Log in
Economics
1
answer
0
watching
283
views

A medical clinic has 10 workers. Each worker can produce a maximum of either 2 units of medical services or 5 units of secretarial services a day. One day, the firm decides it would like to produce 16 units of medical services and 5 units of secretarial services. This output level is

a. costless.

b. attainable and efficient.

c. inefficient.

d. unattainable.

e. efficient.

Watch
1
answer
0
watching
283
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
Openstax
ISBN: 9781947172388
Principles of Microeconomics
2 Edition,
Openstax
ISBN: 9781947172340

Related questions

2. A firm plans to produce 1,000 units per day of good X. The firm's production engineer finds two technically efficient processes (i.e., input combinations of labor and capital) to produce 1,000 units per day:

Process 1 Process 2

Labor 10       8

Capital 20    25

a. If the production function for the existing technology is Q = f(L, K), where Q is the maximum possible output, L is the amount of labor used, and K is the amount of capital used, then f(10, 20) =__________ and f(8, 25) = ____________.

b. If the firm must pay $200 per day for a unit of labor and $100 per day for a unit of capital, which process is economically efficient?

c. If the firm must pay $250 per day for a unit of labor and $75 per day for a unit of capital, which process is economically efficient?

d. No matter what input prices prevail, as long as the firm employs either process 1 or process 2 it will be technically efficient. Evaluate this statement.

Suppose that a worker in Caninia can produce either 2 blankets or 8 meals per day, and a worker in Felinia can produce either 5 blankets or 1 meal per day. Each nation has 10 workers. For many years, the two countries traded, each completely specializing according to their respective comparative advantages. Now war has broken out between them and all trade has stopped. Without trade, Caninia produces and consumes 10 blankets and 40 meals per day and Felinia produces and consumes 25 blankets and 5 meals per day. The war has caused the daily output of the two countries to decline by....

Suppose that a worker in Caninia can produce either 2 blankets or 8 meals per day, and a worker in Felinia can produce either 5 blankets or 1 meal per day. Each nation has 10 workers. For many years, the two countries traded, each completely specializing according to their respective comparative advantages. Now war has broken out between them and all trade has stopped. Without trade, Caninia produces and consumes 10 blankets and 40 meals per day and Felinia produces and consumes 25 blankets and 5 meals per day. The war has caused the combined daily output of the two countries to decline by

Weekly leaderboard

Home
Homework Help 3,900,000
Economics 400,000
Start filling in the gaps now
Log in