Economics Homework
untacePoint breakbown:
If, as an entrepreneur, I am earning accounting profits of $50,000 per year and the opportunity cost of my time is $60,000, Dave currently earns a salary of $1,540 per week as an economics instructor. His next best career would have been an assistant manager at Nittany Burger, where he would have earned $24 per hour, and would have worked for 40 hours per week. What weekly economic rent does Dave receive from being an economics instructor? For these next five problems, use the above table. Hint: You may have to add some columns to the table in order to find more numbers. Look at Lessons > Supplements > Cost and Product Math Practice for some great practice in doing this type of problem! In Table B, what is the APL when 3 workers are hired? In Table B, diminishing MPL begins with which worker? In other words, which is the first worker who adds less output than the previous worker? In Table B, assume all workers get paid the same wage rate of w = $60. Assume that there are no costs associated with capital (TFC = 0). Which of the following is true? In Table B, assume all workers get paid the same wage rate of w = $60. Assume that there are no costs associated with capital (TFC = 0). Which of the following is true? Fred's Franks originally sold hotdogs and soft drinks from a cart located in front of City Hall. Then Fred purchased another hotdog cart and hired someone to sell hotdogs and soft drinks near the high school. Both locations have been successful. When Fred's Franks expanded to two locations, which of the following did NOT occur? If the average product of 20 workers is 100 bushels of wheat and the average product of 21 workers of wheat is 99 bushels of wheat, then the marginal product of the 21st worker was If a firm gets so large that management of employees and other resources becomes a costly problem, it will be experiencing Suppose a firm doubles its output in the long run. At the same time the average cost of production remains unchanged. We can conclude that the firm is Video Question. Watch the following video: http://www.youtube.com/watch?v=56dpnShzRhs (skip the advertisement if one pops up). According to the video, what is a cause of diseconomies of scale? |
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