Consider a competitive firm that has access to a technology described by the following production function y denote non-negative inputs. This production function: Vx1 + x2 where y denotes output and the x's Instruction: you may choose more than one option (be advised that wrong choices as well as failing to choose a correct option will deduct points from the points earned by choosing correct options; in any case the score cannot be negative) | satisfies the law of diminishing marginal produts. satisfies constant returns to scale. represents a well behaved technology. would generate a tangency solution to cost minimization. represents a quasilinear technology. represents a technology with fixed proportions and perfect input substitutes.

Consider a competitive firm that has access to a technology described by the following production function y denote non-negative inputs. This production function: Vx1 + x2 where y denotes output and the x's Instruction: you may choose more than one option (be advised that wrong choices as well as failing to choose a correct option will deduct points from the points earned by choosing correct options; in any case the score cannot be negative) | satisfies the law of diminishing marginal produts. satisfies constant returns to scale. represents a well behaved technology. would generate a tangency solution to cost minimization. represents a quasilinear technology. represents a technology with fixed proportions and perfect input substitutes.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter11: Profit Maximization

Section: Chapter Questions

Problem 11.9P

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Question

Consider a competitive firm that has access to a technology described by the
following production function y
denote non-negative inputs. This production function:
Vx1 + x2 where y denotes output and the x's
Instruction: you may choose more than one option (be advised that wrong choices as
well as failing to choose a correct option will deduct points from the points earned by
choosing correct options; in any case the score cannot be negative)
| satisfies the law of diminishing marginal produts.
satisfies constant returns to scale.
represents a well behaved technology.
would generate a tangency solution to cost minimization.
represents a quasilinear technology.
represents a technology with fixed proportions and perfect input substitutes.

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