The Figure Below Shows the Isocost Lines Facing a Firm

question 39

Multiple Choice

The figure below shows the isocost lines facing a firm producing golf tees.
FIGURE 8- 5
-Refer to Figure 8- 5.The firm that is facing the isocost lines as shown will minimize its cost of production of any given output level if it employs capital and labour such that the ratio of the marginal product of labour to the marginal product of capital (MPL/MPK) is equal to

• A)2/5.
• B)5.
• C)Not able to determine from the information provided.
• D)2.
• E)5/2.

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Definitions:

Recency Effect

A memory bias where the most recently presented information is remembered better than older information.

TOT Effect

The Tip-of-the-Tongue phenomenon where a person cannot fully recall a word or name, but has partial recall and a sense of imminent retrieval.

Flashbulb Memories

Highly detailed, exceptionally vivid 'snapshot' memories of the moment and circumstances in which a piece of shocking news was heard.

Emotional Impact

describes the significant affective response or effect that an event, experience, or piece of information has on an individual's mood, feelings, or emotional state.