The Production Function Is Given by F(L) =

question 32

Multiple Choice

The production function is given by F(L) = . Suppose that the cost per unit of labor is $16 and the price of output is $8. How many units of labor will the firm hire?

• A) 16
• B) 8
• C) 4
• D) 24
• E) None of the above.

---

Definitions:

Private Restrictions

Limitations imposed by private parties rather than governmental entities on the use of property, often found in deeds or homeowners' association rules.

Land

The solid part of the earth's surface including the ground and all natural resources and features.

Zoning Restrictions

Zoning restrictions regulate the use and development of real estate in specified areas, often determining the type of buildings that can be constructed.

Variance

A permission granted by a government or regulatory body to deviate from the strict enforcement of zoning laws or regulations.