Exam 5: Optimal Input Selection

The choice of techniques depends on:

Perfect substitutability of inputs is:

The slope of the isoquant is:

Managers of agribusiness firms can substitute inputs in the production process to maintain output:

Hired labor and farm operators are:

Capital-intensive production techniques are most likely to be found in:

Use graphs to demonstrate perfect substitutes and perfect complements. Give a real-world example of each.

An isoquant that is convex to the origin and negatively sloped depicts:

An isoquant demonstrates that:

Research at agricultural Universities results in:

Tractors and plows are:

Which equation best represents an isoquant?

Use graphical analysis to show the impact of the large increase in the price of oil on the use of: A. Petroleum products, and B. Alternative energy sources.

Computers and computer operators are:

A manager can minimize production costs by operating at a point where:

Efficient use of two inputs in the production process will depend on:

Ag policy in the US has subsidized agricultural producers since:

To find the profit-maximizing input combination, a firm should:

In the past several years, US agricultural producers have switched a large number of acres out of wheat and planted it to corn and soybeans. This substitution is due to:

Define and explain what an isocost line is.