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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Definitions:

Independent Variable

A variable manipulated by the researcher to observe its effect on the dependent variable in an experimental study.

Qualitative Data

Non-numeric information that describes qualities or characteristics and is often collected through interviews, observations, or open-ended questions.

Single-Subject Designs

Research designs that focus on the behavior of a single subject, often used in clinical or applied settings to assess the impact of interventions over time.

Longitudinal Perspective

An approach that involves studying the same individuals over a period of time to observe changes and developments.