Which of the following may be determined from a long-run production function? i. the cost to...
Question:
Which of the following may be determined from a long-run production function?
i. the cost to produce a given quantity of output
ii. the quantity of output resulting from all combinations of inputs (e.g., capital and labor)
iii. the different combinations of inputs (e.g., capital and labor) that yield the same quantity of output
A) i
B) ii
C) iii
D) i and ii
E) i and iii
F) ii and iii
G) i, ii, and iii
Production Function:
A production function is a function that shows the output that results from different combinations of inputs. For example, if the production function is Q = L + K and L and K both equal 1, then the corresponding output level will be equal to 2 (Q = 1 + 1 = 2).
Answer and Explanation: 1
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View this answerWhich of the following may be determined from a long-run production function? (F) ii and iii
i. the cost to produce a given quantity of output. NO. T...
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Production Function in Economics: Definition, Formula & Example
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Chapter 11 / Lesson 27
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Learn about the production function. Read the production function definition in economics, learn the production function formula. Plus, see graphs and examples.
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