A short-run production function was estimated asQ = ?0.002L3 + 0.16L2At 20 units of labor, what is total product?
A. 62
B. 96
C. 41
D. 48
E. 20
Answer: D
You might also like to view...
The measurement of GDP handles underground production by
A) including the amount produced in this sector of the economy in exactly the same way that all other production is included. B) omitting it because underground production is unreported to the government by the people involved. C) adding it at fixed prices that change only infrequently. D) adding an estimate of it because it is difficult to precisely measure underground production. E) omitting it because, being illegal, it has no effect on the nation's total production.
Which of the following best describes the Employment Act of 1946?
(a) A piece of New Deal legislation that had to be postponed until after the war (b) An effort to stabilize the U.S. balance of payments as the world moved toward using the U.S. dollar as the main reserve currency (c) An attempt to reduce the overall extent of federal responsibility in the post-war national economy (d) All of the above
Refer to the above figure. The figure gives the payoff matrix for two individuals who are being accused of robbing a bank together. What is dominant strategy for Bob?
A) Confess. B) Don't confess. C) Flip a coin to decide what to do. D) There is no dominant strategy.
Characterizing a market involves
a. counting the number of demanders and measuring their quantity demanded b. counting the number of suppliers and measuring their costs c. equating the number of suppliers and the number of demanders d. deciding which market best suits the problem being analyzed e. deciding how to increase the degree of competition