Output Is Produced According to Q = 4LK,where L Is

question 12

Multiple Choice

Output is produced according to Q = 4LK,where L is the quantity of labor input and K is the quantity of capital input.If the price of K is $10 and the price of L is $5,then the cost-minimizing combination of K and L capable of producing 32 units of output is:

• A) L = 8 and K = 1.
• B) L = 4 and K = 2.
• C) L = 2 and K = 2.
• D) L = 2 and K = 4.
• E) L = 1 and K = 8.

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Definitions:

Percentile

An indicator showing the value beneath which a certain percentage of data points in a collection of data lies.

Continuous Random Variables

Variables that can take on any value within a continuous range of values.

Probability Distribution

A statistical function that describes all the possible values and likelihoods that a random variable can take within a given range.

Event

An occurrence or happening at a specific place and time, often of significance.