4. Suppose a firm makes a single output using a single input. Think of the input as labor. Denote quantities of these outputs and inputs by q and I respectively. Suppose that the firm's production function f is given by f(10 = 0 if I < 1 and f(1) = 1-1 otherwise. Clearly draw a diagram of this firm's production set. Be sure to label the axes.

4. Suppose a firm makes a single output using a single input. Think of the input as labor. Denote quantities of these outputs and inputs by q and I respectively. Suppose that the firm's production function f is given by f(10 = 0 if I < 1 and f(1) = 1-1 otherwise. Clearly draw a diagram of this firm's production set. Be sure to label the axes.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter7: Production And Cost In The Firm

Section7.A: Appendix: A Closer Look At Production And Cost

Problem 1AQ

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