Suppose the Production Function Is Given by Q = 3K

question 11

Multiple Choice

Suppose the production function is given by Q = 3K + 4L.What is the marginal product of capital when 5 units of capital and 10 units of labor are employed?

• A) 3
• B) 4
• C) 11
• D) 45

Understand the concept of the production possibilities frontier and its implications for production efficiency and opportunity cost.

Grasp the principles of economic equity and the various perspectives (Rawlsian, utilitarian, and egalitarian) on equitable outcomes.

Interpret the significance of points on, within, and outside the utilities possibilities frontier in terms of efficiency, equity, and attainability.

Analyze the effects of trade between countries in terms of comparative and absolute advantage.

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