8) Which of the following are considered factors of production? LLand II. Labor III. Physical capital IV. Entrepreneurship A)I and Il only B)I and IIl only C)L, Il and III only D)L IL II and IV
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- 12. What are the four factors of production? Thanks asap do itWhat is the term for the physical and intellectual contributions of people while engaged in the production of goods and services?aHuman resourcesb.Physical resourcesc.Market resourcesd.Working capitale.Planned resourcesDescribe the five factors of production.
- ِA- We have studied the production technology. Explain the concept with an example. B- We have studied labor-intensive technology and capital-intensive technology Explain the difference between the two production processes with an example of each?1.Explain how a firm uses resources price and value data to determine the appropriate combination of capital and labor resources to use in order to maximize profits. 2.how does this change when the firm want to produce a specific quantity of product with the least cost combination of resources? 3. if a software firm estimates that the MP of labor is 3 apps per month and the price is labor is $1100 per month, while the MP of capital is 5apps per month and its price is $2000, should the firm hire more labor and decrease its capital use or increase its use of capital and use fewer labor resources?Factors of production are inputs used to consume goods and services. a. False O b. True
- 1. What are the characteristics of a good theory? What makes a theory practical? How can an entrepreneur use the resource-based theory for his or her advantage? 2. Explain the problems we would have if there was a “law of entrepreneurship.” 3. How does each of the four attributes of resources contribute to SCA?Microeconomics - Budget Line (BL) Ethan is a collector of pokemon cards and stickers. He has $56 given by his dad to spend on his collection. The store sells them at $14 per pokemon cards and $7 for the stickers. 1. If Ethan spends all his money on pokemon cards, what is the maximum unit that he can purchase based on the given budget? 2. If Ethan spends all his money on stickers, what is the maximum unit that he can purchase based on the given budget? 3. Show in an illustration where pokemon cards is in the x-axis and y-axis is the sticker.Specify and explain the typical shapes of marginal-benefit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefit, should more or fewer resources be allocated to this product? Explain.
- Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.What are examples of individual economic agents?Give the three reasons that explain why the division of labor increases an economys level of production.