The physical and mental effort people use to produce goods and services is a description of which factor of production? Select one: O a. physical capital Ob. entrepreneurship Oc, labor O d. human capital
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- Give the three reasons that explain why the division of labor increases an economys level of production.What would be another example of a system in the real world serve could serve as a metaphor for micro and macroeconomics?In choosing a production technology, how will firms react if one input becomes relatively more expensive?
- Long answer Explain all resources that economic relies on.7.QUESTION 9 Any point inside the production possibilities curve indicates. O A. the presence of technological change O B. that resources are imperfectly substitutable among alternative C. the presence of inflationary O D. that more output could be produced with the available uses. pressures resources
- Please show how to complete chart LRAC what is the processwhile taking decisions there are different kinds of constraints related to resources, time,rules,physical realityetc leads to the matter of choice.how will you explain the whole situation in terms of costI just need the answer for D please. In details
- 7. The following is a production function. Assu othe а. А 193 2,000 re th a: 1,000 d. C th a: 13. Since 100 300 State side - Units of labor (L) and c down that a. Draw a graph of marginal product as a function of output. (Hint: Marginal product is the additional number of units of output per unit of labor at each level of output.) b. Does this graph exhibit diminishing returns? Explain land, a. V fo b. V your answer. Total output (Q). Buffy is thinking about opening an amulet store. Sheestimates that it would cost $350,000 per year to rentthe location and buy the merchandise. In addition,she would have to quit her $80,000 per year job as avampire hunter.a. Define opportunity cost.b. What is Buffy’s opportunity cost of running thestore for a year?Production possibility curve shows maximum efficiency means O a. Resources are wasted O b. None of the options O. Resources are not wasted O d. Resources are not completely used