Suppose a Production Function for a Firm Takes the Following

question 132

Multiple Choice

Suppose a production function for a firm takes the following algebraic form: Q = (0.5) KL - 40L,where Q is the output of paintbrushes per week.Now suppose the firm is operating with 100 units of capital (K = 100) and 30 000 units of labour (L = 30 000) .What is the output of paintbrushes per week?

• A)30 000
• B)300 000
• C)1 200 000
• D)1 500 000
• E)3 000 000

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Definitions:

Multitasking

The practice of performing multiple tasks simultaneously or switching rapidly between tasks.

Thinking

Thinking is the process of considering or reasoning about something, encompassing judgment, decision-making, and problem-solving among other cognitive activities.

Stress

A psychological and physical response to demands or threats, often characterized by feelings of tension, worry, and heightened arousal.

Hindsight Bias

The tendency to believe, after learning an outcome, that one would have foreseen it, often referred to as the "I-knew-it-all-along" phenomenon.