Assume that a firm finds that its profits will be maximized (or losses minimized) when it produces $50 worth of product X.Each of these techniques shown in the following table will produce exactly $50 worth of X. 
(a) Which method is most efficient? Why?
(b) Given the above prices, will the firm adopt a new method, which involves 2 units of land, 2 of labour, 4 of capital, and 8 of entrepreneurial ability?
(c) Suppose the price of labour falls to $1 without any other prices changing.Which of the methods will the firm now choose? Why?
Definitions:
Applet
An applet is a small Java program that can be embedded in a web page, designed to run in a restricted java environment.
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A markup file written in HyperText Markup Language that forms the backbone of web pages and web applications.
Embedded
In computing, 'Embedded' typically refers to embedded systems, which are combination of computer hardware and software designed for a specific function or functions within a larger system.
Applets
Small Java applications that can be embedded in a web page to provide dynamic and interactive features.
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