Assume the Production Function Is Represented by Y = F

question 36

Multiple Choice

Assume the production function is represented by Y = F (K, AN) . Now suppose the variable, A, increases by 20%. This implies that:

• A) the same output can be produced with 20% more labour.
• B) the same output can be produced with 20% less labour.
• C) the same quantity of labour can produce half the output.
• D) the same output can be produced with half the capital.
• E) the same quantity of labour can produce twice the output.

Learn about the significance of blastopore development in classifying animals into deuterostomes and protostomes.

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Definitions:

Monthly Fixed Cost

Expenses that do not change regardless of the level of production or sales, such as rent or salaries, calculated on a monthly basis.

Operating Leverage

A measure of how sensitive a company's operating income is to a change in sales, indicating the impact of fixed costs on profits.

Contribution Margin

The amount by which sales revenue exceeds variable costs, used to cover fixed costs and generate profit.

Break-Even Point

The point at which total costs equal total revenue, meaning the business does not make a profit or loss.