Assume a firm faces these costs: total cost of capital = $4,000; price paid for labor = $20 per labor unit; and price paid for raw materials = $8 per raw-material unit. Originally the firm produced 2,000 units of output by combining its fixed capital with 200 units of labor and 500 units of raw materials. Now the firm improves its production process so that it can produce 3,000 units of output by combining its fixed capital with 100 units of labor and 500 units of raw materials. What happened to total cost?
Product XProduct YQuantityMUxQuantityMUy11611221421031238410465854
The table shows the marginal utility schedules for old product X and new product Y for a hypothetical consumer. The price of X is $2, and the price of good Y is $1. The budget of the consumer is $10. If the consumer can only buy old product X, how much will the consumer buy and what will be the total utility from spending the given budget?
Multiple Choice
Which of the following is a true statement?
Multiple Choice
- Innovation normally follows invention and precedes diffusion.
- Invention normally follows diffusion and precedes innovation.
- Diffusion normally follows invention and precedes innovation.
- Innovation normally follows diffusion and precedes invention.
Technological advance is a three-step process involving
Multiple Choice
- invention, duplication, and diffusion.
- duplication, innovation, and diversity.
- invention, innovation, and diffusion.
- necessity, invention, and solution.
Consumers will make a decision to purchase a new product only if it
Multiple Choice
- has a lower marginal utility per dollar spent than another product.
- is recommended as a valuable product by other consumers.
- increases the total utility they obtain from their limited income.
- can be sold at a lower price than that for a competing product.
TO BE RE-WRITTEN FROM THE SCRATCH
- Original and non-plagiarized custom papers. Our writers develop their writing from scratch unless you request them to rewrite, edit or proofread your paper.
- Timely Delivery. capitalessaywriting.com believes in beating the deadlines that our customers have imposed because we understand how important it is.
- Customer satisfaction. Customer satisfaction. We have an outstanding customer care team that is always ready and willing to listen to you, collect your instructions and make sure that your custom writing needs are satisfied
- Privacy and safety. It’s secure to place an order at capitalessaywriting.com We won’t reveal your private information to anyone else.
- Writing services provided by experts. Looking for expert essay writers, thesis and dissertation writers, personal statement writers, or writers to provide any other kind of custom writing service?
- Enjoy our bonus services. You can make a free inquiry before placing and your order and paying this way, you know just how much you will pay.
- Premium papers. We provide the highest quality papers in the writing industry. Our company only employs specialized professional writers who take pride in satisfying the needs of our huge client base by offering them premium writing services.
Get Professionally Written Papers From The Writing Experts