ECON MICRO
5th Edition
ISBN: 9781337000536
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 3, Problem 1.3P
To determine
The factors that influence household to decide whether to choose household production or buying it from market place.
Introduction:
Household Production- The goods produced by the members of the family for their own consumption using their own capital and labor (unpaid) is known as household production.
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QUESTION 39
What is an internal cost of driving a domestic car?
a.
Health costs
b.
Highway accidents
c.
Hazardous wastes produced by car exhaust
d.
Air pollution and litter
e.
Cost of materials used in manufacture
Price
Quantity
(Dollars per shirt)
(Shirts)
Produce or Shut Down?
Profit or Loss?
10
Shut down
Loss
20
10,000
Produce
Profit
32
35,000
Produce
Profit
40
37,500
Produce
Profit
50
40,000
Either shut down or produce
Break even
60
42,500
Produce
Profit
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