Suppose MTRS =MPL/MPK=1/3. If we want to reduce K by 6 units and keep output constant, we have to increase L by units.
A) 18
B) 12
C) 6
D) 3
Correct Answer:
Verified
Q15: The cost function, TC(y), shows the:
A)linear pattern
Q16: What the cheapest input bundle for producing
Q17: If a firm is producing at minimum
Q18: If the price of just one input
Q19: If a firm's production function is f(z1,z2)=
Q21: A normal input is:
A)one that is a
Q22: An isoquant may be defined as a
Q23: If the production function is f(z1,z2)= min(z1,z2)and
Q24: Suppose Diane's spa operates with the production
Q25: The Marginal Rate of Technical Substitution is
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents