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Author Question: A farmer uses L units of labor and K units of capital to produce Q units of corn using a production ... (Read 240 times)

wenmo

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on: Jul 1, 2018
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


fffftttt

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

C

Answer to Question 2

B


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