Business, 01.02.2021 22:20 bixbylily95
With current technology, suppose a firm is producing 400 loaves of banana bread daily. Also assume that the least cost combination of resources in producing those loaves is 10 units of labor, 7 units of land,2 units of capital, and 3 units of entrepreneurial ability, selling at prices of $20, $60,$60 and $20, respectively.
Assume the firm can sell these 400 loaves at 42 per unit.
a. What is the firm's total revenue?
b. What is its total cost?
c. Calculate the amount of economic profit or loss?
d. Will it continue to produce banana bread?
e. If the firm's situation is typical for the other makers of banana bread, will resources flow toward or away from the bakery goods?
Answers: 3
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With current technology, suppose a firm is producing 400 loaves of banana bread daily. Also assume t...
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