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:

Female Jobs

This term is not accurately descriptive or appropriate as jobs are not gender-specific. However, it may refer to occupations that historically or statistically have a majority of female employees.

Pay Equity Legislation

Laws designed to eliminate wage disparities between employees, particularly addressing and rectifying gender-based pay differences.

Compensable Factors

Elements of a job that are used to determine its value and appropriate compensation, such as skill level, effort, responsibility, and working conditions.

Pay Grades

A structured pay scale that determines the salary range for different levels of positions within an organization.