Answer to Question #248982 in Microeconomics for Akshay

Question

Assume that you are family firm .How can utilise the limited resources to full fill your need

Answer 1

Under this, the preservation of resources such as land and water is of great significance in order to sustain and improve food production. The fertility of land should be preserved and upheld in order to maximize the output. The supply of water should be adequate enough to serve the purpose of the farm.

The available labor force should be assigned tasks appropriately to ensure continous and efficient flow of activities in the farm.

Limited labor means that the labor force will have to work over extra time to accomplish all the tasks in the farm.