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Suppose that 20 workers were required in 2010 to produce 20,000 bushels of wheat on a 1,000-acre farm. a. What is the average output per acre? bushels per acre. What is the average output per worker? bushels per worker. b. If in 2020 only 16 workers produce 22,000 bushels of wheat on that same 1,000-acre farm, what will be the average output per acre? bushels per acre. What will be the average output per worker? Instructions: Round your answer to 1 decimal place.bushels per worker. c. By what percentage does productivity (output per worker) increase over those 10 years? Instructions: Round your answer to 1 decimal place. percent. Over those 10 years, what is the average annual percentage increase in productivity? Instructions: Round your answer to 2 decimal places. percent per year.
A small town is served by two grocery stores, White and Gray. Each store must decide whether it will remain open on Sunday or whether it will close on that day. Which firm is the more profitable in this market? Does the firm you identified as more pr..
Explain how the optimal usage of the variable input, labor, will change in response to the following changes in the short-run: A) A drop in the price of the good or service that the firm sells B) A drop in the hourly wage C) A decline in the producti..
Why do you suppose that some publishers are selling space for advertisements in their e-books-and sometimes even in physical books? From an economic standpoint, how could we explain the willingness of someone to pay $19.99 for a physical book that is..
Contrary to the assumption in part a,there was technological progress in the 20th century, i.e. the technology growth rate g>0. Suppose this rate of technology growth g is expected to be the same in the 21st century. Now let us consider the same ques..
q.need 800 words minimum only original work accepted.consider the following examples of economic activitiespurchasing
When on leave, workers receive 55% of their normal paya. Illustrate what are the likely responses on the demand (employer) side of the market.
2,000 years ago gladiators fought in the Coliseums of Ancient Rome making huge salaries. Is this an example of a "Winner - Take" all society? Explain how this is still a big part of today’s US or any other typical Western Society. What about a NFL Fo..
Public Goods: Suppose that weather forecast systems require funding in billion-dollar chunks, and that each billion dollars invested in weather forecasting doubles your odds of getting the forecast right—that if you spend nothing your forecast, pure ..
A Post Office is set up in the Constitution but no Central Bank was. Why didn't the founders of the US who wrote the Constitution include a bank? How did this omission hamper US economic growth and, more importantly, US economic stability?
Using the supply and demand analysis of the marker for reserves, determine what happens to the overnight interest rate, borrowed and non-borrowed reserves, holding everything constant. if Banks expect an unusually large increase in withdrawals from c..
Edmund has the utility function U(x, y) = 2xy + 1. The prices of x and y are both $1 and Edmund has an income of $20. How much of each good will he demand? A tax is placed on x so that it now costs Edmund $2 while his income and the price of y stay t..
Joseph is granted $50 a week to spend: either on energy drinks at $2.50 each or on gasoline for his car at $4.00 per gallon. Draw Joseph's opportunity set. Label his feasible set. what is the trade-off (opportunity cost) of energy drinks in terms of ..
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