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- The optimal level of production for any company is the level of production that either maximizes profits or minimizes losses. How does one determine the optimal level of production for any business?How does the scarcity of resources affect the firm’s decision making? Justify your answer through discussing specific situations.How many units of labor and capital should be purchased to maximize production? What is the maximum number of units of production?
- Evaluate the factors affecting firm behavior, such as production and costsWhich of the following statements do you think reflect sound economic thinking? Explain your answer. “I paid $1,800 for this economics course. Therefore, I’m going to attend the lectures even if they are useless and boring.” “Because we own rather than rent, and the house is paid for, housing doesn’t cost us anything.” “I own 100 shares of stock that I can’t afford to sell until the price goes up enough for me to get back at least my original investment.” “Private education is costly to produce, whereas public schooling is free.Given the following graph, calculate how many cakes we would need to give up to produce one cookie (Round your answer to 2 decimal places): Cakes 50 40 Cookies 30 20
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