Answer to Question #282358 in Microeconomics for Bhavana

Question

Assume that u r from anyone from the following family how can u utilize the limited resources to fulfill your needs a)family farm b)petty shop c)flower vender

Answer 1

a) As a family farmer, I have to work quickly where I can produce as much as possible output using the limited resources available to meet my needs. I should use agricultural machinery and fertilizers to minimize inputs and maximize output.

b) As a petty shop I should trade myself or hire a shop assistant. I should also optimize my inventory purchases to have less overdue goods.

c) As a flower vender I should buy optimal amount of flowers and trade fast enough to have less wilted flowers.