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- As an economist it is important to know that resources are scarce. Explain what u understand that resources arenscarce in economic terms1.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?Give the three reasons that explain why the division of labor increases an economys level of production.
- Intrepreneursdometrik.ta e.only succes In economics, when discussing the factors of production, the term land refers to A) farmland. B) real estate. capital goods. D) all natural resources. Which term would be used to describe the wood that is used when building a houseWhat is the implication of a new technological change in the production on consumer.Which of the following is/are not a factor of production? O a. Enterprise O b. Land О с. Сapital O d. Cheque book
- Q35 Statement for Q36-Q41 Kayla and Josel produce food and luxury goods. Kayla has 10 hours; it takes her 1 hour to produce 1 unit of food and 2 hours to produce 1 unit of luxury goods. Josel has 20 hours; for the first 8 hours of producing food, it takes him 2 hours to produce 1 unit of food. Then, beyond 8 hours, Josel is less productive and it takes him 4 hours to produce 1 additional unit of food. It takes Josel 2 hours to produce 1 unit of luxury goods no matter how many hours are allocated into the production of luxury goods. MAKE SURE YOU REFER TO THE ABOVE STATEMENT FOR QUESTIONS 36-41 Save Answer Q36 Suppose that Kayla and Josel trade only with each other, and agree to the following terms of trade: 2 units of food in exchange for 3 units of luxury goods. What is the relative price of 1 unit of food in terms of units of luxury goods? O A. 2/3. O B. 3/2. O C. 2/3 if within the first 8 hours of producing food for Josel, and 3/2 otherwise. O D. 3/2 if within the first 8 hours of…] Suppose that a football team is holding tryouts for various positions. A certain playertries out for both offensive line and defensive line. He ends up making the team as an offensivelineman. However, he is actually better at the defensive position. He is puzzled by this so he asksthe coach to explain. What do you think the coach told the player? Relate this to an economicconcept or concepts we have discussed.Suppose in Baku with total 300 minutes labour hours available the economy can only produce mangoes and oranges. If it takes 120 minutes to produce 1 kg oranges and 60 minutes to produce 1 kg mangoes. Answer the following questions and sub-parts as well: a. Find the maximum oranges that can be produced. b. Find the maximum mangoes that can be produced. c. In the given figure, identify inefficient production point, briefly explain why it is inefficient. d. In the given figure, identify unattainable production point, briefly explain why it is unattainable. e. In the given figure, identify efficient and attainable production point, briefly explain why it is efficient and attainable. Mangoes Oranges
- Sketch a graph to illustarte your idea of each of the following relationships. Be sure to label both axes appropriatley. In each case explain uder what circumstances, if any, the curve should shift. 1. The amount of fertilizer added to an acre of land and the amount of corn grown on that land in one growing season 2. An automobile's horspower and it's gasoline mileage (in miles per gallon)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.Describe the similarities and differencesbetween the markets for land and capital and themarket for labor.Describe the similarities and differencesbetween the markets for land and capital and themarket for labor.
