If production is given by Q = KL, doubling both inputs
a. more than doubles output.
b. exactly doubles output.
c. increases output but does not double it.
d. leaves output unchanged.
a
You might also like to view...
At the current price of a good Al's consumer surplus equals 15 and Ben's consumer surplus equals 15. By using two-part pricing a monopolist could increase his profit by
A) 8. B) 16. C) 15. D) 30.
Macroeconomists define consumption as
A) purchases by the business sector. B) wearing away and breakdown of capital goods. C) the difference between imports and exports. D) purchases by the household sector.
Velocity can be calculated as the ratio of:
A. nominal GDP to the money supply. B. the money supply to the price level. C. nominal GDP to real GNP. D. real GDP to the price level.
Refer to the table below. The total variable cost of producing 5 units is:
A. $10
B. $14.60
C. $63
D. $73