4. Consider the following graph for the return to labor cultivating agricultural land. Return to Labor 70 40 If the resource is privately owned: (a) The employment level = (b) The surplus = 20 If the resource is publicly owned: (c) The employment level = (d) The surplus = MP 35 Wage AP₁ Labor

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Explicit and Implicit Cost Analysis

The entire idea of the cost of production or production cost is applied corresponding or we can say that it is related to money cost. Money cost refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factors of production or factor services.