The following table illustrates alternative production techniques for producing 18 widgets that can be sold for $1 each for a total revenue of $18. Techniques Price Per Unit of ( of Units of Each Resource Resource Resource Required) A D. Labor $2 Land 1. 3. 2 Capital Entrepreneurship 4 2 3 1 Using technique A will result in an
The following table illustrates alternative production techniques for producing 18 widgets that can be sold for $1 each for a total revenue of $18. Techniques Price Per Unit of ( of Units of Each Resource Resource Resource Required) A D. Labor $2 Land 1. 3. 2 Capital Entrepreneurship 4 2 3 1 Using technique A will result in an
Chapter1: Making Economics Decisions
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
Transcribed Image Text:The following table ilustrates alternative production techniques for producing 18 widgets that can be sold for $1 each for a total revenue of $18.
18
Techniques
Price Per Unit of
( of Units of Each
Resource
Resource
Resource Required)
A
Labor
$2
3.
1.
Land
2
Capital
Entrepreneurship
4.
2
11
12
Using technique A will result in an
Multiple Choice
economic loss of $2
economic profit of $1
economic profit of $2
economic profit of $3
00
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