Question 1

A firm has the production function $f(x1, x2)= x11x0.502.The isoquant on which output is 805/10 has the equation

Accepted Answer

A) x1/x2 = 2. 
B) x2 = 80x-0.501. 
C) x2 =80x-21. 
D) x2 =80x21. 
E) x1=0.50x-0.502 
A) x1/x2 = 2. 
B) x2 = 80x-0.501. 
C) x2 =80x-21. 
D) x2 =80x21. 
E) x1=0.50x-0.502

Question 2

if a = 2.50, b = 0.60, and c = 1, the marginal products of x1, x2, and x3 (in this order)are

Accepted Answer

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

Question 3

A firm has the production function $f(x1, x2)=x0.901x0.302.The isoquant on which output is 803/10 has the equation

Accepted Answer

A) x2 = 80x3.331. 
B) x2 =80x231. 
C) x1/x2 = 3. 
D) x2 = 80x-0.301. 
E) x1 = 0.30-0.702. 
A) x2 = 80x3.331. 
B) x2 =80x231. 
C) x1/x2 = 3. 
D) x2 = 80x-0.301. 
E) x1 = 0.30-0.702.

Question 4

A firm has the production function $f(x1, x2)=0.501x0.102.The isoquant on which output is 401/10 has the equation

Accepted Answer

A) x1/x2 = 5. 
B) x2 = 40x101. 
C) x2 =40x-51. 
D) x2 = 40x-0.101. 
E) x1 =0.10x-0.902. 
A) x1/x2 = 5. 
B) x2 = 40x101. 
C) x2 =40x-51. 
D) x2 = 40x-0.101. 
E) x1 =0.10x-0.902.

Question 5

if the exponents in the production function were 0.60 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) constant, would not 
B) increasing, would 
C) decreasing, would not 
D) constant, would 
E) decreasing, would 
A) constant, would not 
B) increasing, would 
C) decreasing, would not 
D) constant, would 
E) decreasing, would

Question 6

A firm has the production function $f(x1, x2)=0.401x0.202.The isoquant on which output is 502/10 has the equation

Accepted Answer

A) x2 =50x51. 
B) x2 =50x-0.201. 
C) x1/x2 = 2. 
D) x2 =50x-21. 
E) x1 = 0.20x-0.802. 
A) x2 =50x51. 
B) x2 =50x-0.201. 
C) x1/x2 = 2. 
D) x2 =50x-21. 
E) x1 = 0.20x-0.802.

Question 7

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 2, its output will be multiplied by

Accepted Answer

A) 8. 
B) 4. 
C) 16. 
D) 0.22. 
E) The answer depends on the original choice of x, y, and z. 
A) 8. 
B) 4. 
C) 16. 
D) 0.22. 
E) The answer depends on the original choice of x, y, and z.

Question 8

A firm has the production function $f(x1, x2)=x2.501x0.502.The isoquant on which output is 505/10 has the equation

Accepted Answer

A) x2 =50x-51. 
B) x2 =50x21. 
C) x1/x2 = 5. 
D) x2 = 50x-0.501. 
E) x1 =0.50x-0.502. 
A) x2 =50x-51. 
B) x2 =50x21. 
C) x1/x2 = 5. 
D) x2 = 50x-0.501. 
E) x1 =0.50x-0.502.

Question 9

A firm has the production function f(x, y)=x1.10y1.This firm has

Accepted Answer

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

Question 10

A firm has the production function f(x, y)=x1.10y1.30.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) constant returns to scale. 
D) decreasing returns to scale and increasing marginal product for factor x. 
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) constant returns to scale. 
D) decreasing returns to scale and increasing marginal product for factor x. 
E) None of the above.

Exam 17: Technology-Part B

A firm has the production function $f(x1, x2)= x11x0.502.The isoquant on which output is 805/10 has the equation

if a = 2.50, b = 0.60, and c = 1, the marginal products of x1, x2, and x3 (in this order)are

A firm has the production function $f(x1, x2)=x0.901x0.302.The isoquant on which output is 803/10 has the equation

A firm has the production function $f(x1, x2)=0.501x0.102.The isoquant on which output is 401/10 has the equation

if the exponents in the production function were 0.60 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(x1, x2)=0.401x0.202.The isoquant on which output is 502/10 has the equation

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 2, its output will be multiplied by

A firm has the production function $f(x1, x2)=x2.501x0.502.The isoquant on which output is 505/10 has the equation

A firm has the production function f(x, y)=x1.10y1.This firm has

A firm has the production function f(x, y)=x1.10y1.30.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

Production-Part B

Welfare-Part A

Welfare-Part B

Externalities-Part A

Externalities-Part B

Information Technology-Part A

Information Technology-Part B

Public Goods-Part A

Public Goods-Part B

Asymmetric Information-Part A

A firm has the production function $f(x₁, x₂)= x¹₁x^0.50₂.The isoquant on which output is 80^5/10 has the equation

if a = 2.50, b = 0.60, and c = 1, the marginal products of x₁, x₂, and x₃ (in this order)are

A firm has the production function $f(x₁, x₂)=x^0.90₁x^0.30₂.The isoquant on which output is 80^3/10 has the equation

A firm has the production function $f(x₁, x₂)=^0.50₁x^0.10₂.The isoquant on which output is 40^1/10 has the equation

if the exponents in the production function were 0.60 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(x₁, x₂)=^0.40₁x^0.20₂.The isoquant on which output is 50^2/10 has the equation

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 2, its output will be multiplied by

A firm has the production function $f(x₁, x₂)=x^2.50₁x^0.50₂.The isoquant on which output is 50^5/10 has the equation

A firm has the production function f(x, y)=x^1.10y¹.This firm has

A firm has the production function f(x, y)=x^1.10y^1.30.This firm has