Exam 6: Inputs and Production Functions

Given a production function Q = 3LK, we can say that

Given the simple production function Q = 3K + 4L, where L is the quantity of labor employed and K is the quantity of capital employed, assuming K = 2 and L = 3, what would it mean if output was less than 18?

The rate at which one input can be exchanged for another input without altering the level of output is called the

The labor requirements function is derived from

A measure of how quickly the marginal rate of technical substitution of labor for capital changes as we move along an isoquant is the

Consider a production function Q = 3K + 4L, when L is graphed on the x-axis and K is graphed on the y-axis, the marginal rate of technical substitution is equal to

When labor equals 100

The production set represents

The law of diminishing marginal returns states that

The marginal rate of technical substitution in production is analogous to the marginal rate of substitution for the consumer's optimization problem in that