For a linear production function, q = f(L,K) = 4L + 2K, what is the short-run production function given that capital is fixed at = 50?
A) q = 4L + 100
B) q = 4L + 50
C) q = 4L
D) q = 104
A
You might also like to view...
The new growth theory attempts to explain
a. the rate of population growth within a country. b. the rate of capital accumulation within a country. c. the factors that determine the size of the Solow residual. d. why there are diminishing returns to capital.
Which of the following statements is true?
A) An individual with property rights is likely to have lower productivity than an individual without property rights. B) Inclusive institutions do not support the provision of property rights to society and hence foster economic prosperity. C) Productivity of individuals is likely to be independent of the availability of property rights. D) An individual with property rights is likely to have higher productivity than an individual without property rights.
Mutual savings banks are primarily regulated by
A) the states in which they are located. B) the Federal Reserve. C) the FDIC. D) the National Credit Union Administration.
According to most economists, the development of markets is:
A. both a necessary and a sufficient condition for development. B. a sufficient condition for development but not a necessary condition. C. a necessary condition for development but not a sufficient condition. D. neither a necessary nor a sufficient condition for development.