Econ 101-201 scarcity and the world of trade-offs

Not sure how to conduct this math problem. no text book needed. I have no idea how to do any of this because my teacher didn’t provide such information on our powerpoint. our class is online and I need major help. I just need some help understanding how to solve these problems.

  1. The production function of producing Tomato is given as follows:

ΒΌ β…“

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Q = 150K L

Where, Q: represents the output

K: represents capital

L: represents Labor

If capital and labor used are 81 and 125 respectively, what is the total output of Tomato that can be produced?

2. A factory produces plastic bags according to the following production function:

Y = F( X1, X2, X3 ,X4)

Explain the relationship between these variables

a. Determine the dependent and independent variables

b. Identify the inputs which can be used in the production function

3. Helen is received offer to have a job as a professional fitness trainer or a teacher. She will earn $50,000 a year as a fitness trainer or $36,000 a year as a teacher. If she chooses to be a fitness trainer.

  1. What is the opportunity cost for Helen?
  2. What is the economic rent?

4. What is the opportunity cost of the following economic terms:

– Land

– Capital

– Labor

– Entrepreneurs

– Managers

– Holding money

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