« previous next »

Author Question: What is a production function?[br][br][b][color=#165FFA]Question 2[/color][/b][br][br]A perfectly ... (Read 55 times)

DyllonKazuo

  • Hero Member
  • *****
  • Posts: 565
on: Jun 30, 2018
What is a production function?

Question 2

A perfectly competitive firm incurs a loss in the short run, if at the profit maximizing level of output:
 a. the marginal revenue curve lies below the marginal cost curve.
  b. the marginal revenue curve lies above the average revenue curve.
  c. the average cost curve lies below the average revenue curve.
  d. the average revenue curve lies below the average cost curve.
  e. the marginal revenue curve lies above the marginal cost curve.


verrinzo

  • Sr. Member
  • ****
  • Posts: 346
Reply #1 on: Jun 30, 2018
Answer to Question 1

A firm combines various inputs to produce its output. The production function is the relationship between these inputs and the output produced by the firm. It shows the maximum output that can be produced for every combination of inputs used.

Answer to Question 2

d


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The Centers for Disease Control and Prevention has released reports detailing the deaths of infants (younger than 1 year of age) who died after being given cold and cough medications. This underscores the importance of educating parents that children younger than 2 years of age should never be given over-the-counter cold and cough medications without consulting their physicians.

Did you know?

Coca-Cola originally used coca leaves and caffeine from the African kola nut. It was advertised as a therapeutic agent and "pickerupper." Eventually, its formulation was changed, and the coca leaves were removed because of the effects of regulation on cocaine-related products.

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Did you know?

In inpatient settings, adverse drug events account for an estimated one in three of all hospital adverse events. They affect approximately 2 million hospital stays every year, and prolong hospital stays by between one and five days.

Did you know?

Approximately 500,000 babies are born each year in the United States to teenage mothers.

Additive Color Mixing and Paint Mixing Additive Color Mixing and Paint Mixing
How to transform the natural logarithmic function (ln⁡x) How to transform the natural logarithmic function (ln⁡x)
World Crude Oil Production and Reserves (Billions of Barrels) World Crude Oil Production and Reserves (Billions of Barrels)
Prove that each of the following real functions f has a discontinuity. For each function, ... Prove that each of the following real functions f has a discontinuity. For each function, ...
Economics question Economics question
Math question Math question
Video: Photosynthesis and Van Helmont Experiment

For a complete list of videos, visit our video library