Suppose the Production Function Is Q = Min {K,2L}

question 38

Multiple Choice

Suppose the production function is Q = min {K,2L}.How much output is produced when 4 units of labor and 9 units of capital are employed?

• A) 2
• B) 4
• C) 8
• D) 9

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Definitions:

Distribution

The way in which values of a variable or group of variables are spread or dispersed across a set of data.

Suits

Refers to formal jackets and trousers worn typically for business or formal occasions; can also refer to lawsuit litigants.

Jury

A group of citizens sworn to give a verdict in a legal case on the basis of evidence presented to them in court.

Possible Jurors

A pool of individuals from which a jury for a trial is selected, considered eligible and suitable for jury duty.