uestion 3 (1 point) the production function is f(x1, x2) = x1/21x1/22. If the price of...
uestion 3 (1 point)
the production function is f(x1, x2) = x1/21x1/22. If the price of factor 1 is $10 and the price of factor 2 is $20, in what proportions should the firm use factors 1 and 2 if it wants to maximize profits?
Question 3 options:
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We can’t tell without knowing the price of output. |
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x1 = 2x2. |
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x1 = 0.50x2. |
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x1 = x2. |
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x1 = 20x2. |
Question 4 (1 point)
A firm has the production function f(X, Y) = X 1/2Y 1/2, where X is the amount of factor x used and Y is the amount of factor y used. On a diagram we put X on the horizontal axis and Y on the vertical axis. We draw some isoquants. Now we draw a straight line on the graph and we notice that wherever this line meets an isoquant, the isoquant has a slope of 23. The straight line we drew
Question 4 options:
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is vertical. |
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is horizontal. |
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is a ray through the origin with slope 3. |
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is a ray through the origin with slope 4. |
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has a negative slope. |
Homework Answers
Add Answer to:
uestion 3 (1 point)
the production function is f(x1,
x2) =
x1/21x1/22.
If the price of...
a profit maximizing firm has a technology with the production function f(x1,x2) =x1^0.5 x2^0.5 can only...
a profit maximizing firm has a technology with the production function f(x1,x2) =x1^0.5 x2^0.5 can only use 4 units of x2 in the short run. what is the optimal amount of x1 to use in the short run if the price of x1 is $1 and price of output is $13 .how much output does the firm make ? sketch 2 isoquants on same axis for production function f(x,y) = min (y,x^2)
Suppose that a firm has the production function (1) Draw an isoquant for f(x1,x2) = 10....
Suppose that a firm has the production function (1) Draw an isoquant for f(x1,x2) = 10. (5 points) (w1, w2) respec- (2) Suppose that the price of product is p, and that the prices of factors are tively. Find the factor demand function ri(w, w2, p), x1(w1, w2, P), the supply function y(w1, W2, P), and the profit function T(w1, w2, p). (10 points)
Suppose that a firm has the production function (1) Draw an isoquant for f(x1,x2) = 10....
A firm uses two inputs x1 and x2 to produce output y. The production function is...
A firm uses two inputs x1 and x2 to produce
output y. The production function is given by f(x1, x2) = p
min{2x1, x2}. The price of input 1 is 1 and the price of input 2 is
2. The price of output is 10.
4. A firm uses two inputs 21 and 22 to produce output y. The production function is given by f(x1, x2) = V min{2x1, x2}. The price of input 1 is 1 and the price...
3. Consider the following production function with two inputs X1 and x2. y = alnx +...
3. Consider the following production function with two inputs X1 and x2. y = alnx + Blny a. Derive the equation for an isoquant (assuming x is on the y-axis). b. Derive the marginal product of input x. c. Derive the marginal product of input x. d. Derive the marginal rate pf technical substitution (MRTS).
2. Consider the following production function with two inputs X1 and X2. y = x1/2x2/4 a....
2. Consider the following production function with two inputs X1 and X2. y = x1/2x2/4 a. Derive the equation for an isoquant (assuming X2 is on the y-axis). b. Derive the marginal product of input x1. c. Derive the marginal product of input x2. d. Derive the marginal rate pf technical substitution (MRTS).
A firm has the production function f(x1, x2) = x11x0.502. The isoquant on which output is...
A firm has the production function f(x1, x2) = x11x0.502. The isoquant on which output is 305/10 has the equation a. x2 = 30x-0.501. b. x1/x2 = 2. c. x1 = 0.50x-0.502. d. x2 = 30x-21. e. x2 = 30x21. step by step, plese
Question 7 rding to the production function: uses labor and machines to produce output according to...
Question 7 rding to the production function: uses labor and machines to produce output according to the where Lis ALK) = 41/212, ere is the number of units of labor used and K is the amount of capita or is $40 per unit and the cost of employing capital is $10 per unit. mount of capital employed. The cost (0): On the graph below, draw an isocost line for this firm that includes combin capital and labor that cost $400...
A competitive firm’s production function is f(x1, x2) = 6x1/21 + 8x1/22. The price of factor...
A competitive firm’s production function is f(x1, x2) = 6x1/21 + 8x1/22. The price of factor 1 is $1 and the price of factor 2 is $4. The price of output is $8. What is the profit-maximizing quantity of output? a. 416 b. 208 c. 204 d. 419 e. 196
Problem #3: Long-Run Labor Dernand and Factor Substitutability Suppose there are two inputs in the production...
Problem #3: Long-Run Labor Dernand and Factor Substitutability Suppose there are two inputs in the production function, labor (L) and capital (K), which can be combined to produe Y units of output according to the following production function Y = 30K + 10L The firm wants to produce 600 units of output 1. Draw the ot that corresponds to that level of production (600 units) in a graph that has L on the horizontal axis and K on the vertical...
1) For x1 = 3 + 4j and x2 = 3 - 4j, angle of (x1+x2)...
1) For x1 = 3 + 4j and x2 = 3 - 4j, angle of (x1+x2) will be ____ 0 degree 90 degree 180 degree 270 degree 2) For x1(t) = 2t and x2(t) = 5, addition of the two signals, x1(t) + x2(t), will be a version of x1(t) _____ shifted along the positive horizontal t-axis by 5 units shifted along the positive vertical axis by 5 units shifted along the negative horizontal t-axis by 5 units shifted along...
Suppose that a firm has the production function (1) Draw an isoquant for f(x1,x2) = 10. (5 points) (w1, w2) respec- (2) Suppose that the price of product is p, and that the prices of factors are tively. Find the factor demand function ri(w, w2, p), x1(w1, w2, P), the supply function y(w1, W2, P), and the profit function T(w1, w2, p). (10 points)
Suppose that a firm has the production function (1) Draw an isoquant for f(x1,x2) = 10....
A firm uses two inputs x1 and x2 to produce
output y. The production function is given by f(x1, x2) = p
min{2x1, x2}. The price of input 1 is 1 and the price of input 2 is
2. The price of output is 10.
4. A firm uses two inputs 21 and 22 to produce output y. The production function is given by f(x1, x2) = V min{2x1, x2}. The price of input 1 is 1 and the price...
3. Consider the following production function with two inputs X1 and x2. y = alnx + Blny a. Derive the equation for an isoquant (assuming x is on the y-axis). b. Derive the marginal product of input x. c. Derive the marginal product of input x. d. Derive the marginal rate pf technical substitution (MRTS).
2. Consider the following production function with two inputs X1 and X2. y = x1/2x2/4 a. Derive the equation for an isoquant (assuming X2 is on the y-axis). b. Derive the marginal product of input x1. c. Derive the marginal product of input x2. d. Derive the marginal rate pf technical substitution (MRTS).
Question 7 rding to the production function: uses labor and machines to produce output according to the where Lis ALK) = 41/212, ere is the number of units of labor used and K is the amount of capita or is $40 per unit and the cost of employing capital is $10 per unit. mount of capital employed. The cost (0): On the graph below, draw an isocost line for this firm that includes combin capital and labor that cost $400...
Problem #3: Long-Run Labor Dernand and Factor Substitutability Suppose there are two inputs in the production function, labor (L) and capital (K), which can be combined to produe Y units of output according to the following production function Y = 30K + 10L The firm wants to produce 600 units of output 1. Draw the ot that corresponds to that level of production (600 units) in a graph that has L on the horizontal axis and K on the vertical...
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