The figure below is the production possibilities curve showing production of T-Rex costumes and Velociraptor costumes in a single day. T-Rex costumes 15+ 10 5 10 E 0.4 15 20 25 30 35 40 45 Velociraptor costumes Based on the production possibilities curve shown here, what is the opportunity cost of a T-Rex costume? Choose 1 answer: 0.25 T-Rex costumes 4 Velociraptor costumes 0.25 of a T-Rex costume 10 Velociraptor costumes

What is the difference between economies of scale, constant returns to scale, and diseconomies of scale?

A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?

What is a production technology?