Suppose the Long-Run Cost Function Is C = 2q²

question 31

Multiple Choice

Suppose the long-run cost function is C = 2q². What is the cost-output elasticity for this case?

• A) 1
• B) 2
• C) 1/2
• D) 4

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Definitions:

Power Distance

The extent to which less powerful members of organizations and institutions accept and expect power to be distributed unequally.

Inequality

Refers to an uneven distribution of resources, opportunities, and rights among individuals or groups, leading to disparities in wealth, health, and social status.

Character Theories

Theories related to the study of personality that focus on the moral and ethical qualities of individuals.

Natural Liberty

The concept of freedom from artificial or man-made restrictions, promoting the idea of living in accordance with natural laws.