CONNECT F/MICROECONOMICS
21st Edition
ISBN: 2810022151240
Author: McConnell
Publisher: MCG
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Chapter 2, Problem 2DQ
To determine
The self-interest achieves of a society’s economic goals.
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Suppose there exist two imaginary countries, Yosemite and Sequoia. Their labor forces are each capable of supplying four million hours per day that
can be used to produce pistachios, chinos, or some combination of the two. The following table shows the amount of pistachios or chinos that can be
produced by one hour of labor.
Country
Yosemite
Sequoia
Pistachios
(Pounds per hour of labor)
8
LO
5
Chinos
(Pairs per hour of labor)
16
20
With current technology, suppose a firm is producing 400 loaves of banana bread daily. Also assume that the least-cost combination of
resources for producing those loaves is 5 units of labor, 7 units of land, 2 units of capital, and 1 unit of entrepreneurial ability, selling at
prices of $40, $60, $60, and $20, respectively. Assume the firm can sell these 400 loaves at $2 per unit.
Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in
front of those numbers.
What is the firm's total revenue?
What is its total cost?
2$
Calculate the amount of economic profit or loss.
2$
Will it continue to produce banana bread?
(Click to select) ♥
If this firm's situation is typical for the other makers of banana bread, will resources flow toward or away from this bakery good?
(Click to select) ♥
Chapter 2 Solutions
CONNECT F/MICROECONOMICS
Ch. 2.2 - Prob. 1QQCh. 2.2 - Prob. 2QQCh. 2.2 - Prob. 3QQCh. 2.2 - Prob. 4QQCh. 2 - Prob. 1DQCh. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQ
Ch. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 1RQCh. 2 - Prob. 2RQCh. 2 - Prob. 3RQCh. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Prob. 8RQCh. 2 - Prob. 1PCh. 2 - Prob. 2PCh. 2 - Prob. 3PCh. 2 - Prob. 4P
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