Answer:
b) 1,250,000
Explanation:
1,000,000+ 250,000 = 1,250,000
Answer:
60 pizzas
40 pizzas
Explanation:
Marginal product measures the change in output as a result of a change in input by one unit
Marginal product = change in output / change in input
Marginal product for the 4th worker
Change in output = 360 - 300 = 60 pizzas
Change in input = 4 - 3 = 1 worker
Marginal product = 60 / 1 = 60
Marginal product for the 5th worker
Change in output = 400 - 360 = 40 pizzas
Change in input = 5 - 4 = 1
Marginal product = 40 / 1 = 40
It can be seen that marginal product decreased from 60 to 40 when the 5th worker was added. This illustrates diminishing marginal returns.
The law of diminishing returns says as more units of a variable input is added to a fixed income of production, output might increase at a point but after some time total output would increase at a decreasing rate and marginal product would be decreasing.
565 x 3% = $16.95
$656 - $16.95 = $548.05
Answer:
Ten pounds of chicken to trade for at least <u>40</u> pounds of vegetables but not more than<u> 50</u> pounds of vegetables
Explanation:
Vegetables Chicken Trade Off Ratio
John 40 10 4:1 (40/10) or 1:0.25 (10/40)
George 25 5 5:1 (25/5) or 1:0.20 (5/25)
John has comparative advantage in Chicken and George has comparative advantage in Veggies because :
- John's chicken opportunity cost, in veggies < George (4<5). George's veggies opportunity cost, in chicken < John (0.20<0.25).
- George is more (5X) productive in veggies than chicken, than John (4X). John is less unproductive in chicken than veggies (1/4th), compared to George (1/5th).
So, John will sell Chicken to George & George will sell veggies to John. Gains from trade are when each get trade ratio better than their their own trade off ratio.
- It implies: John gets >' 4 pounds veggies per chicken pound' and George gets > '0.20 pound chicken per veggie pound'.
- Unitary method:- '1chicken : 4veggies' = '10chickens : 40veggies' and '0.20chicken : 1veggie' = '10chickens : 50 veggies' .
