The Production Function Is F (L, M)= 4L^1/2M^1/2, Where L

question 1

Multiple Choice

The production function is f (L, M) = 4L^1/2M^1/2, where L is the number of units of labor and M is the number of machines used.If the cost of labor is $49 per unit and the cost of machines is $16 per unit, then the total cost of producing 5 units of output will be

• A)$70.
• B)$162.50.
• C)$80.
• D)$140.
• E)None of the above.

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Definitions:

Operationalize

The process of defining how a concept or variable will be measured and assessed in a specific research context.

Construct

An abstract concept or idea that is chosen for study, usually representing phenomena that are not directly observable.

Variance

A statistical measure that indicates the spread of a dataset or the distribution of data points.

Dependent Variables

Variables in experimental research that are affected by manipulations of the independent variable, observed to understand the effects of the intervention.