Suppose a Firm's Production Function Can Be Specified as Q

question 20

Multiple Choice

Suppose a firm's production function can be specified as Q = 10KL. This firm's cost function exhibits

• A) economies of scale
• B) diseconomies of scale
• C) neither diseconomies nor economies of scale.
• D) economies of scale for output levels less than some level, Q₁= 1/4, and diseconomies of scale thereafter.

---

Definitions:

Data

Data is information that is collected and used for analysis, decision-making, or reference. It can be qualitative or quantitative and can come from various sources.

Recommendations

Advice or proposals offered with regard to prudent future action, often based on expertise or personal experience.

Progress Report

A document or update presentation that outlines the current status of a project or task, highlighting completed objectives and future plans.

Customer Service

The help and service offered by a business to its customers who purchase or utilize its products or services.