(Appendix) Suppose the Production Function for Widgets Is Q =

question 24

Multiple Choice

(Appendix) Suppose the production function for widgets is Q = (KL) ^½. If capital is fixed at 4 units, what is the marginal product of labor when you produce 10 units of output?

• A)0.4
• B)1
• C)1.5
• D)0.2

---

Definitions:

Four Ps

A marketing mix model that includes Product, Price, Place, and Promotion as key components to consider in marketing strategies.

Intangible Nature

Refers to the non-physical qualities or characteristics of services and goods, like brand image or customer experience.

Quality

The degree of excellence of a product or service, often measured against other similar products or services.

Price of a Service

The amount of money charged for the performance of a specific task or service provided to consumers or businesses.