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.

Understand the role and methodology of using range and mean charts in process control.

Recognize the importance of process capability ratios in evaluating process performance.

Grasp the significance of the normal distribution in process control.

Understand the distinction between attributes and variables in quality control sampling.

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Definitions:

Corporate Charter

A corporate charter is a legal document establishing a corporation and outlining its structure, objectives, and operations as recognized by the state.

Cash Dividend

This is a payment made by a company out of its earnings to shareholders, distributed in the form of cash.

Par Common Stock

The nominal or face value assigned to a share of common stock in the company’s charter.

Cumulative Preferred Stock

Stock that has a right to receive regular dividends that were not declared (paid) in prior years.