1. What is the cost of one more beer? You have 3 workers: worker A, B, and C. Worker A can produce 4 tables or 8 chairs in one day. a. Capital goods last an average of 50 years ( O, When economies of scale exist, firms with a large volume of production will have lower costs than firms with smaller volumes of production. b) What is the optimal ratio of c, When an economy is on the flat portion of its AS curve: A. small changes in the price level have little or no effect on the amount of production in the economy. Decreasing If the wage is $10 and the rental rate on capital is $20, the short-run average cost is _____, Consider the following firm with the production functionQ = F(L) = 2L^\frac12 L = labor, Wage w=12. The following table contains information on the economy's money supply, velocity of money, price level, and output. C) the smallest number of firms that co, Suppose the production function for a firm is given by: q=4L^{0.5}K^{0.25}. B) the scale of operation at which economies of scale are exhausted. The nominal interest rate on the bonds adjusts automatically to account for the inflation rate. C. maximizing the returns to factors of production. Suppose that John, April, and Tristan have two production plants for producing orange juice. How many workers to hire, b. Suppose that the table below shows an economy's relationship between real output and the inputs needed to produce that output: Consider the following data. Consider the following closed-economy IS-LM model: Consumption function Investment function Government purchases and taxes Money demand function Money supply Price level : C = 800 + 0.80 (Y - T) : I, Suppose that some CPI data for a particular economy is shown in the following table. b. NNP = GNP - Depreciation = 13300-1400 = 11900 The price of output is 'p,' the, Suppose a firm's short-run production function is given by Q = F(L) = 10L. If the equilibrium quantity of airplanes demanded is 200, can this economy take full advantage, The table below shows how the average cost of production for airplanes at a certain factory changes as the number of airplanes built at that factory increases. c. Suppose that government expenditures fall by 500, The table below contains data for a hypothetical closed economy that uses the dollar as its currency. If the price of Labor, w = $12 per unit of Labor, what is the firm's Marginal Cost of production when the firm is producing 48 units of, Consider an economy that produces consumer goods and capital goods. b. Transfer Payments 600 However, when examining the operation of large health and medical facilities, the opposite is often t, Suppose you are hired to manage a small manufacturing facility that produces Widgets.
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