Suppose a Firm Can Produce 70 Units of a Product

question 57

Multiple Choice

Suppose a firm can produce 70 units of a product, Zenia, by combining labor, land, capital, and entrepreneurial ability, as in the four alternative techniques shown in the table below. Assume further that the firm can hire labor at $3 per unit, land at $3 per unit, capital at $6 per unit, and entrepreneurship at $9 per unit. Refer to the provided table. Which technique is the most economically efficient way of producing Zenia?

• A)A
• B)B
• C)C

---

Definitions:

Belleville Breviary

A highly decorated manuscript containing the texts used in the Liturgy of the Hours, attributed to Jean Pucelle, created in the early 14th century for Jean de Belleville.

Jean Pucelle

A French Gothic-era manuscript illuminator, noted for his contributions to the development of the miniature painting technique and his detailed illustrations in the early 14th century.

Constantinople

Historical city, now Istanbul, Turkey, significant for its strategic location and rich history as the capital of the Byzantine Empire and later the Ottoman Empire.

Architectural Setting

The specific built environment or context within which a building, scene, or narrative takes place, contributing to its aesthetic and functional qualities.