The resources used to produce goods and services are divided into four categories: 1. Land 2. Labour 3. Capital 4. Entrepreneurship The resource of labour contains the special category of entrepreneurship. A barley farmer in Alberta irrigates with water from a nearby lake to produce barley. Because water is a natural physical resource rather than a human-made physical resource used in production, water used for irrigation best fits into the resource category of:
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- A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?What's in the flow? Use the infomation from your PowerPoint (week-1) to answer the following questions. For each ofthe scenarios, you should identify: a the market: resource OR product b the factor ofproduction: land, labor, capital, OR entrepreneurship S. the product: good OR service 1. Rouhaanhas his own business selling shawama at a standin a Mall. For his shawama stand, he gows tomatoes in a small garden plot. a. Rouhaan rents his garden plot in the RESOURCE market. b. The garden plot is a Land resource. A shawama Rouhaan sells at his standis aWhat's in the flow? Use the infomation from your PowerPoint (week-1) to answer the following questions. For each of the scenarios, you should identify: a the market: resource OR product b the factor ofproduction: land, labor, capital, OR entrepreneurship s. the product: good OR service 1. Rouhaan hashis own business selling shawama at a standin a Mall. For his shawama stand, he grows tomatoes in a small garden plot. a. Rouhaan rents his garden plot in the RESOURCE market. b. The garden plot is a Land resource. c. A shawama Rouhaan sells at his standis a 2. AZW Productions Inc. just announced a bighit show will play at the Grand Theaterin July. Raja works atthe shawama standinside the theater and says he can help you buy tickets to the show a.AZW Productions Inc. will sell tickets to you in the market. b. Raja is an example of a _resource. UE SmAZW Productions Inc. is selling you a
- Answer the question using the following data, which show all available techniques for producing 20 units of a particular commodity: Resource Land Labor Capital #1. #2 and #4. #3. Resource Possible Production Techniques Prices $4 3 #1 and #3. 3 2 Entrepreneurial Ability Refer to the data. In view of the indicated resource prices, the economically most efficient production technique(s) is (are) technique(s): #1 2 1 5 3 #2 4 2 2 1 #3 #4 #5 2 4 4 4 1 3 3 1 2 1 4 1Diego and Darnell are roommates. They spend much of their time studying, but they have some time for the favorite activiies which is making pizza or brewing root beer. Diego takes 4 hours to brew one gallon of root beer and 2 hours to make one pizza. Darnell takes 6 hours to brew one gallon of root beer and 4 hours to make one pizza. a. Put to gether a production opportunities chart for Diego and Darnell in brewing one gallon of root beer and in making one pizza. Who has the absolute advantage in each type of production? b. Then use the chart to make another chart with opportunies cost for Diego and for Darnell of brewing one gallon of root beer (in terms of how many pizza's each of them would not being making. Who has the comparative advantage in each type of production. c. Use your opportunities cost chart to determine who should trade pizza in exchange for root beer? d. The price of pizza can be expressed in terms of gallons of root beer (not being made). Can you determine how much…5. Your aunt is thinking about opening a hardware store. She estimates that it would cost $500 000 per year to rent the location and buy the stock. In addition, she would have to quit her $50 000 per year job as an accountant Define opportunity cost a. b. What is your aunt's opportunity cost of running a hardware store for a year? If your aunt thought she could sell $510 000 worth of merchandise in a year, should she open the store? Explain
- 1.1 Compare and contrast the terms Production Economics and Agricultural Production Economics and further describe economic theories that apply to Production Economics.1. According to the preclassical or Physiocratic school (1756–78) and classical economists (1776–1890) typically which of the followings is not one of the three major categories of basic resources essential to the production of goods and services? О а. Сарital O b. Land O c. Labour O d. Entrepreneurshiplexi and Tony own a food truck that serves only two items, street tacos and Cuban sandwiches. As shown in the table, Alexi can make 80 street tacos per hour but only 20 Cuban sandwiches. Tony is a bit faster and can make 100 street tacos or 30 Cuban sandwiches in an hour. Alexi and Tony can sell all the street tacos and Cuban sandwiches that they are able to produce.Output Per HourStreet Tacos Cuban SandwichesAlexi 80 20Tony 100 30a. For Alexi and for Tony, what is the opportunity cost of a street taco? Who has a comparative advantage in the pro-duction of street tacos? Explain your answer.b. Who has a comparative advantage in the production of Cuban sandwiches? Explain your answer.c. Assume that Alexi works 20 hours per week in the business. Assuming Alexi is in business on his own, graph the possible combinations of street tacos and Cuban sandwiches that he could produce in a week. Do the same for Tony.d. If Alexi devoted half of his time (10 out of 20 hours) to making street tacos…
- Tim runs a shoe shine stand at the airport. Tim has no skills, no job experience, and no alternative job. The return to entrepreneurship in the show shine business is $10,000 a year. Tim pays the airport rent of $2,000 a year, and his total revenue from shining shoes is $15,000 a year. He spent $1,000 on a chair, polish, and brushes and paid for these items using a loan that has an interest rate of 20 percent a year. At the end of one year, Tim was offered $500 for his business and all its equipment. Calculate Tim'd annual explicit costs, implicit costs, and economic profit from his shoe shine business. a. Explicit costs. b. Implicit costs. c. Economic profit. Note:- Please refrain from offering handwritten solutions. Please ensure that your response maintains accuracy and quality to avoid receiving a downvote. Take care of plagiarism. Answer completely. You will get up vote for sure.Revenue NaS pue spoos services expenc Saved Help PRODUCT MARKET and Goods • Businesses sell • Households buy Consumption Instructions: Enter your answers as whole numbers. a. Suppose that businesses buy a total of $100 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $60 billion in wages, $10 billion in rent, and $20 billion in interest, how much are households paid for providing entrepreneurial ability? billion b. If households spend $55 billion on goods and $45 billion on services, how much in revenues do businesses receive in the product market? billion ( Prev 2 of 12 Next >The table below represents the combinations of beef and corn produced on a tract of land of a given size and fertility Corn (bushels) Beef (kg) 10000 8000 6000 900 1200 4000 1400 2000 1475 0. 1500 Which of the following combination represents unattainable production levels with the current tract of land? Select one: O a. 8000 bushels of corn and 500 kg of beef O b. 200 bushels of corn and 1475 kg of beef O c. Both 8000 bushels of corn and 1200 kg of beef and 6000 bushels of corn and 1300 kg of beef O d. 8000 bushels of corn and 1200 kg of beef O e. 6000 bushels of corn and 1300 kg of beef