Business, 13.03.2020 19:19 sierralynnbaldp16d4b
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 of land, 2 units of capital, and 3 units of entrepreneurial ability, selling at prices of $ 20, $ 60, and $ 20, respectively. Assume the firm can sell these 400 loaves at $ 2 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 this firm's situation is typical for the other makers of banana bread, will resources flow toward or away from this bakery good?
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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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