Scenario 7.2: the Production Function for Earthquake Detectors (Q) Is Given as Given

question 74

Multiple Choice

Scenario 7.2:
The production function for earthquake detectors (Q) is given as follows:
Q = 4K^1/2L^1/2
where K is the amount of capital employed and L is the amount of labor employed. The price of capital, P_K, is $18 and the price of labor, P_L, is $2.
-Refer to Scenario 7.2. Suppose that you receive an order for 60 earthquake detectors. How much labor will you use to minimize the cost of 60 earthquake detectors?

• A) 1
• B) 5
• C) 10
• D) 45
• E) none of the above

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