34. An iso-quant gives: S Combinations of output that can be produced using different levels of inputs 0. Combinations of inputs that can produce a constant level of output C. Combination of out puts that can be produced with a given level of upuis. d. None of the above is correct

34. An iso-quant gives: S Combinations of output that can be produced using different levels of inputs 0. Combinations of inputs that can produce a constant level of output C. Combination of out puts that can be produced with a given level of upuis. d. None of the above is correct

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

34. An iso-quant gives:
S Combinations of output that can be produced using different levels of inputs
0. Combinations of inputs that can produce a constant level of output
C. Combination of out puts that can be produced with a given level of upuis.
d. None of the above is correct

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13. Suppose you have a production technology given by f(x1,x2) = min{2æ1, x2} and you are producing at the point where x1 = 10 and x2 = 20.
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I need the answer as soon as possible
13. Suppose you have a production technology given by f(x1,x2) = min{2æ1, x2} and you are producing at the point where x1 = 10 and x2 = 20.
Q. Table 3 above shows how output varies with only one variable input used in production. If the cost of a unit of labor is $500, what is the approximate marginal cost of the 230th unit of output? a. $2.50 b. $8.50 c. $12.50 d. $50.00 e. $100.00
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a. When three pens and four erasers were purchased,the cost was $21.25.When two pens and two erasers were purchased,the cost was $12.50.What was the the price of a pen and the price of an earaser? b.Solve y=x2+1 and 2y=3x+4
Problem 2 (a) Find an example of a production technology that is such that two inputs must be used in fixed proportions (hopefully a different one from the examples discussed in class). Explain why you chose this example. Draw a typical isoquant of the example you found. (b) Find an example of a production technology that is such that two inputs are completely inter- changeable. Explain why you chose this example. Draw a typical isoquant of the example you found. (c) Find an example of convexity of production technology. Explain why you chose this example. Draw a typical isoquant of the example you found.