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

question 88

Multiple Choice

(Figure: Production Function V) Refer to the production function, which has a slope of 1/L^0.5. The marginal product of labor for L = 16, assuming that labor is infinitely divisible, is ____.

• A) 1
• B) 0.75
• C) 0.5
• D) 0.25

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Definitions:

Capital Equipment

Long-term assets used in the production of goods and services, such as machinery, buildings, and vehicles.

Industrially Advanced Economies

Countries characterized by high levels of industrialization, sophisticated infrastructure, and substantial Gross Domestic Product (GDP) per capita.

Hourly Pay

The rate of compensation an individual receives for one hour of work.

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Financial transactions or valuations denoted in the currency of the United States, the US dollar (USD).