A Firm Uses 3 Factors of Production

question 16

Multiple Choice

A firm uses 3 factors of production. Its production function is f(x, y, z) = min{ }. If the amount of each input is multiplied by 6, its output will be multiplied by

• A) 216.
• B) 36.
• C) 6.
• D) 0.16.
• E) The answer depends on the original choice of x, y, and z.

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Definitions:

Regression Analysis

A statistical method to determine the relationship between a dependent variable and one or more independent variables.

Greek

Pertaining to Greece, its people, language, or culture.

Multiple Regression

The use of several influencing variables in statistics to project the output of a specific response variable.

Prediction

Prediction involves the use of statistics or models to forecast future events based on current or past data.