A Firm Uses Labor and Capital $( L , K )$

question 13

Multiple Choice

A firm uses labor and capital, $( L , K )$ , to produce an output. The hourly cost of labor is $10, and the hourly cost of capital is $50. Which of the following combinations of labor and capital hours of use represent points on the firm's $100,000 isocost line?

• A)(10000, 2000)
• B)(2000, 10000)
• C)(1000, 1800)
• D)(1000, 1000)

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Definitions:

React Quickly

The ability to respond or adapt promptly to changes or new information.

Evaluation

The systematic assessment of the value, quality, or importance of something.

Employee's Work Performance

The assessment of how efficiently and effectively an employee completes their assigned tasks.

Periodic Review

Regular examination or evaluation of a process, system, or financial account.