In Problem 3, the Production Function Is F(L, M) =

question 24

Multiple Choice

In Problem 3, the production function is f(L, M) = , where L is the number of units of labor and M is the number of machines used. If the cost of labor is $49 per unit and the cost of machines is $25 per unit, then the total cost of producing 7 units of output will be

• A) $122.50.
• B) $259.
• C) $175.
• D) $245.
• E) None of the above.

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