The Production Function Is Given by F(L) =

question 35

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 $16. How many units of labor will the firm hire?

• A) 192
• B) 64
• C) 32
• D) 128
• E) None of the above.

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Definitions:

Gross Earnings

The total amount earned by an individual or a company before any deductions or taxes are applied.

Deposit Rules

Regulations governing the placement of money into banking or investment accounts.

Reconcile

The process of making one view or belief compatible with another, or of restoring friendly relations.

Mature

Having reached a stage of full development or growth, often characterized by a higher level of wisdom, experience, or sophistication.