Answer to Question #249698 in Microeconomics for Hemanth

Question

Assume that you are from any one the following family how can you utilise the limited resources to fulfill your needs
A) Family firm
B) Petty shopper
C) Flower vender

Answer 1

As a family farmer, I have to work quickly where I can to make the most of the few resources available to meet my needs. By fast-tracking jobs, I will save as much time as possible. I'm going to sabotage the schedule. The project team will spend less time working on project tasks overall if the project is shorter. By reducing the quantity of paperwork, I produce, I will eliminate unneeded work. Project reporting takes a lot of time, so I'll do less of it.

I'll be open and honest with the project team about the dilemma, and they'll help me develop some answers. Anything goes at this stage. I'll think about outsourcing, training others so they can help at a later stage in the project, temporarily co-locating the team to see if that improves productivity, and raising the hours in the short run. I'll make use of the resources I do have.