The following figure presents the effect of a decrease in pr…

The following figure presents the effect of a decrease in price for good x for a consumer. Notice the budget constraint changes from BL1 to BL2Based on points a, b, and c, and your understanding of income and substitution effects, please answer the following questions:1. The change from a to b represents {#1}2. X is {#2}

For the following table, calculate the Average and Marginal…

For the following table, calculate the Average and Marginal Product of Labor: Labor (L) Capital (K) Total Output (Q) Marginal Product of Labor (MPL) Average Product of Labor (APL) 1 0     2 1 12 {#1} {#2} 4 1 30 {#3} {#4} 6 1 55 {#5} {#6} 8 1 85 {#7} {#8} 10 1 120 {#9} {#10} 12 1 120 {#11} {#12} 14 1 115 {#13} {#14} 16 1 100 {#15} {#16}

The marginal product of labor in the production of computer…

The marginal product of labor in the production of computer chips is 40 chips per hour. The marginal rate of technical substitution of hours of labor for hours of machine capital is 1/5. What is the marginal product of capital? {#1}In your own words, can you describe what this relationship means? {#2}

Write a method called “totalProfit” that, given an ArrayList…

Write a method called “totalProfit” that, given an ArrayList of Homes (i.e., ArrayList), will sum the total rent made from all Apartments that are occupied and sum the total price of all Houses that are sold; each of the totals will be printed out on separate lines; and finally, the method will return the sum of totaled rent (of occupied Apartments) and price (of sold Houses). Assume this method is being created in some Driver class. Note: you may use “instanceof” to determine if the Home is an Apartment or a House   Example: Given the ArrayList as input: Apartment   rent: $1200   occupied: false House   price: $20000   sold: true House   price: $30000   sold: true Apartment   rent: $1000   occupied: true Apartment   rent: $1400   occupied: false   Output would be: Apartment Profit: $1000House Profit: $50000   And the method would return: 51000