When a Production Function Can Be Expressed As $$Q = \min \{ a K , B L \}$$

question 6

Multiple Choice

When a production function can be expressed as $$Q = \min \{ a K , B L \}$$ ,the relationship between capital and labor in the production function is that:

• A)capital and labor are perfect substitutes, and the isoquants are linear.
• B)capital and labor must be combined in fixed proportions, and the isoquants are L-shaped.
• C)capital and labor are easily substituted, and the isoquants are convex to the origin.
• D)capital and labor are perfect substitutes, and the isoquants are L-shaped.

Understand the relationship between a function and its reciprocal.

Understand the components and purposes of different types of business plans (operational, strategic, budgeting, and forecasting).

Distinguish between the roles of budgeting and forecasting in business planning.

Recognize the audiences for business plans and their expectations.

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