Multiple Choice
Suppose the production function for coffee (C) is C = min(B,W) ,where B = beans in pounds and W = water in gallons. Suppose the price of water is $.10 per gallon and the price of beans is $10 per pound.The expansion path
A) depends on the price of beans only.
B) depends on the price of water only
C) depends on the price of neither beans nor water.
D) depends of the costs of both beans and water.
Correct Answer:

Verified
Correct Answer:
Verified
Q29: The shape of a firm's long-run average
Q30: Suppose the production function for coffee (C)is
Q31: Suppose pigs (P)can be fed corn-based feed
Q32: A firm's marginal cost curve<br>A)is always U-shaped.<br>B)always
Q33: Suppose a production function is q
Q34: The expansion path for a constant-returns-to-scale production
Q35: In the short run,<br>A)all inputs are fixed.<br>B)all
Q37: The firm's expansion path records<br>A)profit-maximizing output choices
Q38: In order to minimize the cost
Q39: Suppose pigs (P)can be fed corn-based feed