Question 1

if a = 2.40, b = 0.50, and c = 1, the marginal products of x1, x2, and x3 (in this order)are

Accepted Answer

A) increasing, decreasing, and constant. 
B) all increasing. 
C) all decreasing. 
D) decreasing, increasing, and decreasing. 
E) all increasing if A > 1. 
A) increasing, decreasing, and constant. 
B) all increasing. 
C) all decreasing. 
D) decreasing, increasing, and decreasing. 
E) all increasing if A > 1. A

Question 2

A firm has a production function f(x, y)= 2(x0.90 + y0.90)5 whenever x > 0 and y > 0.When the amounts of both inputs are positive, this firm has

Accepted Answer

A) increasing returns to scale if x + y > 1 and decreasing returns to scale otherwise. 
B) increasing returns to scale. 
C) decreasing returns to scale. 
D) constant returns to scale. 
E) increasing returns to scale if output is less than 1 and decreasing returns to scale if output is greater than 1. 
A) increasing returns to scale if x + y > 1 and decreasing returns to scale otherwise. 
B) increasing returns to scale. 
C) decreasing returns to scale. 
D) constant returns to scale. 
E) increasing returns to scale if output is less than 1 and decreasing returns to scale if output is greater than 1. B

Question 3

if the exponents in the production function were 0.40 for x1 and 0.40 for x2, this production function would exhibit (constant, increasing, decreasing)returns to scale and (would, would not)have diminishing technical rate of substitution.

Accepted Answer

A) increasing, would 
B) decreasing, would not 
C) constant, would 
D) constant, would not 
E) decreasing, would 
A) increasing, would 
B) decreasing, would not 
C) constant, would 
D) constant, would not 
E) decreasing, would E

Question 4

A firm has the production function f(x, y)= x1.20y2.This firm has

Accepted Answer

A) constant returns to scale. 
B) decreasing returns to scale and increasing marginal product for factor x. 
C) increasing returns to scale and decreasing marginal product for factor x. 
D) decreasing returns to scale and diminishing marginal product for factor x. 
E) None of the above. 
A) constant returns to scale. 
B) decreasing returns to scale and increasing marginal product for factor x. 
C) increasing returns to scale and decreasing marginal product for factor x. 
D) decreasing returns to scale and diminishing marginal product for factor x. 
E) None of the above.

Question 5

A firm has the production function f(x, y)=x1.40y1.40.This firm has

Accepted Answer

A) constant returns to scale. 
B) decreasing returns to scale and increasing marginal product for factor x. 
C) decreasing returns to scale and diminishing marginal product for factor x. 
D) increasing returns to scale and decreasing marginal product for factor x. 
E) None of the above. 
A) constant returns to scale. 
B) decreasing returns to scale and increasing marginal product for factor x. 
C) decreasing returns to scale and diminishing marginal product for factor x. 
D) increasing returns to scale and decreasing marginal product for factor x. 
E) None of the above.

Question 6

A firm has a production function f(x, y)= 0.70(x0.20 + y0.20)4 whenever x > 0 and y > 0.When the amounts of both inputs are positive, this firm has

Accepted Answer

A) increasing returns to scale. 
B) decreasing returns to scale. 
C) constant returns to scale. 
D) increasing returns to scale if x + y > 1 and decreasing returns to scale otherwise. 
E) increasing returns to scale if output is less than 1 and decreasing returns to scale if output is greater than 1. 
A) increasing returns to scale. 
B) decreasing returns to scale. 
C) constant returns to scale. 
D) increasing returns to scale if x + y > 1 and decreasing returns to scale otherwise. 
E) increasing returns to scale if output is less than 1 and decreasing returns to scale if output is greater than 1.

Question 7

if the exponents in the production function were 0.30 for x1 and 0.30 for x2, this production function would exhibit (constant, increasing, decreasing)returns to scale and (would, would not)have diminishing technical rate of substitution.

Accepted Answer

A) constant, would 
B) constant, would not 
C) decreasing, would not 
D) increasing, would 
E) decreasing, would 
A) constant, would 
B) constant, would not 
C) decreasing, would not 
D) increasing, would 
E) decreasing, would

Question 8

if a = 2.10, b = 1.10, and c = 1.20, the marginal products of x1, x2, and x3 (in this order)are

Accepted Answer

A) all increasing. 
B) decreasing, increasing, and decreasing. 
C) all decreasing. 
D) increasing, decreasing, and constant. 
E) all increasing if A > 1. 
A) all increasing. 
B) decreasing, increasing, and decreasing. 
C) all decreasing. 
D) increasing, decreasing, and constant. 
E) all increasing if A > 1.

Question 9

if the exponents in the production function were 0.30 for x1 and 0.20 for x2, this production function would exhibit (constant, increasing, decreasing)returns to scale and (would, would not)have diminishing technical rate of substitution.

Accepted Answer

A) decreasing, would not 
B) constant, would not 
C) increasing, would 
D) constant, would 
E) decreasing, would 
A) decreasing, would not 
B) constant, would not 
C) increasing, would 
D) constant, would 
E) decreasing, would

Question 10

if the exponents in the production function were 0.80 for x1 and 0.20 for x2, this production function would exhibit (constant, increasing, decreasing)returns to scale and (would, would not)have diminishing technical rate of substitution.

Accepted Answer

A) constant, would 
B) decreasing, would not 
C) increasing, would 
D) constant, would not 
E) decreasing, would 
A) constant, would 
B) decreasing, would not 
C) increasing, would 
D) constant, would not 
E) decreasing, would

Question 11

A firm uses 3 factors of production.Its production function is f(x, y, z)=min{x3/y, y2, (z4 -x4)/y2}.If the amount of each input is multiplied by 6, its output will be multiplied by

Accepted Answer

A) 216. 
B) 36. 
C) 6. 
D) 0.16. 
E) The answer depends on the original choice of x, y, and z. 
A) 216. 
B) 36. 
C) 6. 
D) 0.16. 
E) The answer depends on the original choice of x, y, and z.

Question 12

A firm uses 3 factors of production.Its production function is f(x, y, z)=min{x3/y, y2, (z4 - x4)/y2}.If the amount of each input is multiplied by 6, its output will be multiplied by

Accepted Answer

A) 6. 
B) 36. 
C) 0.16. 
D) 216. 
E) The answer depends on the original choice of x, y, and z. 
A) 6. 
B) 36. 
C) 0.16. 
D) 216. 
E) The answer depends on the original choice of x, y, and z.

Question 13

A firm uses 3 factors of production.Its production function is f(x, y, z)= min{x5/y, y4,(z6 -x6)/y2}.If the amount of each input is multiplied by 3, its output will be multiplied by

Accepted Answer

A) 81. 
B) 27. 
C) 243. 
D) 0.04. 
E) The answer depends on the original choice of x, y, and z. 
A) 81. 
B) 27. 
C) 243. 
D) 0.04. 
E) The answer depends on the original choice of x, y, and z.

Question 14

A firm has a production function f(x, y)= 0.70(x0.80 + y0.80)2 whenever x > 0 and y > 0.When the amounts of both inputs are positive, this firm has

Accepted Answer

A) increasing returns to scale if x + y >1 and decreasing returns to scale otherwise. 
B) increasing returns to scale. 
C) decreasing returns to scale. 
D) constant returns to scale. 
E) increasing returns to scale if output is less than 1 and decreasing returns to scale if output is greater than 1. 
A) increasing returns to scale if x + y >1 and decreasing returns to scale otherwise. 
B) increasing returns to scale. 
C) decreasing returns to scale. 
D) constant returns to scale. 
E) increasing returns to scale if output is less than 1 and decreasing returns to scale if output is greater than 1.

Question 15

A firm has a production function f(x, y)= 1.80(x0.10 + y0.10)2 whenever x > 0 and y > 0.When the amounts of both inputs are positive, this firm has

Accepted Answer

A) increasing returns to scale. 
B) decreasing returns to scale. 
C) constant returns to scale. 
D) increasing returns to scale if x + y > 1 and decreasing returns to scale otherwise. 
E) increasing returns to scale if output is less than 1 and decreasing returns to scale if output is greater than 1. 
A) increasing returns to scale. 
B) decreasing returns to scale. 
C) constant returns to scale. 
D) increasing returns to scale if x + y > 1 and decreasing returns to scale otherwise. 
E) increasing returns to scale if output is less than 1 and decreasing returns to scale if output is greater than 1.

Question 16

if a = 2.10, b = 0.90, and c = 1, the marginal products of x1, x2, and x3 (in this order)are

Accepted Answer

A) decreasing, increasing, and decreasing. 
B) all increasing. 
C) increasing, decreasing, and constant. 
D) all decreasing. 
E) all increasing if A > 1. 
A) decreasing, increasing, and decreasing. 
B) all increasing. 
C) increasing, decreasing, and constant. 
D) all decreasing. 
E) all increasing if A > 1.

Question 17

if a = 2.10, b = 0.40, and c = 1, the marginal products of x1, x2, and x3 (in this order)are

Accepted Answer

A) all decreasing. 
B) increasing, decreasing, and constant. 
C) decreasing, increasing, and decreasing. 
D) all increasing. 
E) all increasing if A > 1. 
A) all decreasing. 
B) increasing, decreasing, and constant. 
C) decreasing, increasing, and decreasing. 
D) all increasing. 
E) all increasing if A > 1.

Question 18

A firm uses 3 factors of production.Its production function is f(x, y, z)=min{x4/y, y3,(z5 -x5)/y2}.If the amount of each input is multiplied by 5, its output will be multiplied by

Accepted Answer

A) 0.04. 
B) 125. 
C) 625. 
D) 25. 
E) The answer depends on the original choice of x, y, and z. 
A) 0.04. 
B) 125. 
C) 625. 
D) 25. 
E) The answer depends on the original choice of x, y, and z.

Question 19

A firm has a production function f(x, y)= 1.80(x0.80 +y0.80)1 whenever x > 0 and y > 0.When the amounts of both inputs are positive, this firm has

Accepted Answer

A) increasing returns to scale. 
B) constant returns to scale. 
C) decreasing returns to scale. 
D) increasing returns to scale if x + y > 1 and decreasing returns to scale otherwise. 
E) increasing returns to scale if output is less than 1 and decreasing returns to scale if output is greater than 1. 
A) increasing returns to scale. 
B) constant returns to scale. 
C) decreasing returns to scale. 
D) increasing returns to scale if x + y > 1 and decreasing returns to scale otherwise. 
E) increasing returns to scale if output is less than 1 and decreasing returns to scale if output is greater than 1.

Question 20

A firm has the production function f(x, y)= x1.40y1.90.This firm has

Accepted Answer

A) decreasing returns to scale and diminishing marginal product for factor x. 
B) increasing returns to scale and decreasing marginal product for factor x. 
C) decreasing returns to scale and increasing marginal product for factor x. 
D) constant returns to scale. 
E) None of the above. 
A) decreasing returns to scale and diminishing marginal product for factor x. 
B) increasing returns to scale and decreasing marginal product for factor x. 
C) decreasing returns to scale and increasing marginal product for factor x. 
D) constant returns to scale. 
E) None of the above.

Exam 17: Technology-Part B

if a = 2.40, b = 0.50, and c = 1, the marginal products of x1, x2, and x3 (in this order)are

A firm has a production function f(x, y)= 2(x0.90 + y0.90)5 whenever x > 0 and y > 0.When the amounts of both inputs are positive, this firm has

if the exponents in the production function were 0.40 for x1 and 0.40 for x2, this production function would exhibit (constant, increasing, decreasing)returns to scale and (would, would not)have diminishing technical rate of substitution.

A firm has the production function f(x, y)= x1.20y2.This firm has

A firm has the production function f(x, y)=x1.40y1.40.This firm has

A firm has a production function f(x, y)= 0.70(x0.20 + y0.20)4 whenever x > 0 and y > 0.When the amounts of both inputs are positive, this firm has

if the exponents in the production function were 0.30 for x1 and 0.30 for x2, this production function would exhibit (constant, increasing, decreasing)returns to scale and (would, would not)have diminishing technical rate of substitution.

if a = 2.10, b = 1.10, and c = 1.20, the marginal products of x1, x2, and x3 (in this order)are

if the exponents in the production function were 0.30 for x1 and 0.20 for x2, this production function would exhibit (constant, increasing, decreasing)returns to scale and (would, would not)have diminishing technical rate of substitution.

if the exponents in the production function were 0.80 for x1 and 0.20 for x2, this production function would exhibit (constant, increasing, decreasing)returns to scale and (would, would not)have diminishing technical rate of substitution.

A firm uses 3 factors of production.Its production function is f(x, y, z)=min{x3/y, y2, (z4 -x4)/y2}.If the amount of each input is multiplied by 6, its output will be multiplied by

A firm uses 3 factors of production.Its production function is f(x, y, z)=min{x3/y, y2, (z4 - x4)/y2}.If the amount of each input is multiplied by 6, its output will be multiplied by

A firm uses 3 factors of production.Its production function is f(x, y, z)= min{x5/y, y4,(z6 -x6)/y2}.If the amount of each input is multiplied by 3, its output will be multiplied by

A firm has a production function f(x, y)= 0.70(x0.80 + y0.80)2 whenever x > 0 and y > 0.When the amounts of both inputs are positive, this firm has

A firm has a production function f(x, y)= 1.80(x0.10 + y0.10)2 whenever x > 0 and y > 0.When the amounts of both inputs are positive, this firm has

if a = 2.10, b = 0.90, and c = 1, the marginal products of x1, x2, and x3 (in this order)are

if a = 2.10, b = 0.40, and c = 1, the marginal products of x1, x2, and x3 (in this order)are

A firm uses 3 factors of production.Its production function is f(x, y, z)=min{x4/y, y3,(z5 -x5)/y2}.If the amount of each input is multiplied by 5, its output will be multiplied by

A firm has a production function f(x, y)= 1.80(x0.80 +y0.80)1 whenever x > 0 and y > 0.When the amounts of both inputs are positive, this firm has

A firm has the production function f(x, y)= x1.40y1.90.This firm has

Budget Constraint-Part A

Budget Constraint-Part B

Preferences-Part A

Preferences-Part B

Utility-Part A

Utility-Part B

Choice-Part A

Choice-Part B

Demand-Part A

Demand-Part B

Revealed Preference-Part A

Revealed Preference-Part B

Slutsky Equation-Part A

Slutsky Equation-Part B

Buying and Selling-Part A

Buying and Selling-Part B

Intertemporal Choice-Part A

Intertemporal Choice-Part B

Asset Markets-Part A

Asset Markets-Part B

Uncertainty-Part A

Uncertainty-Part B

Risky Assets-Part A

Risky Assets-Part B

Consumers Surplus-Part A

Consumers Surplus-Part B

Market Demand-Part A

Market Demand-Part B

Equilibrium-Part A

Equilibrium-Part B

Auctions-Part A

Auctions-Part B

Technology-Part A

Profit Maximization-Part A

Profit Maximization-Part B

Cost Minimization-Part A

Cost Minimization-Part B

Cost Curves-Part A

Cost Curves-Part B

Firm Supply-Part A

Firm Supply-Part B

Industry Supply-Part A

Industry Supply-Part B

Monopoly-Part A

Monopoly-Part B

Monopoly Behavior-Part A

Monopoly Behavior-Part B

Factor Markets-Part A

Factor Markets-Part B

Oligopoly-Part A

Oligopoly-Part B

Game Theory-Part A

Game Theory-Part B

Game Applications-Part A

Game Applications-Part B

Behavioral Economics

Exchange-Part A

Exchange-Part B

Production-Part A

if a = 2.40, b = 0.50, and c = 1, the marginal products of x₁, x₂, and x₃ (in this order)are

A firm has a production function f(x, y)= 2(x^0.90 + y^0.90)⁵ whenever x > 0 and y > 0.When the amounts of both inputs are positive, this firm has

if the exponents in the production function were 0.40 for x₁ and 0.40 for x₂, this production function would exhibit (constant, increasing, decreasing)returns to scale and (would, would not)have diminishing technical rate of substitution.

A firm has the production function f(x, y)= x^1.20y².This firm has

A firm has the production function f(x, y)=x^1.40y^1.40.This firm has

A firm has a production function f(x, y)= 0.70(x^0.20 + y^0.20)⁴ whenever x > 0 and y > 0.When the amounts of both inputs are positive, this firm has

if the exponents in the production function were 0.30 for x₁ and 0.30 for x₂, this production function would exhibit (constant, increasing, decreasing)returns to scale and (would, would not)have diminishing technical rate of substitution.

if a = 2.10, b = 1.10, and c = 1.20, the marginal products of x₁, x₂, and x₃ (in this order)are

if the exponents in the production function were 0.30 for x₁ and 0.20 for x₂, this production function would exhibit (constant, increasing, decreasing)returns to scale and (would, would not)have diminishing technical rate of substitution.

if the exponents in the production function were 0.80 for x₁ and 0.20 for x₂, this production function would exhibit (constant, increasing, decreasing)returns to scale and (would, would not)have diminishing technical rate of substitution.

A firm uses 3 factors of production.Its production function is f(x, y, z)=min{x³/y, y², (z⁴ -x⁴)/y²}.If the amount of each input is multiplied by 6, its output will be multiplied by

A firm uses 3 factors of production.Its production function is f(x, y, z)=min{x³/y, y², (z⁴ - x⁴)/y²}.If the amount of each input is multiplied by 6, its output will be multiplied by

A firm uses 3 factors of production.Its production function is f(x, y, z)= min{x⁵/y, y⁴,(z⁶ -x⁶)/y²}.If the amount of each input is multiplied by 3, its output will be multiplied by

A firm has a production function f(x, y)= 0.70(x^0.80 + y^0.80)² whenever x > 0 and y > 0.When the amounts of both inputs are positive, this firm has

A firm has a production function f(x, y)= 1.80(x^0.10 + y^0.10)² whenever x > 0 and y > 0.When the amounts of both inputs are positive, this firm has

if a = 2.10, b = 0.90, and c = 1, the marginal products of x₁, x₂, and x₃ (in this order)are

if a = 2.10, b = 0.40, and c = 1, the marginal products of x₁, x₂, and x₃ (in this order)are

A firm uses 3 factors of production.Its production function is f(x, y, z)=min{x⁴/y, y³,(z⁵ -x⁵)/y²}.If the amount of each input is multiplied by 5, its output will be multiplied by

A firm has a production function f(x, y)= 1.80(x^0.80 +y^0.80)¹ whenever x > 0 and y > 0.When the amounts of both inputs are positive, this firm has

A firm has the production function f(x, y)= x^1.40y^1.90.This firm has