question

Technology

answer

Is a process by which inputs are converted to an output

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Input Bundle

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A vector of the input levels

(x1, x2, ... , xn). X(I) denotes the amount used of input i

(x1, x2, ... , xn). X(I) denotes the amount used of input i

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The technology's production function

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States the maximum amount of output possible from an input bundle

Y = f(x(1), x(2),....., x(n)

Y denotes the output level

Y = f(x(1), x(2),....., x(n)

Y denotes the output level

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Production Plan

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Is an input bundle and an output level

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The y output unit isoquant is......

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Is the set of all input bundles that yield at most the same output level y

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Cobb-Douglass Production Function

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Y = Ax(1)^a x(2)^b

Q=f(k,L)

Quantity is a function of (capital, labor) (output)

The maximum amount of output that can be produced with K units of capital and L units of labor

Q=f(k,L)

Quantity is a function of (capital, labor) (output)

The maximum amount of output that can be produced with K units of capital and L units of labor

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Fixed-Proportions Production Function

answer

Y = min(a(1)x(1), a(2)x(2))

Production function with L-shaped isoquants, so that only one combination of labor and capital can be used to produce each level of output.

Production function with L-shaped isoquants, so that only one combination of labor and capital can be used to produce each level of output.

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The Marginal Product of Labor (i)

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Is the rate or change of the output level as the level of input i changes, holding all other input levels of fixed

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The Marginal Product of input i is diminishing if it.....

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Becomes smaller as the level of input i increases

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If, for any input bundle the value is greater than 1..........

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Then the technology described by the production function f exhibits increasing returns to scale

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If, for any input bundle the value is less than 1..........

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Then the technology described by the production function f exhibits diminishing returns to scale

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If, for any input bundle the value is equal to 1..........

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Then the technology described by the production function f exhibits constant returns to scale

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The perfect substitutes production function is.........

answer

y = a1x1 + a2x2

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Both the perfect substitutes and the fixed proportion production functions exhibit........

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Constant returns to scale

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Perfect Substitutes

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Y = x1 + x2

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Technical Rate of Substitution

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the rate at which a firm will have to substitute one input for another in order to keep output constant

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Returns to scale

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rate at which output increases as inputs are increased proportionately

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