Midterm Exam
The production function of a competitive firm is descnbed by the equation y = 29.5 25. The factor
prices are Pi
$1 and P2
$4 and the firm can hire as much of either factor it wants at these prices.
The firm's marginal cost is
Select one:
a. decreasing in output
b. increasing in output.
C. constant and equal to 8
d. constant and equal to 6
e. constant and equal to 4
Answers: 3
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Midterm Exam
The production function of a competitive firm is descnbed by the equation y = 29.5 25...
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