Suppose the Production Function for a Bakery Is

question 64

Multiple Choice

Suppose the production function for a bakery is:
Q = 4K^0.4L^0.6
Where Q is the number of loaves of bread produced per day, K is the number of ovens, and L is the number of workers employed. The function for the marginal rate of technical substitution is ____.

• A) 2.4K^0.4L^-0.4
• B) 1.6K^-0.6L0^.6
• C) KL
• D) (3/2)KL^-1

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Definitions:

Barkcloth Weaving

A traditional craft of making cloth from the inner bark of certain trees, practiced in various cultures around the world for clothing, ceremonial uses, and art.

Polynesian Group

A collection of more than 1,000 islands scattered over the central and southern Pacific Ocean, whose inhabitants share linguistic, cultural, and genetic ties.

Pre-European Contact

Referring to the period and cultures in the Americas or other regions before significant influence, exploration, or colonization by European powers.

Oceania

A geographic region comprising the islands of the tropical Pacific Ocean, including Melanesia, Micronesia, Polynesia, and Australasia.