Suppose the Production of Mp3 Players Can Be Represented by the Following

question 43

Multiple Choice

Suppose the production of mp3 players can be represented by the following production function: q = L^0.4K^0.4.Which of the following statements is TRUE?

• A) The production function has decreasing returns to scale.
• B) The production function has increasing returns to scale.
• C) The production function has constant returns to scale.
• D) Returns to scale vary with the level of output.

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Definitions:

Race and Class

Social categories that impact an individual's access to opportunities and resources, where race refers to physical differences that groups consider socially significant, and class relates to hierarchical social categorization based on economic status.

Primary Caregiver

is the individual who takes on the main responsibility for the care and well-being of a child or dependent adult, often providing daily support.

Chronic Condition

A long-lasting medical condition that can be controlled but not cured, requiring ongoing management and care over time.

Hardships

Difficult or adverse conditions and situations that individuals or groups may face, often impacting their wellbeing or standard of living.