A Firm's Production Function Is Given by Q = KL $(L, K)$

question 14

Multiple Choice

A firm's production function is given by Q = KL. The marginal products of labor and capital are, respectively, MP_L = K and MP_K = L. The wage rate of labor is w = $10 and the rental rate of capital is r = $20. What is the most efficient combination of labor and capital $(L, K)$ that also yields a cost of exactly $1000?

• A) (10, 45)
• B) (25, 50)
• C) (50, 25)
• D) (20, 40)

Delineate the influence of evolutionary theory on psychology.

Recognize the impact of social and cognitive factors on motivation.

Understand the empirical basis of motivation theories through historical and contemporary research.

Discuss the interaction between nature and nurture in shaping behavior.

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Definitions:

Opportunity-driven

Pursuing actions based on perceived potential for growth or benefit.

Timmons Model

A model of entrepreneurship that emphasizes the dynamic balance between opportunity, resources, and team, as the three critical factors in successful venture creation.

Bootstrapping

A method of starting a company using personal finance or operating revenues with minimal outside investment, emphasizing cost-efficiency and lean operations.

Consumer Trends

Patterns or tendencies in consumer behavior that indicate how the choices and preferences of consumers change over time in relation to various factors like market conditions, technological advancements, and cultural shifts.