Suppose that ABC firm has 100 hours of labor a day used to produce snacks and swimming classes. The data below presents the maximum quantity of each good produced. Labor (hours) Swimming classes (classes per week) snacks 0 0 or 0 20 4 or 10 40 8 or 18 60 12 or 24 80 16 or 28 100 20 or 30 Explain if ABC firm can produce 8 classes and 28 snacks per week? Suppose that ABC firm produces 8 swimming classes and 18 snacks per week, explain if this production is efficient. Suppose ABC produces 16 classes and 10 snacks a week. Does it face a tradeoff? Explain
Suppose that ABC firm has 100 hours of labor a day used to produce snacks and swimming classes. The data below presents the maximum quantity of each good produced. Labor (hours) Swimming classes (classes per week) snacks 0 0 or 0 20 4 or 10 40 8 or 18 60 12 or 24 80 16 or 28 100 20 or 30 Explain if ABC firm can produce 8 classes and 28 snacks per week? Suppose that ABC firm produces 8 swimming classes and 18 snacks per week, explain if this production is efficient. Suppose ABC produces 16 classes and 10 snacks a week. Does it face a tradeoff? Explain
Principles of Economics (MindTap Course List)
8th Edition
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter18: The Markets For The Factor Of Production
Section: Chapter Questions
Problem 5PA
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Suppose that ABC firm has 100 hours of labor a day used to produce snacks and swimming classes.
The data below presents the maximum quantity of each good produced.
Labor (hours) |
Swimming classes (classes per week) |
|
snacks |
0 |
0 |
or |
0 |
20 |
4 |
or |
10 |
40 |
8 |
or |
18 |
60 |
12 |
or |
24 |
80 |
16 |
or |
28 |
100 |
20 |
or |
30 |
- Explain if ABC firm can produce 8 classes and 28 snacks per week?
- Suppose that ABC firm produces 8 swimming classes and 18 snacks per week, explain if this production is efficient.
- Suppose ABC produces 16 classes and 10 snacks a week. Does it face a tradeoff? Explain
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