10) Suppose that a firm uses both labor (L) and capital (K) as inputs. The firm's long-run production function is Q = F( L,K) = 5√ L√ K. The firm has 100 units of capital. If the firm uses an efficient production method, how much output does it produce in the short run if it hires 25 workers? A) 250 units B) 1,250 units C) 2,500 units D) 50 units
10) Suppose that a firm uses both labor (L) and capital (K) as inputs. The firm's long-run production function is Q = F( L,K) = 5√ L√ K. The firm has 100 units of capital. If the firm uses an efficient production method, how much output does it produce in the short run if it hires 25 workers? A) 250 units B) 1,250 units C) 2,500 units D) 50 units
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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I need help with #10 please
Transcribed Image Text:3:38
†♪♪m college builds a newl 88%|
classroom building.
ZONE
D) The economics department buys
new computers for the professors.
9) Suppose that a firm uses both labor (L)
and capital (K) as inputs. The firm's
long-run production function is Q = F( L,
K) = 5√ √ K. If the firm has 100 units of
capital, what is its short-run production
function?
A) Q = F(K) = 50√ K
B) Q = F( L) = 500√ L
C) Q = F( L,K) = 50√ L√ K
D) Q = F( L) = 50√ L
10) Suppose that a firm uses both labor (L)
and capital (K) as inputs. The firm's
long-run production function is Q = F(
L,K) = 5√ L√ K. The firm has 100 units of
capital. If the firm uses an efficient
production method, how much output does
it produce in the short run if it hires 25
workers?
A) 250 units
B) 1,250 units
C) 2,500 units
D) 50 units
11) The average product of labor is defined as
A) the additional output produced by
the last A L units of labor hired.
B) the amount of output divided by
the amount of capital used to
produce the output.
C) the amount of output produced
multiplied by the last A I units of
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