Suppose the Production Function Is Q = Min {3K,L}

question 6

Multiple Choice

Suppose the production function is Q = min {3K,L}.How much output is produced when 6 units of labor and 3 units of capital are employed?

• A) 3
• B) 6
• C) 9
• D) None of the preceding statements is correct.

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Definitions:

Price Elasticity

A quantification of the demand elasticity for a good relative to its price alterations.

Price Elasticity

An indicator of the sensitivity of the demand for a product to fluctuations in its price, represented by the percentage change.

Quantity Demanded

The specific amount of a product that buyers are willing to purchase at a given price, holding all other factors constant.

Absolute Value

A mathematical function that describes the distance of a number on the number line from zero, disregarding its direction; always a non-negative value.