What is a production function?
What will be an ideal response?
Production is a process that transforms resources into goods or services. A production function is a relationship between inputs and output. It is a technological relationship and not an economic relationship.
Economics
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If the government imposes a binding price floor in a market, then the consumer surplus in that market will decrease
a. True b. False Indicate whether the statement is true or false
Economics
Refer to the above table. Suppose the price of a hamburger is $2, the price of a movie is $5, and the income of the consumer is $29. What will the consumer's total utility equal at an optimum?
A. 1118 B. 70 C. 1060 D. 1025
Economics