Refer to the Following:
a Firm Estimates Its Long-Run Production $$Q = - 0.0075 K ^ { - 3 } L ^ { 3 } + 12 K ^ { 2 } L ^ { 2 }$$

question 51

Multiple Choice

Refer to the following:
A firm estimates its long-run production function to be

$$Q = - 0.0075 K ^ { - 3 } L ^ { 3 } + 12 K ^ { 2 } L ^ { 2 }$$
Suppose the firm employs 12 units of capital.
-Average product when 10 units of labor are employed is

• A) 12,248
• B) 13,142
• C) 14,287
• D) 15,984
• E) 30,672

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Definitions:

Total Assets

The sum of all assets owned by a business, representing its total resources.

Total Liabilities

The combined debts and obligations that a company owes to outside parties at any given time.

Adjusting Entries

Adjustments entered into the ledger at the closing of an accounting cycle to refresh the account balances before generating financial reports.

Unadjusted Trial Balance

A list of all ledger accounts and their balances at a certain time before any adjustments are made for year-end closing.