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

question 42

Multiple Choice

The production function is given by F(L) = 6L^2/3.Suppose that the cost per unit of labor is $16 and the price of output is $16.How many units of labor will the firm hire?

• A)192
• B)64
• C)32
• D)128
• E)None of the above.

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Definitions:

Base Year Amount

A reference value of an economic indicator or financial metric used for comparison over time, typically set in a specific starting year.

Horizontal Analysis

A financial analysis technique that compares historical financial information over a series of reporting periods, to observe trends and changes over time.

Financial Statement Data

Information found in financial statements that provides insights into a company's financial condition, including balance sheet, income statement, and cash flow statement data.

Inventory Turnover Ratio

A performance metric that shows how many times a company's inventory is sold and replaced over a specific period, indicating the efficiency of inventory management.