Touchie MacFeelie's Production Function Is 0

question 24

Multiple Choice

Touchie MacFeelie's production function is 0.1J^1/2 L^3/4, where J is the number of old jokes used and L is the number of hours of cartoonists' labor.Touchie is stuck with 900 old jokes for which he paid 4 dollars each.If the wage rate for cartoonists is 6 dollars, then the total cost of producing 24 comics books is

• A)3,720 dollars.
• B)3,696 dollars.
• C)1,848 dollars.
• D)5,544 dollars.
• E)924 dollars.

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Definitions:

Standard of Living

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a geographic area.

Supreme Court

The highest judicial court in a country or state, which has the ultimate judicial authority.

Real Wages

The purchasing power of wages, considering the effects of inflation and cost of living.