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Suppose That Irma's Production Function Is F(x1, X2)=(min{x1, 3x2})1/2

Question 1

Multiple Choice

suppose that Irma's production function is f(x1, x2) =(min{x1, 3x2}) 1/2.If the price of factor 1 is w1 = $2 and the price of factor 2 is w2 = $6, then her supply function is given by the equation


A) S(p) =p(max{w1, 3w2}) 2.
B) S(p) = 4p.
C) S(p) =p(min{w1, 3w2}) 2.
D) S(p) = p/8.
E) S(p) = min{2p, 18p}.

Correct Answer:

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