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With current technology, suppose a firm is producing 800 loaves of banana bread daily. also assume that the least-cost combination of resources in producing those loaves is 5 units of labor, 5 units o
With current technology, suppose a firm is producing 800 loaves of banana bread daily. also assume that the least-cost combination of resources in producing those loaves is 5 units of labor, 5 units of land, 4 units of capital, and 1 unit of entrepreneurial ability, selling at prices of $40, $60, $60, and $20, respectively. assume the firm can sell these 800 loaves at $1 per unit. instructions: enter your answers as whole numbers. if you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers.
a. what is the firm's total revenue? $ .
b. what is its total cost? $ .
c. calculate the amount of economic profit or loss. $ .
d. will it continue to produce banana bread? .
e. if this firm's situation is typical for the other makers of banana bread, will resources flow toward or away from this bakery good? .
