Below are some cost data pertaining to Plant 1,which has total fixed costs of $1,000.Suppose that Plant 2 is exactly twice the size of Plant 1 while using (at economic capacity) twice the amount of labour and materials,and that it produces exactly twice the output.Further,assume that the prices of these inputs do not change.
-Refer to the information above to answer this question.What is the output produced if the total cost in Plant 2 is $14,000?
Definitions:
Economic Profits
The surplus remaining after total costs are deducted from total revenues, accounting for both explicit and implicit costs.
Productive Land Resources
Land areas that are utilized or capable of being utilized for agricultural production, mining, or other economic activities.
Purely Competitive Economy
An economic model characterized by many buyers and sellers in the market, with none able to influence prices significantly.
Pure Rent
The income derived from the inherent attributes of a resource or property, exclusive of any improvement made by human effort.
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