Assume that a firm can produce product X,Y, or Z with the resources it currently employs. These resources cost the firm a total of $50 per week. Assume that the firm's costs cannot be changed. The market prices and the quantities of X, Y, and Z are given below. Product Market price Output Revenue Cost $4.00 20 $. 50 Y 3.00 10 50 2.00 50 50 Refer to the above table. Which product will the firm produce? O a) X. O b) Y. O c) Z. O d) None of the above.
Assume that a firm can produce product X,Y, or Z with the resources it currently employs. These resources cost the firm a total of $50 per week. Assume that the firm's costs cannot be changed. The market prices and the quantities of X, Y, and Z are given below. Product Market price Output Revenue Cost $4.00 20 $. 50 Y 3.00 10 50 2.00 50 50 Refer to the above table. Which product will the firm produce? O a) X. O b) Y. O c) Z. O d) None of the above.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![Assume that a firm can produce product X,Y, or Z with the resources it currently employs. These resources
cost the firm a total of $50 per week. Assume that the firm's costs cannot be changed. The market prices and
the quantities of X, Y, and Z are given below.
Product
Market price
Cost
Output
$
Revenue
$4.00
20
50
Y
3.00
10
50
2.00
50
50
Refer to the above table. Which product will the firm produce?
а) Х.
O b) Y.
O c) Z.
O d) None of the above.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb70c4797-9104-47ad-8e68-22beb89abcaa%2F53653afd-ec91-40a8-b9a2-2a65eb804765%2Fd49toqa_processed.png&w=3840&q=75)
Transcribed Image Text:Assume that a firm can produce product X,Y, or Z with the resources it currently employs. These resources
cost the firm a total of $50 per week. Assume that the firm's costs cannot be changed. The market prices and
the quantities of X, Y, and Z are given below.
Product
Market price
Cost
Output
$
Revenue
$4.00
20
50
Y
3.00
10
50
2.00
50
50
Refer to the above table. Which product will the firm produce?
а) Х.
O b) Y.
O c) Z.
O d) None of the above.
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