Michael's Dairy Farm's Cost Function Is Where Q Is

question 115

Essay

Michael's dairy farm's cost function is where q is the amount of output and A is the average age of Michael's employees.Currently,the average age of Michael's employees is 32.Next year,Michael expects the average age of his employees to decrease by 3 years due to job turnover.What happens to Michael's cost of production if he is correct?

---

Definitions:

Unconscious

A part of the mind that contains thoughts, memories, and desires not directly accessible to awareness but that can influence behavior.

Neurotic Disturbance

Describes psychological issues characterized by anxiety, depression, or other forms of emotional distress, not arising from psychosis.

Dreams

A series of thoughts, images, and sensations occurring in a person's mind during sleep, often interpreted for psychological significance.

Word-Association Tests

A psychological test in which the respondent is presented with a word and asked to respond quickly with the first word that comes to mind, used to explore thoughts and feelings.