A Firm Is Currently Producing 1140 Units of Output According

question 66

Multiple Choice

A firm is currently producing 1140 units of output according to the production function q = L^4/3K^1/2 and faces input prices equal to w = $20 and r = $80.In the short run,capital is fixed at 5 units.In the long run,the firm's costs are

• A) lower because the firm substitutes towards more labor and away from capital.
• B) lower because the firm substitutes towards more capital and away from labor.
• C) higher because the firm substitutes towards more labor and away from capital.
• D) higher because the firm substitutes towards more capital and away from labor.

Understand various research methods used in psychology.

Recognize the importance of critical thinking in psychological research.

Understand the role of observation in psychological research.

Recognize the significance of cultural and biological factors in shaping human behavior.

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Definitions:

Minimum Acceptable

The lowest level or standard that is satisfactory or allowable.

Income From Operations

Represents the profit from a company's core business operations, excluding deductions of interest and taxes.

Profit Margin

A financial metric that measures the percentage of revenue that exceeds the cost of goods sold, indicating the profitability of a company.

Income From Operations

Income from operations is the profit realized from a business's core operations, excluding any earnings from investments, taxes, or special items.