In 2015, U

question 101

Multiple Choice

In 2015, U.S. national output per person was equal to about:

• A) $15.7 billion.
• B) $43,000.
• C) $56,000.
• D) $12,000.
• E) $80,000.

Analyze the form and properties of production functions involving min() operation.

Calculate output levels for specific production functions given amounts of input.

Interpret isoquants and their equations in the context of production functions.

Recognize the effects of scaling all inputs on output in discrete scenarios provided by the production function.

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