The Production Function Is Given by F(x)= 4x^1/2

question 21

Multiple Choice

the production function is given by f(x) = 4x^1/2.If the price of the commodity produced is $50 per unit and the cost of the input is $40 per unit, how much profit will the firm make if it maximize profits?

• A)$235
• B)$123
• C)$250
• D)$504
• E)$128

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Definitions:

Majority Rule

A decision-making process where the choice supported by more than half of the members in a group is accepted or becomes the decision.

Median Voter Theorem

A theory suggesting that a majority rule voting system will select the outcome most preferred by the median voter.

Middle-of-the-Road

A course of action or opinion that avoids extremes and adopts a moderate or balanced viewpoint.

Median Voter

A theoretical concept in political economy and public choice theory that suggests policies are determined by the preferences of the median voter when voters are positioned along a single policy dimension.