Multiple Choice
Suppose that a lawn mowing services production function for lawns mowed in a week is M = (LK) 1/2,where L is labor hours and K is the amount of capital (mowers and trimmers) .The expansion path depends on
A) the wage rate only.
B) the rental rate only.
C) both the wage and rental rates.
D) neither the wage nor rental rates.
Correct Answer:

Verified
Correct Answer:
Verified
Q1: Suppose a cost function is TC =
Q2: Suppose a production function is q
Q4: Suppose MPL = 40 and MPK =
Q5: For any given output level,a firm's long-run
Q6: Suppose pigs (P)can be fed corn-based feed
Q7: A firm whose production function displays increasing
Q8: For a constant-returns-to-scale production function,<br>A)marginal costs are
Q9: A firm's marginal cost is defined as<br>A)the
Q10: Suppose pigs (P)can be fed corn-based feed
Q11: An increase in the wage rate will