A Firm's Production Function Is Given by

question 55

Multiple Choice

A firm's production function is given by .The marginal products of labor and capital are,respectively, and .Further,the wage rate is and the rental rate of capital is .Suppose the firm wants to produce 27,000 units of output.What is the most efficient combination of labor and capital ?

• A) (20, 20)
• B) (30, 30)
• C) (30, 90)
• D) (90, 30)

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Definitions:

Reengineering

The process of redesigning business processes and workflows to achieve significant improvements in critical aspects like cost, service, or speed.

Performing Task

Execution of a specific duty or assignment as part of one's role or responsibilities.

Professional Employer Organization

A firm that provides a service under which an employer can outsource employee management tasks, such as employee benefits, payroll, workers' compensation, and compliance issues.

Human Resource Services

Services provided by HR departments to manage and support an organization's workforce, including recruitment, training, and employee relations.