Assume a firms production function depends on labour hours (L) only and is given by F(L) = 5L0.8 . Assume the hourly wage is $40. Then, the cost of producing 50 units, rounded to the nearest integer, is: 711 1134 541 112 1000 801 854

Assume a firms production function depends on labour hours (L) only and is given by F(L) = 5L0.8 . Assume the hourly wage is $40. Then, the cost of producing 50 units, rounded to the nearest integer, is: 711 1134 541 112 1000 801 854

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Assume a firms production function depends on labour hours (L) only and is given by
F(L) = 5L0.8
Assume the hourly wage is $40. Then, the cost of producing 50 units, rounded to
the nearest integer, is:
711
1134
541
112
1000
801
854

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