第十一章 Profit Maximization：Learn the concept of profit maximization. Calculate the short-run profit maxmization and long-run maximization.11.1Short-Run Profit Maximization:Short-Run Profit Maximization[判断题]The marginal product of a factor is just the derivative of the production function with respect to the amount of this factor, holding the amounts of other factor inputs constant.选项:[错, 对]
11.2Long Run Profit Maximization:Long Run Profit Maximization
11.3Profit Maximization and Returns to Scale:Profit Maximization and Returns to Scale
[判断题]The weak axiom of profit maximizing behavior states that in a modern mixed economy, firms have only a weak incentive to maximize profits.选项:[对, 错]
[判断题]A fixed factor is a factor of production that is used in fixed proportion to the level of output.选项:[错, 对]
[单选题]A competitive firm produces output using three fixed factors and one variable factor. The firm's short run production function is , where x is the amount of variable factor used. The price of output is $3 per unit and the price of the variable factor is $9 per unit. In the short run, how many units of x should the firm use? 选项:[80, 40, 20, 19]
[单选题]A profit-maximizing competitive firm uses just one input, x. Its production function is q = 8x1/2. The price of output is 16 and the factor price is 8. The amount of the factor that the firm demands is: 选项:[10
, 48, 64, 22.63]
[判断题]Just as in the theory of utility maximizing consumers, the theory of profit maximizing firms allows the possibility of Giffen factors. These are factors for which a fall in price leads to a fall in demand.选项:[对, 错]
[单选题]The production function is given by F (L)=6L2/3 . Suppose that the cost per unit of labor is 12 and the price of output is 6, how many units of labor will the firm hire?选项:[24, 4, 16, 8]
[单选题]When Farmer Hoglund applies N pounds of fertilizer per acre, the marginal product of fertilizer is 1-(N=200) bushels of corn. If the price of corn is $1 per bushel and the price of fertilizer is $0.40 per pound, then how many pounds of fertilizer per acre should Farmer Hoglund use in order to maximize his profits?选项:[240, 120, 248, 64]
[单选题]A competitive firm produces output using three fixed factors and one variable factor. The firm's short run production function is q=163x-2x2, where x is the amount of variable factor used. The price of output is $3 per unit and the price of the variable factor is $9 per unit. In the short run, how many units of x should the firm use?选项:[20, 40, 80, 19]
[单选题]Which of the following is a short-run adjustment?选项:[Six new firms enter the plastics industry, The number of farms in the United States declines by 5 percent, BMW constructs a new assembly plant in South Carolina, A local bakery hires two additional bakers]
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