The technically efficient combination of two products a busniness can produce in the current period given its existing resources and technology is: (a) The production possibilities frontier (b) The marginal rate of production transformation (c) The least cost combination of two products (d) The marginal physical product

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A: To produce the first unit takes 1000 hoursTo produce second unit = TN=T1(Nb) T2=1000×(2log2 0.85)=…

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Q: (9) The short run is a time period in which: (a) all resources are fixed. (b) the level of output is…

A: As you have not mentioned the exact question as per our policy I am answering first three questions.

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A: microeconomics = branch of economics that considers a singe factor and affect individual decision

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Q: 1.3) The figure below depicts the production function of grain for farmers under average growing…

A: We will answer the first question since the exact one was not specified. Please submit a new…

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A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

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Q: Describe the unit-of-production method?

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A: Labor: It is the measure of physical, mental, and social exertion used to create products and…