(Figure: Production Function V) Refer to the Production Function, Which

question 73

Multiple Choice

(Figure: Production Function V) Refer to the production function, which has a slope of 1/L^0.5. The average product of labor for L = 1 is ____.

• A) 1
• B) 0.705
• C) 0.577
• D) 0.5

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Definitions:

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Price Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with elasticity greater than one indicating a high responsiveness.

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A venue dedicated to hosting live performances, such as plays, musicals, and concerts, by artists and performers.

Price Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in its price.