Business, 15.04.2020 04:37, patworsley

With current technology, suppose a firm is producing 400 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 5 units of labor, 7 units of land, 2 units of capital, and 1 unit of entrepreneurial ability, selling at prices of $40, $60, $60, and $20, respectively. Assume the firm can sell these 400 loaves at $2 per unit. a. What is the firm's total revenue? $.b. What is its total cost? $. c. Calculate the amount of economic profit or loss. $.d. Will it continue to produce banana bread? $.

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With current technology, suppose a firm is producing 400 loaves of banana bread daily. Also assume t...