Business, 20.02.2020 19:36 Legoman29305

With current technology, suppose a firm is producing 500 shirts daily. Also assume that the least-cost combination of resources in producing those shirts is 10 units of labor, 8 units of land, 3 units of capital, and 4 units of entrepreneurial ability, selling at prices of $50, $40, $60, and $30, respectively. If the firm can sell these 500 shirts at $2 per unit, what is its total revenue? Its total cost? Its profit or loss? Will it continue to produce shirts? If this firm’s situation is typical for the other makers of shirts, will resources flow toward or away from this apparel?

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With current technology, suppose a firm is producing 500 shirts daily. Also assume that the least-co...