Question 1

This problem will be easier if you have done Problem 1. A firm has the production function $f(x1, x2) = x0.901x0.302. The isoquant on which output is   has the equation

Accepted Answer

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

Question 2

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.

Question 3

A firm uses 3 factors of production. Its production function is f(x, y, z) = min{   }. If the amount of each input is multiplied by 5, its output will be multiplied by

Accepted Answer

A)  0.04. 
B)  125. 
C)  625. 
D)  25. 
E)  The answer depends on the original choice of x, y, and z. 
A)  0.04. 
B)  125. 
C)  625. 
D)  25. 
E)  The answer depends on the original choice of x, y, and z.

Question 4

A firm has a production function f(x, y) = 1.80(x0.10 + y0.10)2 whenever x > 0 and y > 0. When the amounts of both inputs are positive, this firm has

Accepted Answer

A)  increasing returns to scale. 
B)  decreasing returns to scale. 
C)  constant returns to scale. 
D)  increasing returns to scale if x + y > 1 and decreasing returns to scale otherwise. 
E)  increasing returns to scale if output is less than 1 and decreasing returns to scale if output is greater than 1. 
A)  increasing returns to scale. 
B)  decreasing returns to scale. 
C)  constant returns to scale. 
D)  increasing returns to scale if x + y > 1 and decreasing returns to scale otherwise. 
E)  increasing returns to scale if output is less than 1 and decreasing returns to scale if output is greater than 1.

Question 5

This problem will be easier if you have done Problem 1. A firm has the production function $f(x1, x2) = x2.501x0.502. The isoquant on which output is   has the equation

Accepted Answer

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

Question 6

This problem will be easier if you have done Problem 1. A firm has the production function $f(x1, x2) = x11x0.502. The isoquant on which output is   has the equation

Accepted Answer

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

Question 7

A firm uses 3 factors of production. Its production function is f(x, y, z) = min{   }. 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

In Problem 8, if a = 2.10, b = 0.90, and c = 1, the marginal products of x1, x2, and x3 (in this order) are

Accepted Answer

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

Question 9

In Problem 8, 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 10

A firm has a production function f(x, y) = 2(x0.90 + y0.90)5 whenever x > 0 and y > 0. When the amounts of both inputs are positive, this firm has

Accepted Answer

A)  increasing returns to scale if x + y > 1 and decreasing returns to scale otherwise. 
B)  increasing returns to scale. 
C)  decreasing returns to scale. 
D)  constant returns to scale. 
E)  increasing returns to scale if output is less than 1 and decreasing returns to scale if output is greater than 1. 
A)  increasing returns to scale if x + y > 1 and decreasing returns to scale otherwise. 
B)  increasing returns to scale. 
C)  decreasing returns to scale. 
D)  constant returns to scale. 
E)  increasing returns to scale if output is less than 1 and decreasing returns to scale if output is greater than 1.

Exam 17: A: Technology

This problem will be easier if you have done Problem 1. A firm has the production function $f(x1, x2) = x0.901x0.302. The isoquant on which output is has the equation

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

A firm uses 3 factors of production. Its production function is f(x, y, z) = min{ }. If the amount of each input is multiplied by 5, its output will be multiplied by

A firm has a production function f(x, y) = 1.80(x0.10 + y0.10)2 whenever x > 0 and y > 0. When the amounts of both inputs are positive, this firm has

This problem will be easier if you have done Problem 1. A firm has the production function $f(x1, x2) = x2.501x0.502. The isoquant on which output is has the equation

This problem will be easier if you have done Problem 1. A firm has the production function $f(x1, x2) = x11x0.502. The isoquant on which output is has the equation

A firm uses 3 factors of production. Its production function is f(x, y, z) = min{ }. If the amount of each input is multiplied by 2, its output will be multiplied by

In Problem 8, if a = 2.10, b = 0.90, and c = 1, the marginal products of x1, x2, and x3 (in this order) are

In Problem 8, 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 a production function f(x, y) = 2(x0.90 + y0.90)5 whenever x > 0 and y > 0. When the amounts of both inputs are positive, this firm has

Budget Constraint

A: Budget Constraint

Preferences

A: Preferences

Utility

A: Utility

Choice

A: Choice

Demand

A: Demand

Revealed Preference

A: Revealed Preference

Slutsky Equation

A: Slutsky Equation

Buying and Selling

A: Buying and Selling

Intertemporal Choice

A: Intertemporal Choice

Asset Markets

A: Asset Markets

Uncertainty

A: Uncertainty

Risky Assets

A: Risky Assets

Consumers Surplus

A: Consumers Surplus

Market Demand

A: Market Demand

Equilibrium

A: Equilibrium

Auctions

A: Auctions

Technology

Profit Maximization

A: Profit Maximization

Cost Minimization

A: Cost Minimization

Cost Curves

A: Cost Curves

Firm Supply

A: Firm Supply

Industry Supply

A: Industry Supply

Monopoly

A: Monopoly

Monopoly Behavior

A: Monopoly Behavior

Factor Markets

A: Factor Markets

Oligopoly

A: Oligopoly

Game Theory

A: Game Theory

Game Applications

A: Game Applications

Behavioral Economics

Exchange

A: Exchange

Production

A: Production

Welfare

A: Welfare

Externalities

A: Externalities

Information Technology

A: Information Technology

Public Goods

A: Public Goods

Asymmetric Information

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

A firm has a production function f(x, y) = 1.80(x^0.10 + y^0.10)² whenever x > 0 and y > 0. When the amounts of both inputs are positive, this firm has

This problem will be easier if you have done Problem 1. A firm has the production function $f(x₁, x₂) = x^2.50₁x^0.50₂. The isoquant on which output is has the equation

This problem will be easier if you have done Problem 1. A firm has the production function $f(x₁, x₂) = x¹₁x^0.50₂. The isoquant on which output is has the equation

In Problem 8, if a = 2.10, b = 0.90, and c = 1, the marginal products of x₁, x₂, and x₃ (in this order) are

In Problem 8, 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 a production function f(x, y) = 2(x^0.90 + y^0.90)⁵ whenever x > 0 and y > 0. When the amounts of both inputs are positive, this firm has