A Firm's Short- Run Production Function Is Given by Q

question 1

Multiple Choice

A firm's short- run production function is given by Q = L3 e- 0.02L
Find the value of L which maximises the average product of labour.

• A)100
• B)200
• C)150
• D)250
• E)50

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Definitions:

Symbolic Aspect

Involves the representational or conceptual significance of objects, actions, or terms, conveying meanings beyond their literal sense.

Language

A system of communication using symbols, sounds, or gestures that are organized according to specific rules, enabling humans to express thoughts, emotions, and cultural identity.

Economics

The social science that analyses the production, distribution, and consumption of goods and services.

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Stemming from a random selection or personal impulse instead of being guided by any logical rationale or structured approach.