Nadine Has a Production Function 4x1 + X2

question 37

Multiple Choice

Nadine has a production function 4x1 + x2.If the factor prices are $12 for factor 1 and $2 for factor 2, how much will it cost her to produce 30 units of output?

• A)$795
• B)$60
• C)$90
• D)$1,500
• E)$75

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Definitions:

Long-Run Profit Maximization

A strategy where a firm aims to achieve the highest possible profit over an extended period, considering and adjusting to changes in the business environment.

Ethical Problems

Issues or situations that require a person or organization to choose between alternatives that must be evaluated as right (ethical) or wrong (unethical).

Ethical Decisions

Choices made based on moral principles and values.

Objective Standards

Criteria or benchmarks that are based on facts and are impartial, allowing for consistent and unbiased assessment or decision-making.