Suppose the Production Function for a Certain Device Is Q

question 83

Multiple Choice

Suppose the production function for a certain device is q = L + K.If a labor-saving technical change has occurred,which of the following could be the new production function?

• A) q = L + 5K
• B) q = 5 ∗ (L + K)
• C) q = 5L + K
• D) All of the above are possible.

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Definitions:

Equilibrium

A state in which opposing forces or influences are balanced, often related to chemical reactions reaching a state where the forward and reverse reaction rates are equal.

Cells

The basic structural, functional, and biological units of all known living organisms, acting as the building blocks of life.

Vitamins

Organic compounds that are necessary in small amounts for the body to maintain health, usually obtained from food, as most cannot be synthesized by the body.

Coenzymes

Non-protein chemical compounds that bind to an enzyme and help it to catalyze a reaction.