Let the Production Function Be F(L)=6L^2/3

question 65

Multiple Choice

Let the production function be f(L) =6L^2/3. Suppose that the cost per unit of labor is 8 and the price of output is 8, how many units of labour will the firm hire?

• A)192
• B)128
• C)64
• D)32

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Definitions:

Vestibular Sense

The awareness of the balance, position, and movement of the head and body through space in relation to gravity’s pull.

Equilibrium

A state of physical balance or a stable situation in which all forces are equal.

Two-Point Threshold

The minimum distance at which two points of contact can be felt as two distinct stimuli.

Gestalt

A concept in psychology that emphasizes the idea that the whole of anything is greater than its parts, focusing on patterns and configurations in perceiving objects.