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:

Current Assets

Current assets are assets that a company expects to convert into cash, sell, or consume within one year or within its operating cycle, whichever is longer.

Current Liabilities

Financial obligations of a business that are due and payable within a year.

Collection Process

The method by which a company pursues payment on outstanding invoices from customers, including sending reminders, making calls, or taking legal action.

Credit Standards

The set of criteria that lenders use to determine the creditworthiness of borrowers and the terms under which credit will be extended.