Exam 17: Technology-Part A

A firm has the production function f(X, Y)= X^3/4 Y^1/4, where X is the amount of factor x used and Y is the amount of factor y used.On a diagram we put X on the horizontal axis and Y on the vertical axis.We draw some isoquants.Now we draw a straight line on the graph and we notice that wherever this line meets an isoquant, the isoquant has a slope of -9.The straight line we drew

The UJava espresso stand needs two inputs, labor and coffee beans, to produce its only output, espresso.Producing an espresso always requires the same amount of coffee beans and the same amount of time.Which of the following production functions would appropriately describe the production process at UJava, where B represents ounces of coffee beans, and L represents hours of labor?

A firm has the production function f(x, y)= 20x^3/5 y^2/5.The slope of the firm's isoquant at the point (x, y)= (20, 40)is (pick the closest one)

A firm has the production function f(X, Y)= X ^1/2 Y ^1/2, where X is the amount of factor x used and Y is the amount of factor y used.On a diagram we put X on the horizontal axis and Y on the vertical axis.We draw some isoquants.Now we draw a straight line on the graph and we notice that wherever this line meets an isoquant, the isoquant has a slope of 23.The straight line we drew

The economist's distinction between the long run and the short run captures the idea that quantities of some factor inputs can be varied in the short run but not in the long run.

A firm has a production function f(x, y)= 1.80(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 the production function f(x, y)= 60x ^4/5 y^1/5.The slope of the firm's isoquant at the point (x, y)= (40, 80)is (pick the closest one)

The production function Q =50K^0.25L^0.75 exhibits

In any production process, the marginal product of labor equals

If output is produced with two factors of production and with increasing returns to scale,

A firm has the production function f(x, y)=x^1.40y^0.90.This firm has

The production set of a firm is the set of all products the firm can produce.

A firm has the production function f(X, Y)= X^3/4 Y^1/4, where X is the amount of factor x used and Y is the amount of factor y used.On a diagram we put X on the horizontal axis and Y on the vertical axis.We draw some isoquants.Now we draw a straight line on the graph and we notice that wherever this line meets an isoquant, the isoquant has a slope of -9.The straight line we drew

A production isoquant is a locus of combinations of inputs that are equally profitable.

The production function Q = 50K^0.25L^0.25 exhibits

A firm has the production function f(x, y)= x^1.40y¹.This firm has

If the production function is f(x, y)= x + min{x, y}, then there are constant returns to scale.

If the marginal product of each factor decreases as the amount of that factor used increases, then there must be decreasing returns to scale.

A firm has the production function f(x, y)= 20x^3/5 y^2/5.The slope of the firm's isoquant at the point (x, y)= (50, 70)is (pick the closest one)

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