QUIThe figure below depicts the production function of grain for farmers under average growing conditions with the currently availableNoitechnology.Mar9007PF800-700-600-500-400-300-200어100-oSlope 732,000/ 1,600 = 4580440080012001600200024002800Number of farmersSelect one or more:In a year with exceptionally good weather conditions, the production function curve will be higher and parallel to the curveO a.above.O b. A discovery of new high yielding crop seeds would tilt the production function curve higher anti-clockwise, pivoted at theorigin.O C. In a year of bad drought the production curve can turn downwards for large numbers of farmers.O d. If there is an upper-limit on the amount of grain that can be produced, then the curve will end up horizontal for largenumber of farmers.S Type here to search25hpt41516eSC56.7.00%243.. ........Kilogrammes of grain produced (thousands)

In a year of a bad drought, the production curve can turn downward for a large number of farmers.…

The figure below depicts the production function of grain for farmers under average growing conditions with the currently available technology. 900 800- 700- 600- 500 400- 300- 200- 100- Slope = 732,000/1,600 = 458 400 800 1200 1600 2000 2400 2800 Number of farmers Select one or more: O a. In a year with exceptionally good weather conditions, the production function curve will be higher and parallel to the curve above. O b. A discovery of new high yielding crop seeds would tilt the production function curve higher anti-clockwise, pivoted at the origin. C. In a year of bad drought the production curve can turn downwards for large numbers of farmers. O d. If there is an upper-limit on the amount of grain that can be produced, then the curve will end up horizontal for large number of farmers. O Tyne bere to search 25 Kilogrammes of grain produced (thousands)

The figure below depicts the production function of grain for farmers under average growing conditions with the currently available technology. 900 800- 700- 600- 500 400- 300- 200- 100- Slope = 732,000/1,600 = 458 400 800 1200 1600 2000 2400 2800 Number of farmers Select one or more: O a. In a year with exceptionally good weather conditions, the production function curve will be higher and parallel to the curve above. O b. A discovery of new high yielding crop seeds would tilt the production function curve higher anti-clockwise, pivoted at the origin. C. In a year of bad drought the production curve can turn downwards for large numbers of farmers. O d. If there is an upper-limit on the amount of grain that can be produced, then the curve will end up horizontal for large number of farmers. O Tyne bere to search 25 Kilogrammes of grain produced (thousands)

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter10: Cost Functions

Section: Chapter Questions

Problem 10.9P

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