In Problem 1, the Production Function Is Given by F(L)

question 4

Multiple Choice

In Problem 1, the production function is given by F(L) . Suppose that the cost per unit of labor is $8 and the price of output is 4, how many units of labor will the firm hire?

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

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Definitions:

Control Coil

A component within electrical devices, such as relays or contactors, that creates a magnetic field when energized to operate switches or other control elements.

Control Circuit

A section of an electrical system that indirectly determines the operational state of another circuit's main power control.

Inhibit

To prevent or restrict the operation or action of a device, system, or process, often through a control signal or mechanism.

Enable

To activate or allow a system or device to operate, often controlled by an electronic or mechanical switch.