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uestion 3 (1 point) the production function is f(x1, x2) = x1/21x1/22. If the price of...

uestion 3 (1 point)

the production function is f(x1, x2) = x1/21x1/22. If the price of factor 1 is $10 and the price of factor 2 is $20, in what proportions should the firm use factors 1 and 2 if it wants to maximize profits?

Question 3 options:

We can’t tell without knowing the price of output.

x1 = 2x2.

x1 = 0.50x2.

x1 = x2.

x1 = 20x2.

Question 4 (1 point)

A firm has the production function f(X, Y) = X 1/2Y 1/2, where X is the amount of factor x used and Y is the amount of factor y used. On a diagram we put X on the horizontal axis and Y on the vertical axis. We draw some isoquants. Now we draw a straight line on the graph and we notice that wherever this line meets an isoquant, the isoquant has a slope of 23. The straight line we drew

Question 4 options:

is vertical.

is horizontal.

is a ray through the origin with slope 3.

is a ray through the origin with slope 4.

has a negative slope.
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Answer #1

Please post the other question separately. Thanks and good luck:)

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