Why Choose Us?
0% AI Guarantee
Human-written only.
24/7 Support
Anytime, anywhere.
Plagiarism Free
100% Original.
Expert Tutors
Masters & PhDs.
100% Confidential
Your privacy matters.
On-Time Delivery
Never miss a deadline.
1)Which of the following factors of production is a physical capital input or resource? Farmland Labor Financial assets Equipment Question 2 1 pts Which of the following factors of production is a natural resource or natural input? Farmland Financial assets Equipment Labor Question 3 1 pts 2)Calculate the price elasticity of demand along the demand schedule below and indicate whether demand is elastic, unit elastic, or inelastic
1)Which of the following factors of production is a physical capital input or resource? Farmland Labor Financial assets Equipment Question 2 1 pts Which of the following factors of production is a natural resource or natural input? Farmland Financial assets Equipment Labor Question 3 1 pts
2)Calculate the price elasticity of demand along the demand schedule below and indicate whether demand is elastic, unit elastic, or inelastic. Price Quantity Demanded 10 20 20 30 10 5
3)Please judge whether the following questions are True/False and provide an explanation
a). The finding of a positive relationship between an individual’s hours of leisure and the market wage rate suggests that this individual is not maximising his or her utility in compliance with the assumptions of the standard labour supply model.
b). A competitive firm operating in the long-run will use less of both workers and capital resulting from a negative supply shock to the capital market due to a natural disaster or a geopolitical event such as a social conflict or war.
c). Although the “schooling” and “signaling” models have different underlying assumptions, they both predict that governments should encourage and subsidize university education unconditionally through programs such as HECS and Fee-Help.
d). A positive correlation between average healthcare cost and the size of hospitals is enough to conclude that economies of scale exist in hospitals.
e). The total contribution of healthcare to health is trivial when the marginal contribution of healthcare to health is small.
Expert Solution
1.equipment
Physical capital input Or resources are man made Example if such are: equipment , real estate ,inventory etc.
2)Farmland
natural input are farmland, water, air, mineral etc.
2.
Let P1 = 20
P2 = 30
Q1 = 10
Q2 = 5
% change in quantity demanded = (-5/10)*100
= - 50
% change in price = (10/20)*100
= 50
Elasticity of demand = % change in quantity demanded / % change in price
= - 50/50
= - 1
So, it has unit elastic
3.
(a) It's a False, It is because it's show a negative relationship as a individual is not utilising his/her all potential on work.
(b)It's a True , It is because as in competitive Firms as in long run with minimal use of labour and capital it's results to negative slope to the market.
(c)It's a True, Yes both have a different assumptions but there main focus is on to encourage different subsidies i.e.beneficial for Students.
(d)It's a False, Because not only some factors responsible for economics exist as there many others factors are also responsible for a economic scale in a hospital.
(e) It's a True, Because if whole contribution is to be spent on health it's a foolish thing but some savings and marginal spent on health is a need of life.
Archived Solution
You have full access to this solution. To save a copy with all formatting and attachments, use the button below.
For ready-to-submit work, please order a fresh solution below.
