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 ( of Units of Each Resource Required) Price Per Unit of Resource Resource Labor $2 3. 1. 2. 1. 1. Land Capital Entrepreneurship 4. 1 12 11 Using technique A will result in an Multiple Choice economic loss of $2 economic profit of $1. economic profit of $2 economic proft of $3.

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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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
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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