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run 2015 EUUN ZUZ-Ul (Dunne): Prmcrples or Macroeconomics Sep. 6 Name: c) (2 points) If the price of A rose to $20, which product will the firm produce? Product ( _ ). Why? d) (1 points) If the firm produces A at a price of $20, what would tend to happen to the number of firms producing product A? If other firms face similar costs, (more. less. W5) firms would enter industry A to take advantage of the higher economic profits. 3. Assume that a business firm finds that its profit is greatest when it produces $40 worth of product A. Suppose also that each of the three techniques shown in the table will produce the desired output. Answer all questions with appropriate answers. Resource Units Required Price per unit Itchnique Technique Technique Resource of resource 1 2 3 Labor $1 6 3 4 Land 2 4 3 3 Capital 3 3 4 6 Entrepreneurial 4 2 4 1 l .l. a. (6 points) With the resource prices shown, which technique will the firm choose? Why? Will production entail profit or losses? What will be the amount of prot or loss? W11 the industry expand or contract? When will that expansion (or contraction)end? Resource Formula $__ Labor Cost =Res. Price X Units I $ Laud COSt =Res. Price X Units I Capital C0513 =Res. Price X Units I Duh-anv- r'nnl- , 7