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- Explain each of the factors of production and provide examples of each. (need to be clear and specific)
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- Which are the three means of factors of production? (choose three) Land Labor Capital Wages Natural Resources1. Think about a business producing bottled spa water. Identify some examples of the four factors of production which are necessary to produce the output of that business.A production possibility frontier corn. The farmer can grow 80 bushels of soybeans or 160 bushels of corn on each acre of land. The price of soybeans is $13.20 per bushel. The price of corn is $5.85 per bushel. A farmer can grow soybeans or What is the opportunity cost (in dollars) per acre to grow soybeans? Corn? Which crop (pick only one) do you think the farmer will produce? Why?
- 67. What are the four factors of production? ThanksQuestion 10 Consider the following: Engineer Farmer Hours Needed to Make 1 iPhone Gallon of Milk 2 150 40 10 The Farmer should specialize in the production of neither good. milk production. both goods. O iPhone production.Explain how each event affects production possibilities. (a) The population becomes more educated over time as the number of high school dropouts falls and the number of college graduates rises.
- True/False The resources used to make all goods and services are called factors of productionFarmer can produce in 24 hours: either 4 pounds meat or 6 pounds potatpoes. What's the combination of meat and potatoes the farmer produce in 24 hours. 1-1 pound meat, 8 pounds potatoes 2-2 pounds meat, 2 pounds potatoes 3-1 poun meat, 5 pounds potatoes 3 pounds meat, 2 pounds potatoesFactors of production are A) the mathematical calculations firms make in determining their optimal production levels. B) social and political conditions that affect production. C) the physical relationships between economic inputs and outputs. D) inputs into the production process.
- What is supply? Decision making behavior of sellers and shows the quantity that sellers are willing and able to sell at different prices. All of the above production possibility curve Decision making behavior of consumers and shows the quantity that consumers are willing and able to buy at different prices.Volume of Production Price (dollars) Total Production Cost (dollars) 10 1434 22841 30 991 26408 35 917 23781 45 1020 29675 70 703 38801 100 298 44834 4. Compute the slope of the demand curve. The potential answers are: A: -12.89 B: -10.5 C: -11.33 D: -14.28 E: -10.64 5. Compute the maximum potential sales quantity. The potential answers are: A: 127 units. B: 125 units. C: 105 units. D: 116 units. E: 168 units . 6. What percentage of total costs can be estimated based on the volume of production? The potential answers are: A: 69% B: 97% C: 91% D: 94% E: 92%What are the economic significance of the stages of production