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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is a production function?
💡 Hint: Think about how inputs turn into final products.
Question 2
Easy
Name two factors of production.
💡 Hint: Consider what inputs firms often need.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does the production function represent?
- The relationship between input and output
- The cost of production
- The amount of profit
💡 Hint: Think about how businesses analyze production.
Question 2
An isoquant represents:
- True
- False
💡 Hint: Consider how the term relates to maintaining output levels.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
If a firm normally produces 100 units with 50 units of labor and 30 units of capital, while introducing a new technology, it can now produce 130 units with the same input. Calculate the percentage increase in output.
💡 Hint: Use the percentage change formula.
Question 2
Analyze a scenario where increasing one factor of production leads to diminished output increases. How would this reflect on the firm’s production function?
💡 Hint: Think about how scaling one factor can impact efficiency.
Challenge and get performance evaluation