The Production Function of a Competitive Firm Is Described by the Equation

question 2

Multiple Choice

The production function of a competitive firm is described by the equation y = 8x^1/2 1x^1/2 2.The factor prices are p1 = $1 and p2 =$4 and the firm can hire as much of either factor it wants at these prices.The firm's marginal cost is

• A)constant and equal to .50.
• B)constant and equal to 3.
• C)increasing.
• D)decreasing.
• E)None of the above.

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