If the production function is Q = K.5L.5 and capital is fixed at 1 unit, then the average product of labor when L = 36 is:
A. 2/3.
B. 1/6.
C. 1/3.
D. None of the answers are correct.
Answer: B
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Elaine spends $10 a week on pizza and Pepsi. The price of pizza is $2 a slice and the price of a Pepsi is $2. The table shows Elaine's total utility from pizza and Pepsi
Elaine maximizes her total utility by buying ________ slices of pizza and ________ Pepsis a week. A) 5; 0 B) 0; 5 C) 3; 2 D) 2; 3
A profit-maximizing monopolist will receive zero profits when
A) the average total cost curve lies above the demand curve for all possible rates of output. B) the average total cost curve is tangent to the demand curve at the profit maximizing price. C) marginal revenue, marginal cost, and average total cost are all equal. D) a second firm enters the industry.
All of the following are external factors that affect the value of stocks except
a. labor disputes and unwillingness of players to cross the picket lines to play b. environmental regulations affecting an arena c. a change in workplace safety rules that apply to operating a team d. whether to declare a dividend
When economists say that the demand for a product has decreased, they mean that:
A. The demand curve has shifted to the right B. The product has become particularly scarce for some reason C. The product has become more expensive and thus consumers are buying less of it D. Consumers are now willing and able to buy less of this product at each possible price