1 1 09. Consider a production function of the form y=AK2 L2 where y is units of output, K is units of capital and L is the number of people employed. If A = 50 and K = 100, how much additional output will be produced if employment increases from 16 to 64? a. Output will increase by 24,000 units b. Output will increase fourfold. c. Output will increase by 160% d. Output will double
1 1 09. Consider a production function of the form y=AK2 L2 where y is units of output, K is units of capital and L is the number of people employed. If A = 50 and K = 100, how much additional output will be produced if employment increases from 16 to 64? a. Output will increase by 24,000 units b. Output will increase fourfold. c. Output will increase by 160% d. Output will double
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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