÑO DE PÁGINA CORRESPONDENCIA Diana Arenas - REFERENCIAS REVISAR VISTA X Cortar A Buscar - -|11 - A Calibri (Cuerpo) A Aa- A AaBbCcDd AaBbCcDd AaBbC AaBbCcC AABI AaBbCcD ab Copiar Sac Reemplazar 1 Normal 1 Sin espa. Título 1 Título 2 Puesto Subtítulo Pegar N K abe X, x² A - aby - A Copiar formato Seleccionar - Portapapeles Fuente Párrafo Estilos Edición 1. Inefficient allocation of resources occurs when A. society is operating at a point low on the production possibilities frontier B. society is operating at a point high on the production possibilities frontier C. no one can be made better off without having someone else give up something D. it is possible to make some people better off without making others worse off. 2. The marginal revenue curve for a monopolist is always below the demand curve. True or false 3. Under a systems of laissez-faire, output selection is determined by…