A production function measures how
A) a firm transforms output into input.
B) a firm transforms inputs into output.
C) an individual maximizes utility.
D) a firm minimizes cost.
Correct Answer:
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Q4: If Q = K2L2 the MPL is
A)
Q6: The average productivity of capital is defined
Q11: If production is given by Q
Q12: If production is given by Q =
Q12: If Q = K1/3L2 the MPL is
A)
Q13: When isoquants get progressively closer together there
Q14: If Q = K1/2L1/2 the MPK is
A)
Q16: A firm is defined as
A)a president,some vice
Q18: Suppose Q = K
Q33: The marginal physical product of labor is
A)the
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