Suppose farmer lane grows and sells cotton in a perfectly competitive industry. the market price of cotton is $1.421.42 per kilogram, and his marginal cost of production is $1.441.44 per kilogram, which increases with output. assume farmer lane is currently earning a profit. can farmer lane do anything to increase his profit in the short run? farmer lane
"the three types of economic resources are also referred to as factors of production. land (including all natural resources), labor (including all human resources), capital (including all man-made resources), and when you combine all of those you get production. "