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8:42 Back Chapter 2 Activity.docx Chapter 2 Activity Assume that a business firm finds that its profit it greatest when it produces 542 worth of product A. Suppose who that each of the three techniques shown in the table will produce the desired output eine Cap Totals fire pune With the resource prices shown, which technique will the firm choose? What will be the amount of profit or loss Will the industry expender contract 1. Assume now that a new technique, technique 4, in developed. I combines 2 units of labor, 2 of land 6 of capital and 3 of entrepreneurial ability in view of the resource prices in the table, will the firm adopt the new technique? Why? c. Suppose that an ahquake damped factones Silicon Valley causing the price of Capital toiset per unit, all other resource prices being unchanged Which technique will the producer now choose Explain Show your work G Dashboard Calendar To Do Notifications Inbos Chapter 2 Activity Assume that a business firm finds that its profit it greatest when it produces $42 worth of product A. Suppose also that each of the three techniques shown in the table will produce the desired output Researce Limits Required Price per unit Technique Technique Technique ofrer 2 Reser 52 6 Labor Land Capital Entrepreneurial Totals for and Totals for parte a. With the resource prices shown, which technique will the firm choose? What will be the amount of profit or loss? Will the industry expand or contract? b. Assume now that a new technique, technique 4. is developed. It combines 2 units of labor, 2 of land, 6 of capital, and 3 of entrepreneurial ability. In view of the resource prices in the table, will the firm adopt the new technique? Why? c. Suppose that an earthquake damaged factories in Silicon Valley causing the price of Capital to rise to S4 per unit, all other resource prices being unchanged. Which technique will the producer now choose? Explain. Show your work Resource Units Required Price per unit Technique Technique Technique fT4 of resource 2 3 Resource Labor Land Capital Entrepreneurial $2 4 1 1 6 2 2 4 2 4 4 1 2 8 4 ability Totals for parts a and b 8:42 Back Chapter 2 Activity.docx Chapter 2 Activity Assume that a business firm finds that its profit it greatest when it produces 542 worth of product A. Suppose who that each of the three techniques shown in the table will produce the desired output eine Cap Totals fire pune With the resource prices shown, which technique will the firm choose? What will be the amount of profit or loss Will the industry expender contract 1. Assume now that a new technique, technique 4, in developed. I combines 2 units of labor, 2 of land 6 of capital and 3 of entrepreneurial ability in view of the resource prices in the table, will the firm adopt the new technique? Why? c. Suppose that an ahquake damped factones Silicon Valley causing the price of Capital toiset per unit, all other resource prices being unchanged Which technique will the producer now choose Explain Show your work G Dashboard Calendar To Do Notifications Inbos Chapter 2 Activity Assume that a business firm finds that its profit it greatest when it produces $42 worth of product A. Suppose also that each of the three techniques shown in the table will produce the desired output Researce Limits Required Price per unit Technique Technique Technique ofrer 2 Reser 52 6 Labor Land Capital Entrepreneurial Totals for and Totals for parte a. With the resource prices shown, which technique will the firm choose? What will be the amount of profit or loss? Will the industry expand or contract? b. Assume now that a new technique, technique 4. is developed. It combines 2 units of labor, 2 of land, 6 of capital, and 3 of entrepreneurial ability. In view of the resource prices in the table, will the firm adopt the new technique? Why? c. Suppose that an earthquake damaged factories in Silicon Valley causing the price of Capital to rise to S4 per unit, all other resource prices being unchanged. Which technique will the producer now choose? Explain. Show your work Resource Units Required Price per unit Technique Technique Technique fT4 of resource 2 3 Resource Labor Land Capital Entrepreneurial $2 4 1 1 6 2 2 4 2 4 4 1 2 8 4 ability Totals for parts a and b