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Author Question: Refer to Scenario 3 . Assume that in one day, two huts were built and 75 coconuts were gathered. ... (Read 58 times)

jace

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on: Jun 29, 2018
Refer to Scenario 3 . Assume that in one day, two huts were built and 75 coconuts were gathered. What does this situation depict?
 
  What will be an ideal response?

Question 2

If an average cost pricing rule is imposed on the firm in the figure above, the firm will make an economic profit of
 
  A) zero.
  B) -240.
  C) 150.
  D) 400.


ricroger

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The situation depicts the inefficient use of resources as the production point represents one that is inside the production possibilities frontier.

Answer to Question 2

A


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jace

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Reply #2 on: Jun 29, 2018
Thank you :)


ricroger

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Reply #3 on: Jun 29, 2018
Happy to help you


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