Question 1:Consider the following production function thatdepends only on labor:Q = 81¹/21. Write a combination of input and output that aretechnically efficient. In other words, for what levelof L and Q, is the technology efficient?2. Write a combination of input and output that aretechnically inefficient. In other words, for whatlevel of L and Q, is the technology inefficient?3. Write a combination of input and output that aretechnically unattainable. In other words, for whatlevel of I and Q, is the technology unattainable?

Production refers to the process of creating goods and services to satisfy the wants and needs of…

Answered: epends only on labor:Q = 8L¹/2

Business

Economics

epends only on labor:Q = 8L¹/2

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Step 3: Technically inefficient combination of L and Q

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