Suppose That Nadine Has a Production Function 3x₁

question 15

Multiple Choice

Suppose that Nadine has a production function 3x₁ + x₂.If the factor prices are $3 for factor 1 and $3 for factor 2, how much will it cost her to produce 80 units of output?

• A)$960
• B)$80
• C)$240
• D)$600
• E)$160

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Definitions:

Market-Focused

An approach or strategy that prioritizes understanding and meeting the needs and desires of customers in target markets.

Reward Allocation

The distribution of incentives or benefits among team members based on their contributions, performance, or predetermined criteria.

Resource Allocation

The process of distributing available resources among various projects, tasks, or stakeholders in an efficient manner.

Equality

it is the state of being equal, especially in status, rights, and opportunities.