The Production Function Is Given by F(L)=6L^2/3

question 12

Multiple Choice

the production function is given by F(L) =6L^2/3.Suppose that the cost per unit of labor is $12 and the price of output is 9, how many units of labor will the firm hire?

• A)54
• B)81
• C)13.50
• D)27
• E)None of the above.

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Definitions:

Technology

The application of scientific knowledge for practical purposes, especially in industry and in the creation of devices or processes that improve efficiency or quality of life.

Growth

A process whereby an economy's capacity to produce goods and services increases over time.

Population Growth

The increase in the number of individuals in a population, often measured as the change in the total number of residents over a specific time period.

Incentives

Factors, monetary or non-monetary, that motivate individuals or entities to perform certain actions or behave in a desired way.