Suppose the production of mp3 players can be represented by the following production function: q = L0.4K0.4. The firm currently produces q1 units. If all inputs doubled, the new level of output will equal
A) 20.4 q1.
B) 20.8 q1.
C) 0.8 q1.
D) 1.6 q1.
B
Economics
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Use the general relationship between marginal and average values to explain why a marginal cost curve must intersect an average total cost curve and an average variable cost curve at their minimum points
What will be an ideal response?
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Figure 10.3 United States Government Source of Funds and Outlays, Fiscal 2011
What will be an ideal response?
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If the expected price level exceeds the actual price level in an economy, _____
Fill in the blank(s) with the appropriate word(s).
Economics