Suppose that q = 40, L = 5, and K= 10 is a point on the production functionq=f(L, K).Is it posssible for q = 40, L = 5, and K = 11 to also be a point on this production function? Why or why not?The combination q =40, L = 5, and K=11A. cannot be a point because we assume production functions are comprised of fixed inputs.B. can be a point because we assume production functions hold technology constant.C. cannot be a point because we assume production functions are efficient.D. cannot be a point because we assume production functions represent the short run.E. can be a point because we assume production functions exhibit diminishing returns.

In economics, a production function is a mathematical illustration or equation that illustrates the…

Suppose that q = 40, L = 5, and K = 10 is a point on the production function q=f(L, K). Is it posssible for q = 40, L=5, and K= 11 to also be a point on this production function? Why or why not? The combination q =40, L=5, and K=11 O A. cannot be a point because we assume production functions are comprised of fixed inputs. O B. can be a point because we assume production functions hold technology constant. C. cannot be a point because we assume production functions are efficient. O D. cannot be a point because we assume production functions represent the short run. E. can be a point because we assume production functions exhibit diminishing returns.

Suppose that q = 40, L = 5, and K = 10 is a point on the production function q=f(L, K). Is it posssible for q = 40, L=5, and K= 11 to also be a point on this production function? Why or why not? The combination q =40, L=5, and K=11 O A. cannot be a point because we assume production functions are comprised of fixed inputs. O B. can be a point because we assume production functions hold technology constant. C. cannot be a point because we assume production functions are efficient. O D. cannot be a point because we assume production functions represent the short run. E. can be a point because we assume production functions exhibit diminishing returns.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.1P

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