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Author Question: Given the production function Q = 21X + 9X2 - X3, where Q = Output, and X = Input a. At what ... (Read 53 times)

123654777

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on: Jul 1, 2018
Given the production function Q = 21X + 9X2 - X3, where Q = Output, and X = Input
 
  a. At what value of X does Stage II of the production function begin?
  b. At what value of X does Stage III of the production function begin?
  c. At what value of X does diminishing returns set in?

Question 2

What is one reason for the high interest rates for home loans offered to those with low credit ratings?
 
  A) Predatory lending practices
  B) Those with lower credit ratings faced a restricted supply of loans, ceteris paribus.
  C) Those with lower credit ratings typically demand greater loans, ceteris paribus.
  D) Government regulation


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johnharpe

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Reply #1 on: Jul 1, 2018
Answer to Question 1

a. Stage II begins when AP is at a maximum, or X = 4.5
b. Stage III begins where MP = 0, or X = 7 -1 has no meaning
c. diminishing returns set in when MP at a maximum, or dMP/dQ = 0, or X = 3

Answer to Question 2

B


123654777

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

ricroger

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Reply 3 on: Yesterday
:D TYSM

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