Suppose for a Particular Production Function, the Cost-Minimizing Levels of Labor

question 56

Multiple Choice

Suppose for a particular production function, the cost-minimizing levels of labor and capital are $L = \frac { Q } { 10 } \sqrt { \frac { r } { w } } \quad K = \frac { Q } { 10 } \sqrt { \frac { w } { r } }$ If $r = 5$ and $w = 20$ , what is the equation for long-run total cost?

• A) \(2 Q / 5\)
• B) \(2 Q / 10\)
• C) \(2 Q\)
• D) \(4 Q\)

Comprehend the concept and types of social mobility, including its indicators and societal impact.

Recognize and analyze social stratification systems and their meritocratic, democratic, and oligarchic foundations.

Interpret and evaluate the effects of public policies and reforms on poverty and welfare.

Identify societal attitudes towards poverty and government responsibility in its alleviation.

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Definitions:

Stimulus

A detectable change in the internal or external environment that can elicit or evoke a physiological response from an organism.

Consumer Behavior

The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and impacts on the consumer and society.

Cognitive Dissonance

A psychological phenomenon where there is discomfort from holding conflicting beliefs, values, or attitudes, often leading to behavior change.

Ritual Consumption

The patterns of behaviors and customs involved in the purchasing and use of products or services in a way that holds symbolic meaning.