Given the Production Function Q = Min {4K,3L},what Is the Average

question 102

Multiple Choice

Given the production function Q = min {4K,3L},what is the average product of capital when 8 units of capital and 16 units of labor are used?

• A) 16
• B) 2
• C) 4
• D) 32

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Definitions:

Budget Constraint

A concept in economics that represents all the combinations of goods and services a consumer can afford given their income and the prices of goods and services.

Horizontal Axis

In a graph or chart, the x-axis that runs from left to right, commonly used to represent the independent variable.

Vertical Axis

A line or reference point on a graph or chart that typically represents the dependent variable or outcome in an analysis.

Marginal Utility

The additional satisfaction or benefit (utility) that a consumer derives from consuming one more unit of a good or service.