Suppose That Nadine in Problem 1 Has a Production Function

question 16

Multiple Choice

Suppose that Nadine in Problem 1 has a production function 4x₁ + x₂. If the factor prices are $12 for factor 1 and $2 for factor 2, how much will it cost her to produce 50 units of output?

• A) $100
• B) $2,500
• C) $150
• D) $1,325
• E) $125

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Definitions:

Creativity

The ability to generate innovative ideas, solutions, or works that are original and valuable.

Goal

An aim or desired result that an individual or organization endeavors to achieve through effort and planning.

Pleasure

Pleasure is a feeling of happiness, enjoyment, or satisfaction derived from an experience or activity.

Irrational Belief

A distorted, unrealistic thought or assumption that can lead to unhelpful or destructive emotional outcomes and behaviors.