Suppose the production function is given by Q = 5K + 3L. What is the average product of capital when 10 units of capital and 10 units of labor are employed? 5 8 3 30
Suppose the production function is given by Q = 5K + 3L. What is the average product of capital when 10 units of capital and 10 units of labor are employed? 5 8 3 30
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter7: Production Economics
Section: Chapter Questions
Problem 1.5CE
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Question
Suppose the production
function is given by Q = 5K + 3L. What is the average product of capital when
10 units of capital and 10 units of labor are employed?
5
8
3
30
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