« previous next »

Author Question: What is a production function?[br][br][b][color=#165FFA]Question 2[/color][/b][br][br]A perfectly ... (Read 52 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?

Though “Krazy Glue” or “Super Glue” has the ability to seal small wounds, it is not recommended for this purpose since it contains many substances that should not enter the body through the skin, and may be harmful.

Did you know?

The first documented use of surgical anesthesia in the United States was in Connecticut in 1844.

Did you know?

Though the United States has largely rejected the metric system, it is used for currency, as in 100 pennies = 1 dollar. Previously, the British currency system was used, with measurements such as 12 pence to the shilling, and 20 shillings to the pound.

Did you know?

There are over 65,000 known species of protozoa. About 10,000 species are parasitic.

Did you know?

When blood is exposed to air, it clots. Heparin allows the blood to come in direct contact with air without clotting.

Production efficiency. Production efficiency.
Demonstration of the function of a balloon-tipped catheter during a PTCA procedure. Demonstration of the function of a balloon-tipped catheter during a PTCA procedure.
Block Diagram of a High Concentrate Nitric Acid System for Dual-Stage Pressure Production of Nitric Block Diagram of a High Concentrate Nitric Acid System for Dual-Stage Pressure Production of Nitric
How to transform the natural logarithmic function (ln⁡x) How to transform the natural logarithmic function (ln⁡x)
My question is relating to impulse problems. My question is relating to impulse problems.
Economics question Economics question
Video: Cavernous Sinus Larynx Middle Ear Orbit: Granulesm Animation

For a complete list of videos, visit our video library