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Exam 18: A: Profit Maximization

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In Problem 9, when Farmer Hoglund applies N pounds of fertilizer per acre, the marginal product of fertilizer is In Problem 9, when Farmer Hoglund applies N pounds of fertilizer per acre, the marginal product of fertilizer is bushels of corn. If the price of corn is $4 per bushel and the price of fertilizer is $.40 per pound, then how many pounds of fertilizer per acre should Farmer Hoglund use in order to maximize his profits? bushels of corn. If the price of corn is $4 per bushel and the price of fertilizer is $.40 per pound, then how many pounds of fertilizer per acre should Farmer Hoglund use in order to maximize his profits?

Free
(Multiple Choice)
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Question 1
Correct Answer:
Verified

C

In Problem 11, the production function is f(x1, x2) In Problem 11, the production function is f(x<sub>1</sub>, x<sub>2</sub>) . If the price of factor 1 is $4 and the price of factor 2 is $6, in what proportions should the firm use factors 1 and 2 if it wants to maximize profits? . If the price of factor 1 is $4 and the price of factor 2 is $6, in what proportions should the firm use factors 1 and 2 if it wants to maximize profits?

Free
(Multiple Choice)
4.8/5
(83)
Question 2
Correct Answer:
Verified

C

In Problem 9, when Farmer Hoglund applies N pounds of fertilizer per acre, the marginal product of fertilizer is In Problem 9, when Farmer Hoglund applies N pounds of fertilizer per acre, the marginal product of fertilizer is bushels of corn. If the price of corn is $1 per bushel and the price of fertilizer is $.40 per pound, then how many pounds of fertilizer per acre should Farmer Hoglund use in order to maximize his profits? bushels of corn. If the price of corn is $1 per bushel and the price of fertilizer is $.40 per pound, then how many pounds of fertilizer per acre should Farmer Hoglund use in order to maximize his profits?

Free
(Multiple Choice)
4.7/5
(87)
Question 3
Correct Answer:
Verified

B

In Problem 1, the production function is given by F(L) In Problem 1, the production function is given by F(L) . Suppose that the cost per unit of labor is $8 and the price of output is 4, how many units of labor will the firm hire? . Suppose that the cost per unit of labor is $8 and the price of output is 4, how many units of labor will the firm hire?

(Multiple Choice)
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Question 4

In Problem 2, the production function is given by f(x) In Problem 2, the production function is given by f(x) . If the price of the commodity produced is $100 per unit and the cost of the input is $45 per unit, how much profit will the firm make if it maximize profits? . If the price of the commodity produced is $100 per unit and the cost of the input is $45 per unit, how much profit will the firm make if it maximize profits?

(Multiple Choice)
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Question 5

In Problem 1, the production function is given by F(L) In Problem 1, the production function is given by F(L) . Suppose that the cost per unit of labor is $16 and the price of output is 16, how many units of labor will the firm hire? . Suppose that the cost per unit of labor is $16 and the price of output is 16, how many units of labor will the firm hire?

(Multiple Choice)
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Question 6

In Problem 2, the production function is given by f(x) In Problem 2, the production function is given by f(x) . If the price of the commodity produced is $100 per unit and the cost of the input is $15 per unit, how much profit will the firm make if it maximize profits? . If the price of the commodity produced is $100 per unit and the cost of the input is $15 per unit, how much profit will the firm make if it maximize profits?

(Multiple Choice)
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Question 7

In Problem 2, the production function is given by f(x) In Problem 2, the production function is given by f(x) . If the price of the commodity produced is $50 per unit and the cost of the input is $25 per unit, how much profit will the firm make if it maximize profits? . If the price of the commodity produced is $50 per unit and the cost of the input is $25 per unit, how much profit will the firm make if it maximize profits?

(Multiple Choice)
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Question 8

In Problem 12, if the price of the output good is $4, the price of factor 1 is $1, and the price of factor 2 is $3, what is the profit-maximizing amount of factor 1?

(Multiple Choice)
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Question 9

In Problem 1, the production function is given by F(L) In Problem 1, the production function is given by F(L) . Suppose that the cost per unit of labor is $16 and the price of output is 16, how many units of labor will the firm hire? . Suppose that the cost per unit of labor is $16 and the price of output is 16, how many units of labor will the firm hire?

(Multiple Choice)
4.8/5
(70)
Question 10

In Problem 2, the production function is given by f(x) In Problem 2, the production function is given by f(x) . If the price of the commodity produced is $50 per unit and the cost of the input is $40 per unit, how much profit will the firm make if it maximize profits? . If the price of the commodity produced is $50 per unit and the cost of the input is $40 per unit, how much profit will the firm make if it maximize profits?

(Multiple Choice)
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Question 11

In Problem 11, the production function is f(x1, x2) In Problem 11, the production function is f(x<sub>1</sub>, x<sub>2</sub>) . If the price of factor 1 is $8 and the price of factor 2 is $4, in what proportions should the firm use factors 1 and 2 if it wants to maximize profits? . If the price of factor 1 is $8 and the price of factor 2 is $4, in what proportions should the firm use factors 1 and 2 if it wants to maximize profits?

(Multiple Choice)
4.8/5
(80)
Question 12

In Problem 2, the production function is given by f(x) In Problem 2, the production function is given by f(x) . If the price of the commodity produced is $90 per unit and the cost of the input is $45 per unit, how much profit will the firm make if it maximize profits? . If the price of the commodity produced is $90 per unit and the cost of the input is $45 per unit, how much profit will the firm make if it maximize profits?

(Multiple Choice)
4.8/5
(78)
Question 13

In Problem 9, when Farmer Hoglund applies N pounds of fertilizer per acre, the marginal product of fertilizer is In Problem 9, when Farmer Hoglund applies N pounds of fertilizer per acre, the marginal product of fertilizer is bushels of corn. If the price of corn is $3 per bushel and the price of fertilizer is $.30 per pound, then how many pounds of fertilizer per acre should Farmer Hoglund use in order to maximize his profits? bushels of corn. If the price of corn is $3 per bushel and the price of fertilizer is $.30 per pound, then how many pounds of fertilizer per acre should Farmer Hoglund use in order to maximize his profits?

(Multiple Choice)
4.9/5
(88)
Question 14

In Problem 1, the production function is given by F(L) In Problem 1, the production function is given by F(L) . Suppose that the cost per unit of labor is $12 and the price of output is 12, how many units of labor will the firm hire? . Suppose that the cost per unit of labor is $12 and the price of output is 12, how many units of labor will the firm hire?

(Multiple Choice)
4.9/5
(78)
Question 15

In Problem 9, when Farmer Hoglund applies N pounds of fertilizer per acre, the marginal product of fertilizer is In Problem 9, when Farmer Hoglund applies N pounds of fertilizer per acre, the marginal product of fertilizer is bushels of corn. If the price of corn is $1 per bushel and the price of fertilizer is $.20 per pound, then how many pounds of fertilizer per acre should Farmer Hoglund use in order to maximize his profits? bushels of corn. If the price of corn is $1 per bushel and the price of fertilizer is $.20 per pound, then how many pounds of fertilizer per acre should Farmer Hoglund use in order to maximize his profits?

(Multiple Choice)
4.9/5
(103)
Question 16

In Problem 9, when Farmer Hoglund applies N pounds of fertilizer per acre, the marginal product of fertilizer is In Problem 9, when Farmer Hoglund applies N pounds of fertilizer per acre, the marginal product of fertilizer is bushels of corn. If the price of corn is $4 per bushel and the price of fertilizer is $.40 per pound, then how many pounds of fertilizer per acre should Farmer Hoglund use in order to maximize his profits? bushels of corn. If the price of corn is $4 per bushel and the price of fertilizer is $.40 per pound, then how many pounds of fertilizer per acre should Farmer Hoglund use in order to maximize his profits?

(Multiple Choice)
4.8/5
(82)
Question 17

In Problem 11, the production function is f(x1, x2) In Problem 11, the production function is f(x<sub>1</sub>, x<sub>2</sub>) . If the price of factor 1 is $14 and the price of factor 2 is $7, in what proportions should the firm use factors 1 and 2 if it wants to maximize profits? . If the price of factor 1 is $14 and the price of factor 2 is $7, in what proportions should the firm use factors 1 and 2 if it wants to maximize profits?

(Multiple Choice)
4.8/5
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Question 18

In Problem 11, the production function is f(x1, x2) In Problem 11, the production function is f(x<sub>1</sub>, x<sub>2</sub>) . 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? . 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?

(Multiple Choice)
5.0/5
(75)
Question 19

In Problem 11, the production function is f(x1, x2) In Problem 11, the production function is f(x<sub>1</sub>, x<sub>2</sub>) . If the price of factor 1 is $8 and the price of factor 2 is $16, in what proportions should the firm use factors 1 and 2 if it wants to maximize profits? . If the price of factor 1 is $8 and the price of factor 2 is $16, in what proportions should the firm use factors 1 and 2 if it wants to maximize profits?

(Multiple Choice)
5.0/5
(82)
Question 20
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