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In: Economics

1. Suppose there are three techniques for producing TV sets, as shown in the following table:...

1. Suppose there are three techniques for producing TV sets, as shown in the following table: Resource Price per Unit of Resource Resources Required Technique 1 Technique 2 Technique 3 Units Units Units Land P200 2 2 3 Labour P400 3 2 1 Capital P300 1 2 3 Entrepreneurial Ability P500 1 1 1 a. With the resource prices given, which production technique should the firm use? Why?

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Rahul Sunny answered 1 year ago
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