Suppose the Short-Run Production Function Is Q = L⁰

question 45

Multiple Choice

Suppose the short-run production function is q = L^0.5. If the marginal cost of producing the tenth unit is $5, what is the wage per unit of labor?

• A)$1
• B)$0.5
• C)$0.25
• D)It cannot be determined without more information.

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Definitions:

Indian Population

Refers to the indigenous peoples of the Americas, often specifically in the context of North America, acknowledging their diverse cultures, histories, and contributions.

Transatlantic Trade

Trade that occurs across the Atlantic Ocean, historically significant for the triangular trade involving slaves, raw materials, and manufactured goods between Africa, the Americas, and Europe.

Increase

An act or process of becoming greater in size, number, value, or amount, often measured against previous states or periods.

Colonists

Individuals from one country who settle in another land to create a new community, often impacting the indigenous populations and the area's development.