The question pertains to economics and mathematics, relating to the computation of output based on inputs of labor and land in agriculture. To calculate the amount spent on fruits, one multiplies the quantity by its price. Relative price is determined by comparing the per-hour output of two different goods.
The question provided is rooted in the field of economics, specifically focusing on production functions in a microeconomics context, although the use of functions and variables also relates to mathematics. The output function given, Q(L, T) = (1/3)T1/3, indicates that Prunella's output of peaches depends on the units of labor (L) and the units of land (T) she uses. To analyze Prunella's production, you would hold L constant since it appears to be missing from the function and look only at the impact of varying T. This production function suggests that there are diminishing returns to land because as T increases, additional units of land result in smaller increases in output.
To compute the amount spent on a fruit, like peaches, you multiply the quantity by its price. Using an example similar to the ones provided in Chapter 9, if Prunella sold 20 bushels of peaches at $2 per bushel, the calculation would be 20 bushels × $2/bushel = $40.00 spent on peaches.
Additionally, to determine the relative price of one good in terms of another, Chapter 9 guides us to convert units into a per-hour basis first. Using an agricultural example, if it takes two hours to harvest a bushel of peaches and four hours to harvest a bushel of wheat, the conversion would be 1/2 bushel of peaches per hour and 1/4 bushel of wheat per hour. The relative price of one bushel of wheat in terms of peaches would be (1/2) / (1/4) = 2 bushels of peaches per bushel of wheat.