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.

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Definitions:

Graphical Language

A visual programming language where the user creates programs by manipulating graphical elements rather than writing textual code.

Function Block Diagram

A graphical programming language used in PLCs and other control systems, representing functions between input and output.

Ladder Diagram

A graphical representation of a program used in PLC (Programmable Logic Controller) programming, resembling the rungs of a ladder, where each rung represents a unique logic operation.

Sequential Function Chart

A graphical programming language used in PLC programming, representing the sequence of operations or steps in a process.