Consider one of your household activities (e.g., cooking, cleaning, lawn work) as a production process.

  • First, identify the inputs and steps in providing this good or service, and briefly discuss the opportunity cost of doing it yourself relative to hiring someone to do it.
  • Then, describe the role that diminishing returns or economies of scale play in this activity, as well as the prospect of technological change that might influence this process or home provision of the good.

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