The Production Function for a Competitive Firm Is Q =

question 69

Multiple Choice

The production function for a competitive firm is Q = K^.5L^.5.The firm sells its output at a price of $10,and can hire labor at a wage of $5.Capital is fixed at one unit and costs $2.The maximum profits are:

• A) 3.
• B) 10.
• C) 15.
• D) None of the answers are correct.

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Definitions:

Goodwill

An intangible asset that arises when a company acquires another company for a price higher than the fair value of its net tangible and identifiable intangible assets.

Expense

Economic costs that a business incurs through its operations to earn revenue, which are recorded on the income statement.

Construction Loan

A short-term loan used to finance the building of a property or real estate project.

Goodwill

An intangible asset that arises when a business is acquired for more than the fair value of its net identifiable assets, representing the premium paid for the company’s reputation, brand, or other unique qualities.