22 Jul HOW MANY UNITS OF L MAXIMIZE Q GIVEN M=10 IS FIXED?
a. tells you how input Show more A production function (Points : 1) a. tells you how inputs are affected by output b. tells you how output varies as inputs vary c. assumues that the sate of technology is given d. b+c e. none of the above 2. The short run for a company is (Points : 1) a. less than one year b. more than one year but less than tree years c. defined by calendar time elapsed d. none of the above 3. In the production function: Q=2.6L .5 *k .4 *M .1 returns to scale implied are: (Points : 1) a. 2.6 times the amount of inputs b. increasing returns c. a+b d. None of the above 4. Given the production function: Q=6L 2 M 2 -.10L 3 M 3 where L=units of labor and M=units of material. How many units of L maximize Q given M=10 is fixed? (Points : 1) a. L=360 b. L=4 c. L=3600 5. Given the production function in 4 above the number of units of labor (L) that maximizes marginal product of labor given M=10 is (Points : 1) a. L=4 b. L=0 c. L=10 d. L=2 e. None of the above 6. A company should use all resources available to reduce the number of defects produced to zero. (Points : 1) True False Show less
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