Identify A Product Produced By A Specific Company
Identify a product produced by a specific company (Ford Explorer by Ford, PS4 by Sony, Kindle Fire by Amazon…). Describe the factors of production used to produce this product. Describe the types of costs involved in the production of this product. How would you determine whether the company is using the optimal mix of factors of production in the short run? How would you determine whether the company is using the optimal mix of factors of production in the long run? How would you determine whether the company is benefiting from economies of scale? How would you determine whether the company is benefiting from economies of scope?
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