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Can you explain how to do 3C for (1)? 3. Suppose that a firm can produce 100 units of product X by combining labor, land,

Can you explain how to do 3C for (1)?

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3. Suppose that a firm can produce 100 units of product X by combining labor, land, capital, and entrepreneurial ability in three different ways. If it can hire labor at $2 per unit, land at $3 per unit, capital at $5 per unit, and en- trepreneurship at $10 per unit, and if the amounts of the resources required by the three methods of producing 100 units of product X are indicated in the table, answer the following questions. Method Resource 1 2 3 Labor 13 10 Land 3 Capital Entrepreneurship a. Which method is the least expensive way of pro- ducing 100 units of X? b. If X sells for 70 cents per unit, what is the economic profit of the firm? $. c. If the price of labor should rise from $2 to $3 per unit and if the price of X is 70 cents, (1) the firm's use of labor would change from to land would change from to capital would change from_ to entrepreneurship would not change (2) the firm's economic profit would change from to $

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