Question
In: Economics
Suppose a grocery stores uses 120 units of labor at a price of $5 and 200...
Suppose a grocery stores uses 120 units of labor at a price of $5 and 200 units of capital at a price of $2 to produce an output of Q= 1,456. The marginal product of labor is 25 and the marginal product of capital is $10. Is the grocery store minimizing its cost? Explain
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
(1) A survey of 100 grocery stores revealed that the average price of a gallon of...
(1) A survey of 100 grocery stores revealed that the average
price of a gallon of milk was $3.00, with a population standard
deviation of $0.20. What is the 95% confidence interval of the true
cost of a gallon of milk?
10 A survey of 25 grocery stores revealed that the average price of a gallon of...
10 A survey of 25 grocery stores revealed that the average price
of a gallon of milk was $2.98, with a standard error of $0.10. What
is the 98% confidence interval to estimate the true cost of a
gallon of milk?
Multiple Choice
$2.85 to $3.11
$2.73 to $3.23
$2.95 to $3.01
$2.94 to $3.02
11. A sample of 100 is selected from a known population of 350
elements. The population standard deviation is 15. Using the finite
correction factor,...
Determine if the average price of items at two grocery stores is different. To answer this...
Determine if the average price of items at two grocery stores is
different. To answer this question, you will take a sample of the
same 20 items at both stores and use this information to perform
the appropriate hypothesis test.
Which test (the two-sample t-test or paired t-test) is
appropriate for this problem based on how the data were
collected?
How the data are entered into an Excel spreadsheet depends on
whether it is more appropriate to use the two-sample...
A survey of 23 grocery stores revealed that the average price of a gallon of milk...
A survey of 23 grocery stores revealed that the average price of
a gallon of milk was $3.11 with a standard error of $0.30. What is
the 95% confidence interval to estimate the true cost of a gallon
of milk?
Suppose data were collected on the number of customers that frequented a grocery stores on randomly...
Suppose data were collected on the number of customers that
frequented a grocery stores on randomly selected days before and
after the governor of the state declared a lock down due to COVID
19. A sample of 6 days before the lockdown were chosen as well as 6
days randomly chosen after the lock down was in place. The number
of shoppers each day were as follows:
Before lock down
After lock down
100
60
110
50
115
70
120...
Suppose data were collected on the number of customers that frequented a grocery stores on randomly...
Suppose data were collected on the number of customers that
frequented a grocery stores on randomly selected days before and
after the governor of the state declared a lock down due to COVID
19. A sample of 6 days before the lockdown were chosen as well as 6
days randomly chosen after the lock down was in place. The number
of shoppers each day were as follows:
Before lock down
After lock down
100
60
110
50
115
70
120...
A recent article online noted that grocery stores have had to increase the price of eggs...
A recent article online noted that grocery stores have had to
increase the price of eggs by 14% to make up for suppliers doubling
the cost of wholesale eggs. Explain how each of the three inventory
cost methods would impact the financial statements during this time
of rising prices. Response should be no more than 1 page, double
spaced. (10 points)
A recent article online noted that grocery stores have had to increase the price of eggs...
A recent article online noted that grocery stores have had to
increase the price of eggs by 14% to make up for suppliers doubling
the cost of wholesale eggs. Explain how each of the three inventory
cost methods(FIFO,LIFO,weighted average) would impact the financial
statements during this time of rising prices.
A firm discovers that when it uses K units of capital and L units of labor...
A firm discovers that when it uses K units of capital
and L units of labor it is able to
produce q=4K^1/4
L^3/4 units of output.
Continue to assume that capital and labor can be hired at $40
per unit for labor and $10 for capital. In the long run if the firm
produces 600 units of output, how much labor and capital will be
used and what is the LR Total cost of production?
A firm discovers that when it uses K units of capital and L units of labor...
A firm discovers that when it uses K units of capital
and L units of labor it is able to
produce q=4K^1/4
L^3/4 units of output.
a) Calculate the MPL, MPK and MRTS
b) Does the production function (q=4K^1/4 L^3/4) exhibit
constant, increasing or decreasing returns to scale and
why?
c) Suppose that capital costs $10 per unit and labor can
each be hired at $40 per unit and the firm uses 225 units of
capital in the short run....
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