Suppose That Nadine in Problem 1 Has a Production Function

question 15

Multiple Choice

Suppose that Nadine in Problem 1 has a production function 3x₁ + x₂. If the factor prices are $12 for factor 1 and $3 for factor 2, how much will it cost her to produce 20 units of output?

• A) $430
• B) $780
• C) $60
• D) $80
• E) $70

---

Definitions:

Highly Subjective

Refers to judgments, perceptions, or interpretations that are deeply influenced by personal feelings, tastes, or opinions rather than external facts.

Empirical

Involves, engages with, or is proven through the act of observing or participating in experiences instead of relying on theoretical frameworks or logical deduction alone.

Cultural Heritage

The heritage composed of tangible objects and non-material qualities passed down from one generation to another within a community or society.

Sociohistorical Context

The social, historical, and cultural background influencing an event, person, or movement, placing them within a broader societal framework.