TABLE 1 Production Costs for 100 Units of Product X input Production Production Unit Technique Technique inputs Price A B ___..________________ Labor $10 5 4 Capital 8 4 5 _._._________-___ 1 a. Calculate from Table 1 (above), the total cost of Technique A and Technique B. b. Which technique represents the least~cost combination? c. Why will virtually all rms opt for the least-cost technique? d. If Product X sells for $85 each unit, what will be the total prot or loss? 2. What are the advantages of specialization and what are the drawbacks? 3. Explain why the institution of private property forms a basis for pure capitalism. How does this relate to Adam Smith's \"invisible hand\"? Dene risk and discuss the impact to owners. employees and suppliers under the market system. Discuss the pros and cons of a market (or mixed) system Draw the Simple Circular Flow diagram. Label and describe how the model works