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2 January, 03:42

A company is currently producing 100 chairs per day. Assume the market currently tells us that the least-cost combination of resources to produce 100 chairs is the following Labor Land 8 units Entrepreneurial ability Now assume the company sells 100 chairs at $5 per unit, and then answer the following questions: Instructions: Enter your answers as whole numbers

a. What is the company's total revenue?

b. What is the company's total cost?

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Answers (1)
  1. 2 January, 04:09
    0
    The concluding part of the question is as follows:

    Labour 10units $10 per unit

    Land 5units $20 per unit

    Capital 8units $20 per unit

    Entrepreneurial ability 2units $ 10per unit

    Total revenue=$5*100=$500

    Total costs=$380

    Explanation:

    Total revenue = Price*quantity

    Total costs = costs from all factors of production

    Labour 10*$10=$100

    Land=5*$20=$100

    Capital 8*$20=$160

    Entrepreneurial ability=2*$10=$20

    Total costs=$100+$100+&160+$20

    =$380
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Home » Business » A company is currently producing 100 chairs per day. Assume the market currently tells us that the least-cost combination of resources to produce 100 chairs is the following Labor Land 8 units Entrepreneurial ability Now assume the company sells 100
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