EGR310 Homework Week 1

Gains from Trade - End of Chapter Problem Some people enjoy gardening and will grow their own vegetables, fruits, and herbs in their own backyard or in a leased plot. Many people agree that fresh fruits and vegetables taste better and, in some cases, are relatively cheap to grow. a. What are some reasons that not everyone grows their own vegetable garden? Select all that apply. Some people prefer to go to the grocery store and find everything they need in one spot. do not have time to tend to garden chores like weeding, watering, fertilizing, etc. do not have the space or the willingness or means to rent space to grow a garden. would rather spend time engaging in other hobbies. b. Considering your answers in part a, why do most people not grow their own food? Mainly because food companies are good at marketing their products and get customers hooked by putting additives in their food. many people feel that their comparative advantage lies in other activities, and they are willing to…

Complete the following table and answer the accompanying questions.   Control Variable Q Total Benefits B(Q) Total Cost C(Q) Net Benefits Benefits N(Q) Marginal Benefit MB(Q) Marginal Cost MC(Q) Marginal Net Benefit MNB(Q) 100 1,200 950   210 60   101 1,400       70   102 1,590       80   103 1,770       90   104 1,940       100   105 2,100       110   106 2,250       120   107 2,390       130   108 2,520       140   109 2,640       150   110 2,750       160     a. At what level of the control variable are net benefits maximized?    b. What is the relation between marginal benefit and marginal cost at this level of the variable?    multiple choice Marginal cost is much smaller than marginal benefit. Marginal cost is slightly larger than marginal benefit. Marginal cost is slightly smaller than marginal benefit. Marginal cost is much larger than marginal benefit

Sean is a hard-working college freshman. One Thursday, he decides to work nonstop until he has answered 88 practice problems for his physics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 40 10:00 AM 64 11:00 AM 80 Noon 88 Use the table to answer the following questions. The marginal, or additional, gain from Sean’s second hour of work, from 9:00 AM to 10:00 AM, is problems.   The marginal gain from Sean’s fourth hour of work, from 11:00 AM to noon, is problems.   Later, the teaching assistant for Sean’s physics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 12 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same number of…

Refer to the Front Page article to answer one question. FRONT PAGE Recycling Wastes Money New York City is spending $57 million a year to recycle metal, glass, and plastic Mayor Bloomberg says that's way too much, especially when the city is cutting police and fire budgets. The mayor says the city could save a lot of money by simply sending the waste to landfills rather than recycling it The city spends about $240 per ton to recycle waste, while the cost of sending the waste to landfills is about $130 a ton. As he sees it, "You could do a lot better things in the world with $57 million." The mayor axed the recycling program from the city's proposed 2003 budget Source: News reports, March 2002 How much more per ton is New York City paying to recycle rather than just dump its garbage? Instructions: Enter your response as a whole number. 240 per ton

You need to have work done on your home. In addition to the expense, it will be annoying to have people in your home working on it. The work will take 5 days total. Which of the following would prove least unpleasant?(in Behavior Economics)   A. Have the work done one day a week for 5 weeks. B. Have the work done all at once, for 5 days. C. Have the work done in groups of two over the span or two weeks. D. Have the work done one day every two weeks for 10 weeks. What does this question mean? What is answer? and why? Could someboby explain about these easily?

Raphael is a hard-working college senior. One Saturday, he decides to work nonstop until he has answered 100 practice problems for his math course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 9:00 AM 40 10:00 AM 70 11:00 AM 90 Noon 100 Use the table to answer the following questions. The marginal, or additional, gain from Raphael's first hour of work, from 8:00 AM to 9:00 AM, is problems. The marginal gain from Raphael's third hour of work, from 10:00 AM to 11:00 AM, is problems. Later, the teaching assistant in Raphael's math course gives him some advice. "Based on past experience," the teaching assistant says, "working on 15 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover the same number of pages during each hour they spend…

Write a word or term that governs the following 1. are benefits given to the firm that originate from outside the firm. 2. exist when costs fall with larger size firm for technical and engineering reasons. 3. result from the way that larger firms can employ specialized workers.

Time Total Problems Answered 8:00 AM 9:00 AM 40 10:00 AM 70 11:00 AM 90 Noon 100 Use the table to answer the following questions. The marginal, or additional, gain from Manuel's first hour of work, from 8:00 AM to 9:00 AM, is problems. The marginal gain from Manuel's third hour of work, from 10:00 AM to 11:00 AM, is problems. Later, the teaching assistant in Manuel's physics course gives him some advice. "Based on past experience," the teaching assistant says, "working on 25 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover the same number of pages during each hour they spend reading. Given this information, in order to use his 4 hours of study time to get the best exam score possible, how many hours should he have spent working on problems, and how many should he have spent reading? O 1 hour working on problems, 3 hours reading O 2 hours working on problems, 2 hours reading O 3 hours…

QUESTION 3 If the input is fixed, the goal is to (minimize or maximize) the present worth of benefits.

Ginny is a hard-working college senior. One Sunday, she decides to work nonstop until she has answered 150 practice problems for her math course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 60 10:00 AM 105 11:00 AM 135 Noon 150   Use the table to answer the following questions. The marginal, or additional, gain from Ginny’s second hour of work, from 9:00 AM to 10:00 AM, is   problems.   The marginal gain from Ginny’s fourth hour of work, from 11:00 AM to noon, is   problems.   Later, the teaching assistant in Ginny’s math course gives her some advice. “Based on past experience,” the teaching assistant says, “working on 52.5 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same…

Question 35 Suzanne drives to work each day. The best example of an internal cost is the congestion created by Suzanne's car being on the road. amount of pollution emitted by Suzanne's car. amount the government paid to build the road. amount of money Suzanne saves each day by avoiding the toll roads amount Suzanne pays to maintain her car.

Teresa is a hard-working second-year university student. One Thursday, she decides to work nonstop until she has answered 100 practice problems for her physics course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time 8:00 AM 9:00 AM 10:00 AM 11:00 AM Noon Total Problems Answered 0 40 70 90 100 Use the table to answer the following questions. The marginal, or additional, gain from Teresa's second hour of work, from 9:00 AM to 10:00 AM, is The marginal gain from Teresa's fourth hour of work, from 11:00 AM to noon, is problems. problems. Later, the teaching assistant in Teresa's physics course gives her some advice. "Based on past experience," the teaching assistant says, "working on 35 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover the same number of pages during…

Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Number of Factories Q = 100 1 2 3 78°F Sunny 440 620 800 F2 Q = 200 F3 280 380 480 O Average Total Cost (Dollars per bike) Q = 300 Q = 400 240 240 320 F4 320 240 240 Suppose Ike's Bikes is currently producing 100 bikes per month in its only factory. Its short-run average total cost is $ F5 Q = 500 480 Suppose Ike's Bikes is expecting to produce 100 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using On the following graph, plot the three SRATC curves for Ike's Bikes from the previous table. Specifically, use the…

"The four factors of production are needed in an efficient market to provide goods and services at an affordable price at the right time, place and mix,"... "Missing the calibration of these factors can be disastrous for the supplier and consumer." The supplier may face higher costs of production, forcing them to charge a higher price to the consumer or risk going out of business.

What is the total benefit associated with producing four units of the control variable, Q (identify point A in the table)? Control variable Marginal Cost Marginal Net Benefit Q MC (Q) MNB (Q) 0 1 2 3 4 5 6 7 8 19 10 Total Benefits. Total Costs B(Q) 0 900 1,700 2,400 A 3,500 3,900 4,200 4,400 4,500 4,500 C(Q) 0 100 300 600 1,000 1,500 2,100 2,800 B 4,500 5,500 Net Benefits N(Q) 0 800 C 1,800 2,000 2,000 1,800 1,400 800 0 -1,000 Marginal Benefit MB (Q) 900 800 700 600 500 D 300 200 100 0 100 200 E 400 5.d 600 700 800 900 1,000 800 600 400 200 F -200 -400 -600 -800 -1,000

Explain what responsibilities of "cost control" are in a project associated with the making of a Hollywood-style movie. How would these responsibilities change if the movies was a documentary, say on the Covid-19 pandemic?

What occurs when the cost of producing a range of products is lower than the cost of producing each product individually

who is responsible for executing the budgetand plansdrawn up for a firm

Alex is a hard-working college sophomore. One Saturday, he decides to work nonstop until he has answered 50 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 20 10:00 AM 35 11:00 AM 45 Noon 50   Use the table to answer the following questions. The marginal, or additional, gain from Alex’s second hour of work, from 9:00 AM to 10:00 AM, is   problems.   The marginal gain from Alex’s fourth hour of work, from 11:00 AM to noon, is   problems.   Later, the teaching assistant in Alex’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 7.5 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same…

looking for help with the following homework problem: thanks!

Problem Solving a. Compute the average cost and marginal cost Units of output Total Cost Average Cost Marginal Cost 30 40 55 75 100 130 165 b. Plot in a graph the average cost and the marginal cost. c. What is the efficient production of the firm? Explain its implication if the firm produce more than its efficient output.

1.How does a business owner applying the concept of marginal costs decide how much to produce? For example, how did the driver determine how many hours to drive each day?

Refer to the table below. Behaving as a "rational optimizer," how many units of this activity should be carried out? Units of Total Total Activity Cost Benefit 0 $0 $0 $2 $12 $6 $22 $12 $30 $20 $36 $30 $40 $42 $42 $56 $43 1 2 3 4 5 6 7 A. 2 B. 3 C. 4 D. 5 E. 6

A large-scale company is planning to install a factory to produce __________. As the operations manager, you are responsible for layout planning. Which type of layout is most preferable for your business? Please explain why. Please answer the question for the following: a.Airplanes b.Cars

3 1- which is an example of an objective a) Find a high-paying job after college b) Gratuate from college next semester c( send resumé to two companies per week d) work for nationally reconized company

Most manufacturing companies divide manufacturing costs into which three broad categories?

Clancy is a hard-working college senior. One Sunday, he decides to work nonstop until he has answered 100 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 40 10:00 AM 70 11:00 AM 90 Noon 100   The marginal, or additional, gain from Clancy’s first hour of work, from 8:00 AM to 9:00 AM, is problems.

Hello, need help on this practice problem.

apter 1 Connect Activity i 6 eBook The table below shows Lanark's production possibilities. Wheat Cars A 0 51 B 50 49 C 88 44 D 114 34 27 E 126 19 F 131 0 a. If Lanark is producing 39 cars, it can produce approximately b. If Lanark is currently producing combination C, the cost of 26 more wheat is (Click to select) ✓ c. If Lanark is currently producing combination D, the approximate per unit cost of an additional car is necessary, round your answers to 1 decimal place. Remember to round 0.05 up to 010. Saved wheat. (Click to select) If