A Firm Has the Production Function Q = X^1/2₁X₂

question 15

Multiple Choice

A firm has the production function Q = X^1/2₁X₂.In the short run it must use exactly 35 units of factor 2.The price of factor 1 is $105 per unit and the price of factor 2 is $3 per unit.The firm's short-run marginal cost function is

• A)MC(Q)=105Q^-1/2.
• B)MC(Q)= 6Q/35.
• C)MC(Q)= 105 + 105Q2.
• D)MC(Q)= 3Q.
• E)MC(Q)= 35Q^-1/2.

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Definitions:

One-sample Chi-square

A statistical test that assesses the goodness-of-fit between observed frequencies and expected frequencies in one categorical variable.

One-sample Chi-square Test

A statistical test used to determine if the distribution of categorical variables differs from a hypothesized distribution.

Fisher's Exact Test

A statistical significance test used for small sample sizes, comparing proportions in a 2x2 contingency table.

Chi-square Statistic

A measure used in statistics to test the independence of two events.