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Let's Set up a business to make 10 Units of something!
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Cost/unitMethod 1:Mthd 1 Costs:Method 2:Mthd 2 Costs:
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Land$103$303$30
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Labor$151$158$120
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Capital$205$1002$40
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Entrpreneurship$502$1002$100
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Totals:$245$290
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Now Suppose we can sell these units for $25 each:
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250-234$16 profit
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Now Suppose we can sell these units for $20 each:
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200-234Lose $34
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Now Suppose that we pass a minimum wage law so that labor costs $15.
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