A firm's output is given by q = 4L? where L is labour. If the price of output is £2 and the wage rate is £4, then the amount of Labour employed will by a firm will be: а. 0.25 b. 0.5 С. 2 d. 1
A firm's output is given by q = 4L? where L is labour. If the price of output is £2 and the wage rate is £4, then the amount of Labour employed will by a firm will be: а. 0.25 b. 0.5 С. 2 d. 1
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter12: The Supply Of And Demand For Productive Resources
Section: Chapter Questions
Problem 2CQ
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![A firm's output is given by q = 4L? where L is labour. If the price of output is £2 and the wage rate is £4, then
the amount of Labour employed will by a firm will be:
а.
0.25
b.
0.5
С.
2
d. 1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9ad00ab2-7610-456c-8691-6e2408b7b067%2F6edfb26c-ea3e-47ae-8bb7-f27aa167eff4%2F5guvwth_processed.png&w=3840&q=75)
Transcribed Image Text:A firm's output is given by q = 4L? where L is labour. If the price of output is £2 and the wage rate is £4, then
the amount of Labour employed will by a firm will be:
а.
0.25
b.
0.5
С.
2
d. 1
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