If Output Is Produced According to Q = 4L

question 9

Multiple Choice

If output is produced according to Q = 4L + 6K, the price of K is $24, and the price of L is $20, then the cost-minimizing combination of K and L capable of producing 72 units of output is

• A) L = 9 and K = 6.
• B) L = 20 and K = 24.
• C) L = 18 and K = 12.
• D) L = 0 and K = 12.
• E) L = 18 and K = 0.

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Definitions:

Pesticides Cost

The economic expenses associated with the purchase and application of chemical substances used to kill or control pests that threaten agricultural production or health.

Market Supply Curve

A graphical representation showing the relationship between the price of a good and the total quantity supplied by all producers.

Production Technique

A method or process employed in the transformation of raw materials, components, or parts into finished goods ready for the market or subsequent processing.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at each price level.