A Competitive Firm Produces Its Output According to the Production

question 27

Multiple Choice

A competitive firm produces its output according to the production function y = min{ , 10}. Let w be the price of the factor x, and let the price of output be $1.The demand for factor x, when the factor price is w, is

• A) x = min{, 10}
• B) x = max{, 100}.
• C) x = min{w², 100}.
• D) x = 10 +.
• E) None of the above.

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Definitions:

Arsenic

A toxic metalloid with the symbol As, known for its various allotropes and compounds, many of which are potent poisons.

Poison

Any substance that, when introduced into or absorbed by a living organism, causes death or harm by its chemical action.

Ground Water

Water that is held underground in the soil or in pores and crevices in rock.

Arsenic

A naturally occurring metallic element with the symbol As and atomic number 33, known for its toxicity and used in pesticides, herbicides, and insecticides.