Suppose a Single-Input Production Function Has Initially Increasing but Eventually

question 23

Essay

Suppose a single-input production function has initially increasing but eventually decreasing marginal product -- and suppose we know that an interior solution is profit maximizing.In this case,the first order condition for the profit maximization problem
a.
is necessary for identifying the profit maximizing production plan.
b.
is sufficient for identifying the profit maximizing production plan.
c.
is both necessary and sufficient for identifying the profit maximizing production plan.
d.
is neither necessary nor sufficient for identifying the profit maximizing production plan.

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Definitions:

Active Listening

A communication technique that requires the listener to fully concentrate, understand, respond, and then remember what is being said.

Processing

The act of understanding and remembering what is being said as well as making an effort to empathize with the speaker’s feelings and thoughts and the situation at hand.

Remembering

The process of recalling or recognizing information, experiences, or people from one's past.

Horizontal Communication

The exchange of information or messages between individuals or departments at the same level within an organization.