The Production Function Is F(x₁, X₂)=x^1/2₁x^1/2₂

question 8

Multiple Choice

The production function is f(x₁, x₂) =x^1/2₁x^1/2₂.If the price of factor 1 is $6 and the price of factor 2 is $12, in what proportions should the firm use factors 1 and 2 if it wants to maximize profits?

• A)x₁ =12x₂.
• B)x₁ =0.50x₂.
• C)x₁ =2x₂.
• D)x₁ = x₂.
• E)We can't tell without knowing the price of the output.

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Definitions:

Balance Sheet

A financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time.

Spreadsheet

A digital tool allowing users to organize, analyze, and store data in tabular form, often used for financial calculation and management.

Job-Order Costing

An accounting method used to track the costs associated with producing specific jobs or batches, assigning material, labor, and overhead costs to each job separately.

Cost of Goods Sold

The direct costs attributed to the production of the goods sold by a company, including direct labor and materials, but excluding indirect expenses.