In Problem 9, Suppose That Irma's Production Function Is F(x₁

question 12

Multiple Choice

In Problem 9, suppose that Irma's production function is f(x₁, x₂) . If the price of factor 1 is w₁ = $2 and the price of factor 2 is w₂ = $15, then her supply function is given by the equation

• A) S(p) =.
• B) S(p) = p(max{w₁, 3w₂} )².
• C) S(p) = p(min{w₁, 3w₂} )².
• D) S(p) = 7p.
• E) S(p) = min{ 2p, 45p}.

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Definitions:

Abyssal Zone

A deep part of the ocean, characterized by very high pressure, low temperature, and complete darkness, typically found at depths of 2,000 to 6,000 meters.

Livestock

Domesticated animals raised in an agricultural setting to produce labor and commodities such as meat, eggs, and milk.

Environmental Effect

The impact of human activities or natural processes on the ecological balance or health of the biosphere.

Subsistence Farming

A type of agriculture where farmers grow food crops to meet the needs of themselves and their families, with little to no surplus.