A farmer uses L units of labor and K units of capital to produce Q units of corn using a production function F(K,L). A production plan that uses K' = L' = 10 to produce Q' units of corn where Q' < F(10, 10 ) is said to be
A) technically feasible and efficient.
B) technically unfeasible and efficient.
C) technically feasible and inefficient.
D) technically unfeasible and inefficient.
E) none of the above
Question 2
Use the information in Scenario 4.2. What is the price elasticity of demand if the price of artichokes is 10?
A) 0
B) -0.25
C) -1
D) -4
E) negative infinity
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