Recall That Touchie McFeelie's Production Function for Comics Books Is

question 12

Multiple Choice

Recall that Touchie McFeelie's production function for comics books is 0.1J^1/2 L^3/4.Suppose that Touchie can vary both jokes and cartoonists' labor.If old jokes cost $2 each and cartoonists' labor costs $12 per hour, then the cheapest way to produce comics books requires using jokes and labor in the ratio

• A)J/L = 6.
• B)J/L = 2.
• C)J/L = 2/3.
• D)J/L = 8.
• E)J/L = 4.

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Definitions:

Efficient

The optimum use of resources to achieve the best possible outcome or output with minimal waste.

Opportunities

Chances or situations that present possibilities for advancing one's personal, professional, or economic position.

Leisure Time

The period when a person is not engaged in work or essential activities, allowing for rest, recreation, or personal pursuits.

Studying

The act of devoting time and attention to gaining knowledge of an academic subject.