Question
In: Economics
5. (a) If input prices stay the same, a firm has the same output target, and...
5. (a) If input prices stay the same, a firm has the same output target, and there is neutral technological change, how does this affect the quantity of input the firm uses to produce the target output at minimum cost? (b) How does this affect the factor intensity of the firm’s choice? (c) Give a real example from history – any example -- of non-neutral technical change and tell me whether it was capital- or labor-saving.
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
Modify the following code to make the input and output look like this. Input 5 Vader...
Modify the following code to make the input and output look like
this.
Input
5
Vader 1300
Kirk 1250
Adama 1000
Reynolds 1615
Oneill 1470
Output
Enter the number of candidates: 5
Enter candidate's name :Vader 1300
Enter votes received :Enter candidate's name :Kirk 1250
Enter votes received :Enter candidate's name :Adama 1000
Enter votes received :Enter candidate's name :Reynolds 1615
Enter votes received :Enter candidate's name :Oneill 1470
Enter votes received :
Name Votes Percentage
Vader 1300.00 19.59%
Kirk...
A perfectly competitive firm has a production function ?(?1, ?2) = ?1?2. Input prices are given...
A perfectly competitive firm has a production function
?(?1, ?2) = ?1?2. Input
prices are given by ?1 = 2 and ?2 = 1.
a. Does this production function exhibit decreasing, constant,
or increasing returns to scale?
b. In the short run, input factor 2 is fixed at x2=8
and the firm chooses the optimal input quantity
x*1 to minimize the cost of producing output
y=72. Derive x1*.
c. Calculate the costs cs associated with the above
short-run solution.
d....
Problem 3: Food Prices: Target versus Safeway. Grocery prices of the same randomly selected items were collected...
Problem 3: Food Prices: Target versus
Safeway. Grocery prices of the same randomly
selected items were collected and compared from Target and
Safeway. Imagine you were interested in conducting a
hypothesis test to determine whether the mean prices were
significantly different. Note: to answer the questions
below, subtract Target price – Safeway price (i.e. subtract Safeway
price from Target price).
Data:
Mean = -0.5071, Standard Deviation = 0.9012
Ball Park Hot Dogs
3.79
3.79
0
Milk Gallon
2.79
2.99
-0.2
Tomato Sauce 16...
When output volume increases, do variable costs per unit increase, decrease, or stay the same within...
When output volume increases, do variable costs per unit
increase, decrease, or stay the same within the relevant range of
activity?
How can absorption costing lead to incorrect short-run pricing
decisions?
A firm produces 400 units of output per week and this firms faced with both input and output competitive markets.
A firm produces 400 units of output per week and this firms
faced with both input and output competitive markets. This produces
a revenue of $20,000 per week. The firm could use capital
technology (K1) to produce output together with labor in which case
each worker would need 2hours to produce 1 unit of output per unit
of K1. The firm could use capital technology (K2) in which case the
worker would be able to produce 1 unit of output...
A firm manufactures at home, and faces input prices for labor and capital produces q units...
A firm manufactures at home, and faces input prices for labor
and capital produces q units of output using L units of labor and K
units of capital. Abroad, the wage and cost of capital are half as
much as at home. If the firm manufactures abroad, will it change
the amount of labor and capital it uses to produce q? What happens
to its cost of producing quantity q? The manager would also like
you to explain the Cobb...
A firm manufactures at home, and faces input prices for labor and capital produces q units...
A firm manufactures at home, and faces input prices for labor
and capital produces q units of output using L units of labor and K
units of capital. Abroad, the wage and cost of capital are half as
much as at home. If the firm manufactures abroad, will it change
the amount of labor and capital it uses to produce q? What happens
to its cost of producing quantity q? The manager would also like
you to explain the Cobb...
The following table shows the production function of a firm Input (Number of machines) Total output...
The following table shows the production function of a
firm
Input (Number of machines)
Total output
Marginal product
0
0
1
10
2
35
3
70
4
120
5
165
6
175
7
170
8
155
Calculate the marginal product of the firm at each level of
input.
Where does diminishing marginal product start?
A firm produces 400 units of output per week and this firms faced with both input...
A firm produces 400 units of output per week and this firms
faced with both input and output competitive markets. This produces
a revenue of $20,000 per week. The firm could use capital
technology (K1) to produce output together with labor in which case
each worker would need 2hours to produce 1 unit of output per unit
of K1. The firm could use capital technology (K2) in which case the
worker would be able to produce 1 unit of output...
In the short run, a perfectly competitive firm produces output using capital services (a fixed input) and labour services (a variable input).
In the short run, a perfectly competitive firm produces output
using capital services (a fixed input) and labour services (a
variable input). At its profit-maximizing level of output, the
marginal product of labour is equal to the average product of
labour.a. What is the relationship between this firm’s average variable
cost and its marginal cost?b. If the firm has 5 units of capital and the rental price of
each unit is €9/day, what will be the firm’s profit? Should it...
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