Suppose a Firm's Short-Run Production Function Is Given by Q

question 70

Multiple Choice

Suppose a firm's short-run production function is given by Q = F(L) = 4L.If the wage rate is $12 and the firm has sunk costs of $300,then the firm's cost function is:

• A) C(Q) = $12L.
• B) C(L) = $300 + $3L.
• C) C(Q) = $300 + $3Q.
• D) C(Q) = $300 + $12Q.

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Definitions:

N Th Term

Refers to a specific element in a sequence that can be found using a formula, often used to determine patterns in sequences.

Coefficient

A coefficient is a numerical or constant quantity placed before and multiplying the variable in an algebraic expression.

Binomial Expansion

The process of expanding an expression raised to a power into a series using binomial theorem.

Coefficient

A numerical or constant quantity placed before and multiplying the variable in an algebraic expression.