1、The marginal product of a factor is just the derivative of the production function with respect to the amount of this factor, holding the amounts of other factor inputs constant.
A、对
B、错
2、The weak axiom of profit maximizing behavior states that in a modern mixed economy, firms have only a weak incentive to maximize profits.
A、对
B、错
3、A fixed factor is a factor of production that is used in fixed proportion to the level of output.
A、对
B、错
4、A competitive firm produces output using three fixed factors and one variable factor. The firm’s short run production function is , where x is the amount of variable factor used. The price of output is $3 per unit and the price of the variable f
A、20
B、80
C、19
D、40
5、A profit-maximizing competitive firm uses just one input, x. Its production function is q = 8×1/2. The price of output is 16 and the factor price is 8. The amount of the factor that the firm demands is:
A、10
B、22.63
C、64
D、48
6、Just as in the theory of utility maximizing consumers, the theory of profit maximizing firms allows the possibility of “Giffen factors”. These are factors for which a fall in price leads to a fall in demand.
A、对
B、错
7、The production function is given by F (L)=6L2/3 . Suppose that the cost per unit of labor is 12 and the price of output is 6, how many units of labor will the firm hire?
A、16
B、8
C、4
D、24
8、When Farmer Hoglund applies N pounds of fertilizer per acre, the marginal product of fertilizer is 1-(N=200) bushels of corn. If the price of corn is $1 per bushel and the price of fertilizer is $0.40 per pound, then how many pounds of fertilizer per
A、120
B、240
C、64
D、248
9、A competitive firm produces output using three fixed factors and one variable factor. The firm’s short run production function is q=163x-2x2 , where x is the amount of variable factor used. The price of output is $3 per unit and the price of the
A、20
B、80
C、19
D、40
10、A profit-maximizing competitive firm uses just one input, x. Its production function is q = 8x1/2. The price of output is 16 and the factor price is 8. The amount of the factor that the firm demands is:
A、10
B、22.63
C、64
D、48
