To Get the First Order Conditions in a Profit Maximization

question 24

Multiple Choice

To get the first order conditions in a profit maximization problem,we must ________.

• A)set the profit function equal to zero and solve for the production function
• B)set the partial derivatives of the production function equal to zero and solve for the price
• C)set the partial derivative of the profit function equal to zero and solve for the marginal products
• D)set the production function equal to zero and solve for the marginal products
• E)none of the above

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Definitions:

Differing Alleles

Describes the variation in alleles (versions of a gene) among individuals, which can result in differences in physical appearance, susceptibility to diseases, and other traits.

Double Helix

The structure of DNA consisting of two strands that wind around each other like a twisted ladder, discovered by Watson and Crick.

Motility

The ability of an organism or fluid to move spontaneously and actively, consuming energy in the process.

Self-Propulsion

The ability of an object or being to move or propel itself using its own power mechanism without external assistance.