Question: The production function output is constant along A. an isoquant B. an isoprofit line C. a production frontier D. Both A and C choices E.

The production function output is constant along

A. an isoquant
B. an isoprofit line
C. a production frontier
D. Both A and C choices

E. Both B and C choices

Production technologies that have the same shaped isoquant maps

A. can give increasing returns to scale
B. can give decreasing returns to scale
C. can give constant returns to scale
D. All the given choices are correct
E. Only A and C are correct

F. Only B and C are correct

A quasiconcave production function

A. can only give increasing returns to scale.
B. can only give decreasing returns to scale.
C. can only give constant returns to scale
D. A, B and C (all three choices are correct)
E. Only A and C are correct choices
F. Only B and C are correct choices

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

The production function output is constant along A. an isoquant B. an isoprofit line C. a production frontier D. Both A and C choices E. Both B and C choices

Q:

Which point(s) are inefcient? Briefly explain why. 0 A. F'oints B, C, and D because they are on the production possibilities frontier. O B. Points E, B, C, and D because they are attainable. O C....

Q:

Q1: (10 points) Let Q(L) = 6L2 - (L3)/6 with costs = 300 + 100L. a) Complete the table on the next page. You can do this in excel or by hand. b) Why is L = 25 or larger not something we should...

Q:

True-False Questions (10 best counts, 1 points each = 10 points total) T F 1. Marginal product is increasing as the firm uses more and more of a factor of production. T F 2. Poor choices arising from...

Q:

1. The menu at Joe's coffee shop consists of a variety of coffee drinks, pastries, and sandwiches. The marginal product of an additional worker can be defined as the number of customers that can be...

Q:

1. The menu at Joe's coffee shop consists of a variety of coffee drinks, pastries, and sandwiches. The marginal product of an additional worker can be defined as the number of customers that can be...

Q:

Consider the following production function: Q(x,y)=(x+y)2,x,y0 a) (5 pts) Sketch the isoquant for Q=4, giving coordinates for at least three points. b) (5pts) Calculate the marginal rate of...

Q:

Q2: Consider a firm that employs capital and labour and uses the production technology Q = min[K, L] (think of taxi cabs: you need exactly one car and one driver per taxi). Factor prices are r for...

Q:

please help with this Consider a firm that employs capital and labour and uses the production technology Q = min[K, L] (think of taxi cabs: you need exactly one car and one driver per taxi). Factor...

Q:

Question 1 The Dandy Company is a firm that owns a car rental agency, a French bakery, a modeling agency, and a pet store. An economist would describe the Dandy Company as __________. Group of answer...

Q:

Let W be the union of the first and third quadrants in the xy - plane. That is, let a. If u is an W and c is any scalar, is cu in W? Why? b. Find specific vectors u and v in W such that u + v is not...

Q:

Soleh Ali, the founder and owner of Soleh Kopi-O, put down the book he was reading and thought, "Is Drucker right, that most companies do not know the true unit costs of their business?" It had been...

Q:

If two men were convicted of committing identical crimes, and one received a sentence of 2 years in prison, while the other received a sentence of 2 0 years in prison, which sentencing concept would...

Q:

**Please go through the steps/ formula that gave you the correct answer (as per the answer below this question)** Thank you! Question 4 out of 1 points Please insert the answer in decimal form and...

Q:

Understanding Group Leadership Culture and Group Leadership

Q:

Have you ever misunderstood another member of a group you were involved in because of cultural differences? If so, how did you and the other person deal with the misunderstanding?

Q:

4. The telephone game, passing a message from person to person, is fun simply because of the inevitable message distortion that gets revealed at the end. Can you think of a time when a message was...