3. Assume that a business firm finds that its profit is greatest when it produces $40 worth of product A. Suppose also that each of the two techniques shown in the table will produce the desired output. Answer all questions with appropriate answers. Resource Units Required Technique Price per unit of resource Technique Resource 1 2 Labor $3 2 Land 4 4 Сaptal Entrepr, ability 2 2 4 4 а. With the resource prices shown, which technique will the firm choose? Technique # With that technique, will production entail profit or losses? (profit, loss) of $_ Will the industry expand or contract? (expand, contract ) When will that end? b. Assume now that a new technique, technique 3, is developed. It combines 2 units of labor, 2 of land, 6 of capital, and 3 of entrepreneurial ability. In view of the resource prices in the table, will the firm adopt the new technique? ( Yes, No, Don’t know)

3. Assume that a business firm finds that its profit is greatest when it produces $40 worth of product A. Suppose also that each of the two techniques shown in the table will produce the desired output. Answer all questions with appropriate answers. Resource Units Required Technique Price per unit of resource Technique Resource 1 2 Labor $3 2 Land 4 4 Сaptal Entrepr, ability 2 2 4 4 а. With the resource prices shown, which technique will the firm choose? Technique # With that technique, will production entail profit or losses? (profit, loss) of $_ Will the industry expand or contract? (expand, contract ) When will that end? b. Assume now that a new technique, technique 3, is developed. It combines 2 units of labor, 2 of land, 6 of capital, and 3 of entrepreneurial ability. In view of the resource prices in the table, will the firm adopt the new technique? ( Yes, No, Don’t know)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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