Examlex

Solved

Suppose That the Production Function for a Product Is

question 61

Multiple Choice

Suppose that the production function for a product is Suppose that the production function for a product is   , where x represents the number of work-hours and y represents the available capital (per week) . Find the marginal productivity of x. ​ A)    B)    C)    D)    E)   , where x represents the number of work-hours and y represents the available capital (per week) . Find the marginal productivity of x. ​


Definitions:

Total Amount

The complete or overall sum of quantities or values.

Pareto Efficient

An allocation pattern of resources where attempts to advantage any individual or criterion will inevitably lead to the detriment of another individual or criterion.

Public Good

A type of good that is non-excludable and non-rivalrous, meaning individuals cannot be effectively excluded from use, and where use by one individual does not reduce availability to others.

Private Good

A type of good that is both excludable and rivalrous, meaning that non-paying consumers can be prevented from accessing it and its consumption by one individual prevents others from using it.

Related Questions