A Competitive Firm Produces Its Output According to the Production

question 25

Multiple Choice

A competitive firm produces its output according to the production function y = min{x^1/2, 10}.Let w be the price of the factor x, and let the price of output be $1.The demand for factor x, when the factor price is w, is

• A)x =min{w^1/2, 10}
• B)x = max{w^1/2/2, 100}.
• C)x =min{1/4w², 100}.
• D)x = 10 + x^1/2/2.
• E)None of the above.

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Definitions:

Embryonic Development

The process by which an embryo forms and develops, involving cell division, growth, and differentiation.

Blastopore

The opening that forms during early embryonic development, which can develop into the mouth or the anus in animals.

Organogenesis

The process during embryonic development where organs form and develop from three germ layers: the endoderm, mesoderm, and ectoderm.

Embryonic Development

The process by which an embryo forms and develops, from fertilization of the ovum to the fetus stage.