A factory produces plastic bags according to the following production function:

                       Y = F( X1, X2, X3 ,X4)

Explain the relationship between these variables

a. Determine the dependent and independent variables

b. Identify the inputs which can be used in the production function

3. Helen is received offer to have a job as a professional fitness trainer or a teacher. She will earn $50,000 a year as a fitness trainer or $36,000 a year as a teacher. If she chooses to be a fitness trainer.

1. What is the opportunity cost for Helen?
2. What is the economic rent?

Answer rating: 100% (QA)

a In the given production function Y represents the output or quantity of plastic bags produced It i... View the full answer