QUESTION 18Suppose the short-run production function is q= 2°L0.5 If the marginal cost of producing the fourth unit is $2, what is the wage per unit of labor?O A. 50O B. 250OC. 500O D. $1QUESTION 19If a production function is represented as q-L*K", the long-run average cost curve will slope upward as long asO A. a+b<1.O B. a +b>1.OC.a+b>0.O D. a+b-1.

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Answered: QUESTION 18 Suppose the short-run…

QUESTION 18 Suppose the short-run production function is q= 2LO5. If the marginal cost of producing the fourth unit is $2, what is the wage per unit of labor? O A. 50 O B. 250 OC. 500 O D. $1

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Chapter1: Making Economics Decisions

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