Suppose ABC Inc Can Produce 20 Units of Output Using any of the 4 Techniques Below TECHNIQUE TI 12 13 Т4 LAND LABOR CAPITAL 10 18 12 10 20 8 10 22 6 10 24 3 Further Suppose That The Output sells for $20 Per Unit In The Market. And the prices of land, labor, And capital are $8, $6, & $4, respectively.
11. Which technique should this firm use to maximize profit?
12. This firm will earn a profit equal to ________ dollars.
13. This firm will earn a Revenue equal to _____ dollars.
14. The profit associated with T1 is equal to _______ dollars.
15. If the price of labor falls to $2, ceteris paribus, this firm will earn a profit of
______dollars.